Robot Check. Enter the characters you see below. Sorry, we just need to make sure you're not a robot. For best results, please make sure your browser is accepting cookies.
Francesco Alberoni (December 31, 1929, Borgonovo Val Tidone, Piacenza) is an Italian journalist and a professor of sociology. He was a board member and senior.Alberoni - Download as PDF File (.pdf), Text File (.txt) or read online.
0 Comments
Despite efforts on the part of the affected institutions, hundreds of millions of dollars are lost to fraud every year. In banking, fraud can involve using stolen credit cards, forging checks, misleading accounting practices, etc. Through the use of sophisticated data mining tools, millions of transactions can be searched to spot patterns and detect fraudulent transactions. How banks are detecting credit fraud. Five DDoS attack tools that you should know about. Using sophisticated data mining tools such as decision trees. As most types of fraud are sporadic events. The Fraud Detection Suite (FDS). You can customize FDS filters and tools to match your business needs and control how suspicious transactions. Credit card fraud exposes Web merchants to potentially significant and. Credit card fraud; Credit card fraud. Our Fraud Detection team advises you on unusual activity on your card and asks if the charges are yours. What happens when there are fraudulent transactions on your. An important early step in fraud detection is to identify factors that can lead to fraud. What specific phenomena typically occur before, during, or after a fraudulent incident? Credit card fraud detection tools and techniques need to adapt as quickly as fraud does. That’s why Vantiv Fraud Management scrutinizes billions of payments, and data from thousands of financial institutions, to screen. Credit card fraud continues to be a menace especially in developing countries. Credit Card Fraud Your Credit Card in Their. One of the banks’ main tools is fraud detection software that looks for unusual patterns and. Using sophisticated data mining tools such as decision trees (Boosting trees, Classification trees, CHAID and Random Forests), machine learning, association rules, cluster analysis and neural networks , predictive models can be generated to estimate things such as probability of fraudulent behavior or the dollar amount of fraud. From the perspective of the target of that attempt, it is usually less important whether or not intentional fraud has occurred, or some erroneous information was introduced into the credit system or process evaluating insurance claims etc. So from the perspective of the credit, retail, insurance, or similar business the issue is rather whether or not a transaction that will be associated with loss has occurred or is about to occur, if a claim can be subrogated, rejected, or funds recovered somehow, etc. While the techniques briefly outlined here are often discussed under the topic of “fraud detection”, other terms are also frequently used to describe this class of data mining (or predictive modeling; see below) application, as “opportunities for recovery”, “anomaly detection”, or using similar terminology. From the (predictive) modeling or data mining perspective, the distinction between “intentional fraud” vs. For example, intentional fraud may be associated with unusually “normal” data patterns as intentional fraud usually aims to stay undetected – and thus hide as an average/common transaction; other opportunities for recovery of loss (other than intentional fraud), however, may simply involve the detection of duplicate claims or transactions, the identification of typical opportunities for subrogation of insurance claims, correctly predicting when consumers are accumulating too much debt, and so on. In the following paragraphs, the “fraud” term will be used as a short hand to reference the types of issues briefly outlined above. Fraud Detection as a Predictive Modeling Problem One way to approach the issue of fraud detection is to consider it a predictive modeling problem, of correctly anticipating a (hopefully) rare event. If historical data are available where fraud or opportunities for preventing loss have been identified and verified, then the typical useful predictive modeling workflow can be directed at increasing the chances to capture those opportunities. Fraud Management in the Credit Card Industry1 Peter Burns Anne Stanley April 2002. DETECTION & FRAUD RISK MANAGEMENT. Fraud Tools / Advanced Fraud Tools. When you use Advanced Fraud Tools, credit card transactions created via. Data analysis techniques for fraud detection This article has multiple. Both the tools are applied on spending behaviour in credit card. In practice, for example, many insurance companies support investigative units, to evaluate opportunities for saving money on claims that were submitted. The goal is to identify a screening mechanism so that the expensive detailed investigation into claims (requiring highly experienced personnel) is selectively applied to claims where the overall probability for recovery (detecting fraud, opportunities to save money, etc.; see the introductory paragraphs) is generally high. Thus, with an accurate predictive model for detecting likely fraud, subsequent . The goal is to identify the best predictors and a validated model providing the greatest Lift to maximize the likelihood that the observations predicted to be fraudulent will indeed be associated with fraud (loss). That knowledge can then be used to reject applications for credit, or to initiate a more detailed investigation into an insurance claim, credit application, purchase via credit card, etc. As most types of fraud are sporadic events (less than 3. Depending on the base rate of fraudulent events in the training data it may be necessary to apply appropriate stratified sampling strategies to create a good data set for model building, i. Such cases arise when there is no good training (historical) data set that can be unambiguously assembled where known fraudulent and non- fraudulent observations are clearly identified. For example, consider again the simple case of an insurance use case. A claim is filed against a policy, which given existing procedures (and rule engines, see below) triggered a further investigation that resulted in some recovery for the insurance company in a small proportion of cases. If one were to assemble a training dataset of all claims, some of which were further investigated and some recovery occurred or perhaps fraud was uncovered, then any modeling of such a dataset would likely capture to a large extent the rules and procedures that led to the investigation in the first place. In other common cases, there is no . In those cases, another approach is to effectively perform unsupervised learningto identify in the data set (or data stream) . A large number of very (in fact extremely) diverse claims are filed, usually encoded via a complex and rich coding scheme to capture various health issues and common and . Also, with each claim there can be the expectation of obvious subsequent claims (e. Anomaly Detection. The field of anomaly detection has many applications in industrial process monitoring, to identify . A good example of such an application for monitoring multivariate batch processes is discussed in the chapter on Multivariate Process Monitoring for batch processes, using Partial Least Squares methods. The same logic and approach can fundamentally be applied for fraud detection in other (non- industrial- process) data streams. To return to the example of a health care, assume that a large number of claims are filed and entered into a database every day. The goal is to identify all claims where reduced payments (less than the claim) are due, including outright fraudulent claims. How can that be achieved? A- priori rules. First, obviously there are a set of complex rules that should be applied to identify inappropriately filed claims, duplicate claims and so on. Typically, complex rules engines are in place that will filter all claims to verify that they are formally correct, i. Duplicate claims will also have to be checked. What remains are formally legitimate claims which nonetheless could (and probably do) contain fraudulent claims. To find those it is necessary to identify any configurations of data fields associated with the claims that would allow us to separate the legitimate claims from those that are not. Of course, if no such patterns exist in the data, then nothing can be done; however, if such patterns do exist then the task becomes to find those . But basically there are two ways to look at this problem: Either by identifying outliers in the multivariate space, i. The basic data analysis (data mining) approach is to use some form(s) of clustering methods (e. If a new claim cannot be assigned with high confidence to a particular cluster of points in the multivariate space made up of numerous parameters (information available with each claim) then the new claim is . Such use cases exist in the area of intrusion (to networks) detection, as well as many industrial multivariate process monitoring applications where complex manufacturing processes involving a large number of critical parameters must be monitored continuously to ensure overall quality and system health. In fact, they typically are the first and most critical component: Usually, the expertise and experience of domain experts can be translated into formal rules (that can be implemented in an automated scoring system) for pre- screening data for fraud or the possibility of reduced loss. Thus, in practice, the fraud detection analyses and systems based on data mining and predictive modeling techniques serve as the method for further improving the fraud detection system in place, and their effectiveness will be judged against the default rules created by experts. This also means that the final deployment method of the fraud detection system, e. Text Mining and Fraud Detection. In recent years, text mining methods are increasingly used in conjunction with all available numeric data to improve fraud detection systems (e. The motivation simply is to align all information that can be associated with a record of interest (insurance claim, purchase, credit application), and to use that information to improve the predictive accuracy of the fraud detection system. Basically, the approaches described here are applicable in the same way when used in conjunction with text mining methods, except that the respective unstructured text sources would first have to be pre- processed and. Works Progress Administration - Wikipedia. The Works Progress Administration (renamed in 1. Find out more about the history of New Deal, including. Start studying New Deal Programs. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Relief/Recovery/Reform. Work Projects Administration; WPA) was the largest and most ambitious American New Deal agency, employing millions of unemployed people (mostly unskilled men) to carry out public works projects. In a much smaller but more famous project, Federal Project Number One, the WPA employed musicians, artists, writers, actors and directors in large arts, drama, media, and literacy projects.
What Are Three New Deal Programs That Still Exist Today\u0027s MortgageThe WPA's initial appropriation in 1. GDP). At its peak in 1. National Youth Administration. Between 1. 93. 5 and 1. WPA employed 8. 5 million people. Work relief was preferred over public assistance (the dole) because it maintained self- respect, reinforced the work ethic, and kept skills sharp. Usually the local sponsor provided land and often trucks and supplies, with the WPA responsible for wages (and for the salaries of supervisors, who were not on relief). WPA sometimes took over state and local relief programs that had originated in the Reconstruction Finance Corporation (RFC) or Federal Emergency Relief Administration programs. The WPA had provided millions of Americans with jobs for eight years. Roosevelt on April 8, 1. Direct relief assistance was permanently replaced by a national work relief program. Both Roosevelt and Hopkins believed that the route to economic recovery and the lessened importance of the dole would be in employment programs such as the WPA. It was later named the Division of Community Service Programs and the Service Division. They were golden threads woven in the national fabric. In this, they shamed the political philosophy that discounted their value and rewarded the one that placed its faith in them, thus fulfilling the founding vision of a government by and for its people. Harry Hopkins testified to Congress in January 1. Federal Emergency Relief Administration data. Estimating costs at $1,2. Many women were employed, but they were few compared to men. In 1. 93. 5 there were 2. United States. Of these, 8. These included housewives, students in school, and incapacitated persons. Another 7. 50,0. 00 were persons age 6. This left a total of 7 million presumably employable persons between the ages of 1. Of these, however, 1. Deducting this 2 million from the total of 7. Thus, there remained a net total of 3. The WPA Division of Employment selected the worker's placement to WPA projects based on previous experience or training. Worker pay was based on three factors: the region of the country, the degree of urbanization, and the individual's skill. It varied from $1. Most projects were initiated, planned and sponsored by states, counties or cities. Nationwide projects were sponsored until 1. Most of these are still in use today. These new buildings included 5,9. In addition, infrastructure projects included 2,3. The 2. 0,0. 00 miles of water mains, installed by their hand as well, contributed to increased fire protection across the country. In 1. 93. 5 priority projects were to improve infrastructure; roads, extension of electricity to rural areas, water conservation, sanitation and flood control. In 1. 93. 6, as outlined in that year. The following year, saw the introduction of agricultural improvements, such as the production of marl fertilizer and the eradication of fungus pests. As the Second World War approached, and then eventually began, WPA projects became increasingly defense related. South Carolina had one of the larger statewide library service demonstration projects. At the end of the project in 1. South Carolina had twelve publicly funded county libraries, one regional library, and a funded state library agency. The government wanted to provide new federal cultural support instead of just providing direct grants to private institutions. After only one year, over 4. United States. As channels of communication between the administration and the country at large, both directly and indirectly, the importance of these projects cannot be overestimated, for they all carry a tremendous appeal to the eye, the ear, or the intellect. The Arts Service Division created illustrations and posters for the WPA writers, musicians, and theaters. The Exhibition Division had public exhibitions of artwork from the WPA, and artists from the Art Teaching Division were employed in settlement houses and community centers to give classes to an estimated 5. They set up over 1. Its purpose was to establish different ensembles such as chamber groups, orchestras, choral units, opera units, concert bands, military bands, dance bands, and theater orchestras that gave an estimated 1. These performers presented more than 1,0. Many performers later became successful in Hollywood including Orson Welles, John Houseman, Burt Lancaster, Joseph Cotten, Canada Lee, Will Geer, Joseph Losey, Virgil Thompson, Nicholas Ray, E. G. Marshall and Sidney Lumet. The Federal Theatre Project was the first project to end in June 1. In almost all cases, the book sales were able to reimburse their sponsors. These writers also participated in research and editorial services to other government agencies. At its peak, this project employed more than 4,4. The FERA's first relief census reported that more than two million African Americans were on relief during early 1. African- American population (1. Altogether during 1. African- American families were either on relief or were employed by the WPA. African American leaders made such a claim with respect to WPA hires in New Jersey, stating, . In the South, as might have been expected, this participation has been limited, and differential wages on the basis of race have been more or less effectively established; but in the northern communities, particularly in the urban centers, the Negro has been afforded his first real opportunity for employment in white- collar occupations. The average worker was about 4. WPA policies were consistent with the strong belief of the time that husbands and wives should not both be working (because the second person working would take one job away from some other breadwinner). A study of 2,0. 00 female workers in Philadelphia showed that 9. Only 2 percent of the husbands had private employment. Of the 2,0. 00 women, all were responsible for one to five additional people in the household. Thus, only 4. 0% were married and living with their husbands, but 5. Most of the women worked with sewing projects, where they were taught to use sewing machines and made clothing and bedding, as well as supplies for hospitals, orphanages, and adoption centers. The strongest attacks were that it was the prelude for a national political machine on behalf of Roosevelt. Reformers secured the Hatch Act of 1. WPA. Parnell Thomas of the House Committee on Un- American Activities claimed in 1. WPA were a . The South, as the poorest region of the United States, received 7. West. Critics would point to the fact that Roosevelt. Some employers said that the WPA instilled poor work habits and encouraged inefficiency. Occasionally a supervisor or a foreman demands good work. The organization's initials were said to stand for . FDR's mission in office was to show that government activism works. To maintain that mission's credibility he needed to keep his administration's record clean. To succeed him Roosevelt appointed Francis C. Harrington, a colonel in the Army Corps of Engineers and the WPA's chief engineer, who had been leading the Division of Engineering and Construction. Created at the same time, the Federal Security Agency assumed the WPA's responsibility for the National Youth Administration. As the number of public works projects slowly diminished, more projects were dedicated to preparing for war. Army numbered only 1. He observed that the WPA had already made substantial contributions to national defense over its five years of existence, by building 8. U. S. He predicted there would be 5. WPA workers on defense- related projects over the next 1. Vocational training for war industries was also begun by the WPA, with 5. October 1. 94. 0. Hunter, served as head of the WPA until May 1, 1. Experience has amply justified this policy. It has added to the national wealth, has repaired the wastage of depression, and has strengthened the country to bear the burden of war. By employing eight millions of Americans, with thirty millions of dependents, it has brought to these people renewed hope and courage. It has maintained and increased their working skills; and it has enabled them once more to take their rightful places in public or in private employment. Operations in most states ended February 1, 1. With no funds budgeted for the next fiscal year, the WPA ceased to exist after June 3. Roosevelt administration had an enormous and largely unrecognized role in defining the public space we now use. Most are still providing service half a century later. It is time we recognized this legacy and attempted to comprehend its relationship to our contemporary situation. Institutional politics and the WPA. The WPA and Federal Relief Policy (1. Lexington: University Press of Kentucky. Accessed in JSTORLeighninger, Robert D. Long- Range Public Investment: the Forgotten Legacy of the New Deal. Columbia, S. C.: University of South Carolina Press (2. A New Deal for Youth: the Story of the National Youth Administration (1. Mc. Jimsey George T. Harry Hopkins: Ally of the Poor and Defender of Democracy (1. Meriam; Lewis. Relief and Social Security. Washington, DC: The Brookings Institution, 1. Millett; John D. Administration of Federal Work Relief 1. Musher, Sharon Ann. Democratic Art: The New Deal's Influence on American Culture. Chicago: University of Chicago Press, 2. Rose, Nancy. The WPA and Public Employment in the Great Depression (2. Sargent, James E. Buying of the Presidency?, The: Franklin D. Roosevelt, the New Deal, and the Election of 1. ABC- CLIO, 2. 01. Singleton, Jeff. The American Dole: Unemployment Relief and the Welfare State in the Great Depression (2. Smith, Jason Scott. Karaoke MP3 CDG - karaokes YTENEMOS LA COLECCION MAS COMPLETA DE KARAOKES - VIDEOS KARAOKES Y PISTAS PROFESIONALES EN ESPA. TIENEN CALIDAD UNICA Y PROFESIONAL ,CON SONIDO REAL ORQUESTADO. Yuridia Ahora Entendi DVD http:// http:// http://rapidshare.com/files/150921591/ahora 3 (2009) Calidad: 192 kbps. Yuridia - Ahora Entendi See More. Spanish Music / Videos. Save Learn more at youtube.com. Eu Shakira Shakira Videos Shakira Music Uvioo Shakira. Colgada A Ti<br />04 - Ahora Entendi<br />05 - Ganas De Volar<br />06 - Sin. 255);'>Yuridia</span>' el cual trae 12 temas y. 255);'>Duranguense</span>.<a href='http://rapidshare.com/files/77534003/81
FORMATO MP3 CON CALIDAD SUPERIOR. EN ESTA PAGINA ENCONTRARAS UN CATALOGO IMPRESIONANTE DE TEMAS ,ORDENADOS POR NOMBRE DE INTERPRETE. CONTAMOS CON KARAOKES Y PISTAS PARA TODAS LAS EDADES Y GUSTOS. CUALQUIER CONSULTA , DEBES ESCRIBIR A : alejandromax. CELULAR: 5. 69 5. ES DECIR: 5 8. 83. ESTAMOS EN SANTIAGO DE CHILENO LO OLVIDES.
Cadena de Suministro de La Coca Cola. Cadena de Suministro Coca Cola. Este v. Personalmente me permite entender que, si LA EMPRESA SE ENFOCA EN EL CLIENTE, la manera de dise. POR EL CONTRARIO si se piensa que. Download as PDF, TXT or read online from Scribd. Flag for inappropriate content. Cadena de Suministro - Coca Cola Company. CADENA DE SUMINISTROS DEL SIGLO XXI. Download Cadena De Suministros De Coca Cola. Cadena de Suministro Coca Cola. Proceso logistico de coca cola 1. Cadena de Suministros Coca Cola. Emaze Play in emaze Viewer Download Viewer. Program Executive Office - Ground Combat Systems (PEO GCS). Program Executive Office Ground Combat Systems Peo Gcs Wiki
The Program Executive Office for Ground Combat Systems (PEO GCS) provides superior combat capabilities to our Nation’s Warfighters. While our systems have been meeting the challenges posed by asymmetric threats, the battlefield is and will continue to be. Program Executive Office Ground Combat Systems (PEO GCS)—Our mission is Our Warfighters’ Future April m. Given the variety in types of wellness programs, it. Programs Are Practical and Accessible Comprehensive wellness initiatives offer a variety of scheduled programs. These might include yoga classes; lunchtime stress management seminars that address everything from sleep to work- life balance to financial health; programs to help employees quit smoking; cooking classes; healthy recipe exchanges; fitness challenges; or weight loss initiatives and competitions. Draper, Inc., the Spiceland, Ind.- based manufacturer of gym equipment, window shades, and projection screens was named the
Healthy vending machine and cafeteria offerings often top the list of ways successful wellness programs create workplaces that encourage healthy behaviors on a daily basis. . When possible, these foods are also priced lower than less healthy items. The mission of the Furman University Wellness Program is to provide environmental. Relative to program offerings. Additional Program Offerings Supporting Wellness. We recognize that health and wellbeing is threatened not only by illness but also by workplace stress, insecurities. The Johnson & Johnson voluntary employee wellness program 'JOBFIT'. Concentra’s employee wellness programs measure health and encourage participants to engage in healthier lifestyle behaviors through wellness incentives. Wellness offerings including a six-month coaching program, jumpstart to wellness, health foods store tour and teen program. Goetzel of Emory University in a 2. Journal of Occupational and Environmental Medicine. . Many companies offer in- house workout spaces or marked walking paths on the corporate campus to encourage physical activity. Others institute no- smoking policies or policies requiring seat belt use in company vehicles. . Wellness Is Integrated into the Company’s Structure Company leadership needs to see it as a cohesive entity, seamless with workplace safety, benefits, human resources, and other infrastructure elements. . EAPs connect employees to counselors who can advise them confidentially on issues from emotional distress to a difficult medical diagnosis to personal or work relationship issues to life events like marriage or becoming a parent. When EAPs and other support systems are in place, said Linnan, . Health Screenings and Education Are Offered Health screenings are a controversial aspect of the corporate wellness landscape, with some claiming that tracking cholesterol, body mass index, and other figures amounts to de facto discrimination that places a heavier financial burden on workers in less- than- ideal health. Last year, the U. S. Equal Employment Opportunity Commission filed at least three federal lawsuits, against the
Researchers recommend these voluntary screenings because they can help educate employees about their own health and empower them to set goals for making improvements; though all employees will receive their screening results from the third party vendor that typically conducts the tests, high- risk individuals may receive further outreach and counseling to help them set a plan in motion. The data, which companies generally receive in aggregate form without personal identifiers, also helps companies develop programs around the issues that most affect its employees. . That is: to offer employees the support they need and provide the most health- conscious work environment possible.
Infinite Wellness Solutions is a leading wellness program consulting company offering services for both buyers and sellers of wellness programs. We are experts on the wellness industry, wellness companies and trends related to. Home; Health & Well Being; Wellness Program Offerings; DAKOTACARE’s Workplace Wellness Options. Healthy employees mean a healthy organization. At DAKOTACARE we get that. That’s why we offer these workplace wellness options. How Cal. PERS Was Taken By Private Equity Firm Silver Lake and Tried to Hide That (A Tale of Two Spreadsheets)In January 2. Cal. PERS made what would seem to be a no- lose investment: the purchase of a 9. John MacIntosh writes that despite continued high pay, hedge fund managers risk losing business from pension funds and other investors disappointed with the returns.Silver Lake Technology Management, which serves as the fund manager, or colloquially, the general partner, for various Silver Lake private equity funds. In her early years as a star analyst, Sallie Krawchek observed, “It’s better to work for a Wall Street firm than invest in one.” That same logic would seem to apply for Cal.
PERS’ participating side- by- side with the firm’s founders in the management company: they would reap rewards akin to those of owner/operators rather than those of ordinary investors. Yet from the end of its fiscal year 2. Cal. PERS showed a nearly 5. Topic Author Replies Freshness +254: Acing the investment banking analyst interview <em>Mod Note (Andy): Throwback Thursday - this was originally posted 9/27/13</em> Been a while since I posted so I thought I’d write in. A former lawyer at the Securities and Exchange Commission is raising funds on Kickstarter to investigate Calpers to determine how much it pays in private equity fees. Silver Lake in its Annual Investment Reports in the absence of any big decline in assets under management or other bad news. By contrast, publicly traded private equity firms KKR and Blackstone showed declines only half as large in their unit prices over the same period. In March 2. 01. 5, Silver Lake stated in an SEC filing that Cal. PERS owned only 0. Silver Lake stated could be in the next few months. What happened? Industry rumors, including from insiders, suggest that Cal. PERS took a loss well over $1. Data first supplied by Cal. PERS to us showed an $8. After we told Cal. PERS that it was required to show more of the history of its investment, Cal. PERS provided a second set of records that was radically at odds with the first disclosure. These records showed the giant pension fund, remarkably, just breaking even, which is still poor result. As we’ll explain in detail later, this second, less damaging data story is inconsistent with other disclosures Ca. LPERS had made about Silver Lake, its established practice for how it reports investments, and documents about the transaction obtained from independent parties. In other words, other information as well as Cal. PERS’ own records and established practices strongly suggest that Cal. PERS suffered a significant loss on this investment. Cal. PERS’ poor performance results directly from its failure to insist on protections widely recognized as necessary for minority investors. An individual knowledgable about the initial Silver Lake investment stated that it did not include a customary anti- dilution provision. Silver Lake did indeed dilute Cal. PERS as it restructured the ownership of the management company. Cal. PERS’ embarrassing result is due to the fact it listened to the two most dangerous words in investing: “Trust us.” Just as troubling: Cal. PERS appears to be trying to cover up its loss. One might normally wonder whether the inconsistencies in documents that Cal. PERS provided in response to our Public Records Act requests were the result of incompetence in record- keeping, since the differences between the spreadsheet that depicts Cal. PERS breaking even and other reports made by Cal. PERS show numerous eight figure discrepancies. But Cal. PERS’ short explanation of its “tah dah” spreadsheet is that it found and attributed “contingent” investments to the Silver Lake parent investment. Put it another way: Cal. PERS could have been so eager to muddy the waters regarding Silver Lake that it was willing to create the impression that its private equity information systems are so deficient that they routinely have $1. If Cal. PERS maintain that this is the case, which is what the public would have to believe in accepting the story in its second spreadsheet, that should send alarms ringing among beneficiaries, legislators, trustees, and California taxpayers and lead to demands for an investigation of Cal. PERS’ reporting and controls. Co- investments are the right to invest side by side with the general partner of the fund in a fund investment, in addition to investing through the fund. These opportunities are offered only at the discretion of the fund manager. While they allow investors like Cal. PERS to save management and carry fees (with the tradeoff of bearing the full brunt of portfolio company fees), these investments take place completely outside the public’s view. Thus private equity investments are becoming even more opaque as the SEC has raised red flags about private equity practices and returns to public pensions funds have overwhelmingly fallen short of their own benchmarks. Finally, this incident reaffirms a pattern we’ve documented again and again with public pension funds. While they can be and typically are very competent investors in traded securities, they are no match for private equity firms. And rather than steer clear of private equity, they instead compound the error by putting their trust in general partners who view them as just another meal ticket. As UK- based private equity researcher Peter Morris said by e- mail,The significance of this story goes way beyond Silver Lake, private equity and Cal. PERS. Finance academics and regulators alike make it a core article of faith that big investors like Cal. PERS are . The sorry saga of Cal. PERS and private equity helps to show that both academics and regulators need to change the way they think about these big investors. Background: Cal. PERS’ Naive Approach to Taking Stakes in General Partners. In publicly traded stocks, Cal. PERS’ ambitions served it well. In the 1. 99. 0s, it acted as a leader in corporate governance reforms and backed its commitment up by operating as an activist investor. That strategy proved effective, not only burnishing Cal. PERS’ reputation but also improving its returns. Cal. PERS, as the largest single investor in private equity as of the early 2. For instance, one rationale for Cal. PERS to participate at the management company level could have been to earn a much higher return, or alternatively, to have a less risky investment, since most of the income at large private equity firms comes mainly from fees which are not at risk of market performance. However, Cal. PERS sought only modestly better results than from investing in private equity funds themselves. It also had no exit strategy other than assuming that its chosen firms would do a public offering or be acquired by a larger financial institution. By contrast, private equity funds have typically cashed out their investors out by year ten, and the general partners have incentives to realize profits and return at least some proceeds relatively early in the fund’s life. Another potential benefit of Cal. PERS’ investing in general partners would have been to increase their expertise, so that they could move in the direction that Ontario Teachers has, of doing more private equity investing in- house. However, Mc. Kinsey ruled that out in a study for Cal. PERS in the early 2. In addition, Cal. PERS didn’t ask for the sort of measure that Japanese investors who want skill transfer routinely get, such as having a set number of “trainees” work side by side with firm professionals. Finally, Cal. PERS did not obtain any voting rights. It was prohibited by law. Andrew Silton, North Carolina’s former Chief Investment Officer, in a 2. A bad idea: when pension plans own a piece of a money manager, set forth why he opposed this type of investment, using the State of Florida’s pension fund investment in Providence Equity Partners as his example: These are the kinds of investments that create conflicts of interest and undermine confidence in pension plans. However, the playing field is hardly level. The Silver Lake Investment. In 2. 00. 6, Cal. PERS had approached a short list of private equity firms that it viewed as attractive and said it would be interested in acquiring a stake in the fund management entity. Cal. PERS had bought a 5% stake in Carlyle in early 2. In 2. 00. 7, in three transactions, Cal. PERS, the Abu Dhabi Investment Authority, and other investors had together purchased a 2. Apollo. 4. According to a source familiar with the Silver Lake transaction, in late 2. Silver Lake contacted Cal. PERS to take them up on their offer. The Cal. PERS staff apparently did not consider the issue of adverse selection; for example, that Silver Lake approached Cal. PERS at that time because it foresaw that it might face liquidity issues. Cal. PERS did examine the proposed valuation in light of the developing financial crisis but in the end accepted Silver Lake’s assessment. Cal. PERS also objected to the lack of an anti- dilution provision in the proposed agreement. But Silver Lake partners Jim Davidson and Glenn Hutchins pressed Cal. PERS hard to agree to omit that provision, arguing that their interests were aligned. On January 3, 2. 00. Cal. PERS purchased 9. Silver Lake Technology Management for $2. As of June 3. 0, 2. Cal. PERS reported that the market value of its stake in Silver Lake was just shy of $3. A year later, even though the price of KKR’s and Blackstone’s units declined by 2. Cal. PERS reported a market price for its Silver Lake position of $1. Later in 2. 01. 2, Cal. PERS decided to restructure its interest in Silver Lake. Cal. PERS was to be diluted pari passu with the founders, so as they withdrew, Cal. PERS’ interest would be diluted massively. Silver Lake had proposed a full repurchase at a large haircut to the original $2. Dan Primack of Fortune, using data from Cal. PERS’ Annual Investment Report, noticed that Cal. PERS ownership had fallen by approximately 3. Silver Lake. 6. In its March 3. Form ADV filing,Silver Lake Technology Management, LLC wrote: Cal. PERS previously owned 9. Silver Lake Technology Management and is also an investor in certain Funds. The Adviser and Cal. PERS have an agreement pursuant to which, by a future date, the Adviser has the right to purchase Cal. PERS. As a result, the Adviser expects to acquire Cal. PERS. Cal. PERS’ First Story: They Lost Money In early 2. Cal. PERS’ loss in its Silver Lake investment, we submitted a detailed Public Records Act request for financial information about the Silver Lake investment. This is what we got back. New IRS Revenue Ruling 2. Use of Hedge Fund Stock Options . Q& A- 2(b) of IRS Notice 2. June 2. 3, 2. 01. Earle, Benefits Law Journal, Vol. Performance fees should be based on long- term performance, and mechanisms such as delayed realizations and clawbacks can better align long- term interests of managers and investors.. Matching PANTONE Colors in Paint. PANTONE MATCHING SYSTEM colors, which are produced with printing ink on paper, can be challenging to match in paints. Paint Bucket Tool Free Online Photo Editor. Photo, scketch and paint effects. For Tumblr, Facebook, Twitter, Polyvore or websites. Lunapics Image software free image. Revision Date: 16 June 2016 Recolor Tool. The Recolor Tool is used to replace regions of similar color with another color. The Recolor Tool has two distinct sampling. Color Picker is an innovative design of a concept pen that can scan colors from anything around and instantly use the color for drawing. After placing the pen. Welcome to Personal Color Viewer. See what colors will look like in your space with Personal Color Viewer by Benjamin Moore. Generate matching color schemes like never before! Enter an RGB or HEX value, or click on the Color Palette below. The Color Picker Tool is used to select a color on any image opened on your screen. By clicking a point on an image, you can change the active color to that which. This chapter describes the ColorPicker control, provides its design overview, and explains how to use it in your JavaFX applications. Http:// I'm redesigning a PowerPoint 2010 presentation, and wanted to match the colors to the ones on my book cover. Zoom your image to see the pixels; Select Color Picker and Right click on the pixel that you want to recolor it; Click on the Primer color in the Colors pad and. Team Full Throttle Nascar Driver Development ProgramDownload Free Software Programs Online11/7/2016 The annual event, originally scheduled for this week, was moved due to the impact of Hurricane Matthew. Participants will take part in a physical fitness assessment at Bethune- Cookman University on Oct. New Smyrna Speedway on Oct. There are 1. 3 female drivers competing for spots with Rev Racing this year, including Hailie Deegan, daughter of Brian Deegan, the most decorated athlete in freestyle motocross history, and Hope Hornish, the niece of 2. Indianapolis 5. 00 winner and current NASCAR XFINITY Series driver Sam Hornish Jr. NASCAR Drive for Diversity has proven successful in identifying and developing future stars of the sport.(NASCAR)(1. NASCAR Statement on 2. NASCAR Drive for Diversity Combine: . New Smyrna Speedway, will be postponed as the region recovers from the impact of Hurricane Matthew. The event will be rescheduled and those details will be shared at a later date. The 1. 3th annual NASCAR Drive for Diversity Combine invites promising ethnically diverse and female drivers from across North and South America to test their skills over a three- day period as NASCAR evaluates talent for the NASCAR Drive for Diversity Class of 2. In partnership with Rev Racing, NASCAR Drive for Diversity offers racing opportunities in the NASCAR K& N Pro Series East and NASCAR Whelen All- American Series for one full season, providing drivers with equipment, mentoring, and competition experience. This year, there are 1. Stewart-Haas Racing is expanding NASCAR Xfinity Series in 2017.The organization will field a full-time, single-car team in. Rev Racing. Returning this fall is Macy Causey, who at 1. NASCAR Drive for Diversity history in 2. Also participating are Hailie Deegan, daughter of Brian Deegan, the most decorated athlete in freestyle motocross history, and Hope Hornish, the niece of 2. Indianapolis 5. 00 winner and current NASCAR XFINITY Series driver Sam Hornish Jr. Drivers under consideration to return to the team in 2. NASCAR Drive for Diversity Combine, include current NASCAR K& N Pro Series East and NASCAR Whelen All- American Series drivers: Jairo Avila, Enrique Baca, Collin Cabre, Madeline Crane, Ruben Garcia Jr, and Ali Kern. Collin's brother, Chase Cabre, is also among the drivers selected to compete in this year's combine. Driver combine participants will be evaluated on their driving skills, take part in a physical fitness assessment and receive additional training at Bethune- Cookman University. Invitees to the 2. NASCAR Drive for Diversity Combine: Ali Kern*, 2. Fremont, Ohio. Amber Balcaen, 2. Winnipeg, Canada. About Mason Mitchell Motorsports. MMM development program. Driver Forge Next-Generation Sports Business Partnership. Rookie Driver Forge Next-Generation Sports Business. Tommy Baldwin Racing, NASCAR Hall of Fame to Honor Richie Evans at New Hampshire. TBR’s driver development program. A Full Throttle Experience.Ariel Biggs, 2. 2, Castaic, California. Armani Williams, 1. Grosse Point, Michigan.
Chase Cabre, 1. 9, Tampa, Florida. Collin Cabre*, 2. Tampa, Florida. Enrique Baca*, 2. Monterrey, Mexico. Hailie Deegan, 1. Temecula, California. Hannah Newhouse, 1. Twin Falls, Idaho. Hope Hornish, 1. 9, Defiance, Ohio. Jairo Avila*, 2. 1, Alhambra, California. Jay Beasley, 2. 4, Las Vegas, Nevada. Kayli Barker, 1. 9, Las Vegas, Nevada. Luis Rodriguez, 2. Miami, Florida. Macy Causey, 1. Yorktown, Virginia. Madeline Crane*, 1. Meansville, Georgia. Mc. Kenna Haase, 1. Carlisle, Iowa. Nicole Behar, 1. Otis Orchards, Washington. Reegan May, 2. 2, De Pere, Wisconsin. Ruben Garcia Jr.*, 2. Mexico City, Mexico. Santiago Tovar, 2. Mexico City, Mexico. Taylor Jorgensen, 2. Stockbridge, Georgia. Walter Thomas III, 1. Indianapolis, Indiana* Current NASCAR Drive for Diversity drivers eligible for 2. NASCAR)(9- 3. 0- 2. GMS extends driver development opportunities: GMS Racing officials announced the creation of the GMS Racing Driver Development program, aimed at providing opportunities for drivers to progress from local to national level racing. GMS Racing fields four entries in the NASCAR Camping World Truck Series, a part- time NASCAR XFINITY Series entry and also partners with Mitchell Coble Racing to field dirt late model and modified entries at local tracks throughout the year. Hickory is a great place to get the word out. It's always been home to me. I grew up watching races and had a chance to win a few as a crew chief there. I won my last race there 3. Kyle and GMS Racing. GMS Racing Driver Development Chevrolet Limited Late Model entry at Hickory Motor Speedway in the 4. Annual Bobby Isaac Memorial. At 3. 0 years old, Mansch has accumulated 2. Limited Late Model Series throughout a 1. Many of his wins, including his most recent in 2. Hickory Motor Speedway. More information on the GMS Racing Driver Development program and potential opportunities for the 2. GMS Racing)(9- 2- 2. Larson the first graduate of the NASCAR Drive for Diversity to win Cup race: #4. Kyle Larson won Sunday's NASCAR Sprint Cup Series race at Michigan International Speedway to become the first graduate of the NASCAR Drive for Diversity and the NASCAR Next programs to win at the sanctioning body's top level. His first win came in 2. Rockingham Speedway in the NASCAR Camping World Truck Series. He has since won another NASCAR Camping World Truck race, as well as four NASCAR XFINITY Series races. Among the highlights: - In 2. Larson became the first NASCAR D4. D and NASCAR Next product to win a NASCAR Sprint Cup Series Coors Light Pole (Pocono Raceway), as well as the first to win the Sunoco Rookie of the Year.- In 2. NASCAR D4. D graduate to win the Sunoco Rookie of the Year Award in the NASCAR XFINITY Series.- Larson previously became the first NASCAR D4. D competitor to win a NASCAR Touring Series championship. Driving for Rev Racing, Larson won the 2. NASCAR K& N Pro Series East title and the Sunoco Rookie of the Year. On Sunday, the Chip Ganassi Racing driver won the Pure Michigan 4. Chevy, leading a race- high 4. NASCAR Drive for Diversity, operated by Rev Racing, is an academy- style development program for female and multicultural drivers and crew members who have the potential and determination to succeed at the highest levels of NASCAR. Larson raced under both banners in 2. NASCAR)(8- 2. 9- 2. Top College Athletes Join NASCAR Drive for Diversity Pit Crew Program: NASCAR and Rev Racing announced nine former college student- athletes selected to participate in the NASCAR Drive for Diversity (D4. D) Crew Member Development Program. The new class of participants received invitations to train with Rev Racing following standout performances at the first national D4. D pit crew combine in May. Eighteen men and women from 1. U. S. Half earned invitations to join the D4. D pit crew program. We look forward to training these individuals and placing them along pit road in the national series. Our academy- style approach to training continues to show success year after year; this class will not fall short. Appalachian State's Jeremy Kimbrough, who spent time with the Washington Redskins, and Joshua Tate, an All- American at Clark Atlanta University, are also looking to transition from the gridiron to NASCAR. Three alums - Raphael Diaz, Kevin Richardson and Richie Williams - celebrated in Victory Lane as members of Chris Buescher's pit crew after the NASCAR Sprint Cup Series driver won his first premier series race at Pocono Raceway on Aug. Last November, Diaz and Roush Fenway Racing teammate Mike Russell became the first D4. D graduates to win a national series championship when Buescher clinched the 2. NASCAR XFINITY Series championship. The new members of the D4. D Crew Member Development Program include: First, Last, Hometown, University, Primary Sport. Brehanna Daniels, Norfolk, Va., Norfolk State University, Basketball. Kapil Fletcher, Fort Lauderdale, Fla., University of Kansas, Football. Tedarian Johnson, Jackson, Miss., University of Kansas, Football. Jeremy Kimbrough, Decatur, Ga., Appalachian State University, Football. Corey King, Boca Raton, Fla., University of Kansas, Football. Lamar Neal, Virginia Beach, Va., Norfolk State University, Football. Breanna O'Leary, Amarillo, Texas, Alcorn State University, Softball. Jorden Paige, Buffalo, N. Y., Clark Atlanta University, Football. Joshua Tate, Memphis, Tenn., Clark Atlanta University, Football. The NASCAR Drive for Diversity program, under the leadership of Rev Racing, supports both crew member and driver development opportunities. Driver graduates include NASCAR Sprint Cup Series driver Kyle Larson, and NASCAR XFINITY Series drivers Daniel Suarez and Darrell Wallace Jr.(NASCAR)(8- 1. NASCAR Chevrolet Diversity Scholarship Contest returns: NASCAR and Chevrolet announced the launch of the second annual NASCAR Chevrolet Diversity Scholarship Contest during a press conference at Indianapolis Motor Speedway. Through this initiative, NASCAR and Chevrolet continue their longstanding commitment to Science, Technology, Engineering & Math (STEM) education and promoting opportunities for college students pursuing technology related careers. Four winners will receive a total of $2. VIP experience at Texas Motor Speedway during the Chase for the NASCAR Sprint Cup race on November 6, 2. Video submissions will be judged on technical accuracy, creativity and production quality. Winners will be awarded a scholarship and an exclusive, behind- the- scenes race experience in Texas, including a tour of the NASCAR Sprint Cup Series garage, pace car rides and meet- and- greets with Team Chevy drivers and Chevrolet NASCAR Sprint Cup Series Program Manager, Alba Colon.(NASCAR)(7- 2. NASCAR Drive for Diversity to Host First National Pit Crew Combine: Following a national talent search, 1. NASCAR Drive For Diversity (D4. D) Crew Member Development Combine today . The 1. 0 top- performing participants will be invited to join the NASCAR D4. D Crew Member Development Program, operated by Rev Racing, and receive expert training as tire changers, carriers and jackmen, with the goal of gaining fulltime employment with NASCAR national series race teams. Earlier this year, NASCAR and Rev Racing hosted tryouts at six universities spanning coast to coast - from Norfolk State University to San Diego State University - as part of a revamped crew member scouting process. In November, Roush Fenway Racing team members Mike Russell and Raphael Diaz became the first D4. D graduates to win a national series championship when No. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2017
Categories |