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Open-book Accounting
Open-book accounting is an extension of the principles of Open-book management to include in an organisation's accounts all those with an interest in the organisation, not merely its employees and its shareholders (including those whose shareholding is managed indirectly, for example through a mutual fund). This effectively means all members of the public. Since almost all accounting records are now kept in electronic form, and since the computers on which they are held are universally connected, it should be possible for accounting records to be world-readable. This is an aspiration: at present, organisations run their accounts on systems secured behind firewalls and release of financial information by publicly quoted companies is carefully choreographed to ensure that it reaches all participants in the market equally. Advocates of open-book accounting argue that full transparency in accounting will lead to greater accountability and will help rebuild the trust in financial capi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open-book Management
Open-book management (OBM) is a management phrase coined by John Case of Inc. magazine, who began using the term in 1993. The concept's most visible success has been achieved by Jack Stack and his team at SRC Holdings. The basis of open-book management is that the information received by employees should not only help them do their jobs effectively but help them understand how the company is doing as a whole. According to Case, "a company performs best when its people see themselves as partners in the business rather than as hired hands" (Case,1998 as cited in Pascarella, 1998). The technique is to give employees all relevant financial information about the company so they can make better decisions as workers. This information includes, but is not limited to, revenue, profit, cost of goods, cash flow and expenses. Stack and Case conceptualize open-book principles in similar ways. Stack uses three basic principles in his management practice called, The Great Game of Business'.Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. Primary structures of mutual funds are open-end funds, closed-end funds, unit investment trusts. Open-end funds are purchased from or sold to the issuer at the net asset value of each share as of the close ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Records
Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions. Accounting records can take on many forms and include (among other camps): *Ledgers * Journals * Bank statements *Contracts and agreements *Verification statements *Transportation receipts *Invoices *Vouchers Accounting documents or document records regroup every document that plays a role in the preparation of financial statements for a company, like income statements and balance sheets. They include records of monetary transactions, assets and liabilities, ledgers, journals, etc. Accounting documents and records are the physical objects upon which transactions are entered and summarized. Examples include such items as cancelled checks, paid bills, payrolls, subsidiary ledgers, bank reconciliations. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Capitalism
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. Financial capitalism is thus a form of capitalism where the intermediation of saving to investment becomes a dominant function in the economy, with wider implications for the political process and social evolution. Since the late 20th century, in a process sometimes called financialization, it has become the predominant force in the global economy, whether in neoliberal or other form. Characteristics Finance capitalism is characterized by a predominance of the pursuit of profit from the purchase and sale of, or investment in, currencies and financial products such as bonds, stocks, futures and other derivatives. It also includes the lending of money at interest; and is seen by Marxist analysts (from whom the term finance capitalism originally derived) as being exploitative by supplying income to non-laborers. Academic defenders ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill (company), Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, Stock, equity, Bond (finance), fixed-income and Derivative (finance), derivatives sales and stock trading, trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, Lehman Brothers filed for Chapter 11, Title 11, United States Code, Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or "thrifts"). Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. In 2022, Fannie Mae was ranked number 33 on the ''Fortune'' 500 rankings of the largest United States corporations by total revenue. __TOC__ History Background and early decades Historically, most housing loans in the early 1900s in the United States were s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Tysons Corner CDP, Virginia ". . Retrieved on May 7, 2009. The FHLMC was created in 1970 to expand the secondary market for in the US. Along with the Fe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place (New York City), Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial analysts and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform. Prior to 2009, the company was publicly owned and traded on the New York Stock Exchange. Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the financial crisis of 2007–2008, the same weekend that Lehman Brothers was Bankruptcy of Lehman Brothers, allowed to fail. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank was founded in San Francisco. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking. One branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination. Originally headquartered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. ''Fortune'' named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has become synonymous with willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Worldcom
MCI, Inc. (subsequently Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to WorldCom scandal, inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. Worldcom was originally headquartered in Clinton, Mississippi before relocating to Ashburn, Virginia when it changed its name to MCI. History Foundation In 1983, in a coffee shop in Hattiesburg, Mississippi, Bernard Ebbers and three other investors formed Long Distance Discount Services, Inc. based in Jackson, Mississippi and in 1985, Ebbers was named chief ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
