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Washington's Crossing

Wed, 22 Feb 2012 04:00:27 +0000

I've already recommended a book about George Washington that examined him as a leader, offering practical lessons for us today. The Winter 2010 issue of American Heritage magazine featured 35 short articles on "Decisive Moments in American History." One of them is adapted from another excellent book about Washington.

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The MF Global Mess

Thu, 16 Feb 2012 08:00:29 +0000

The MF Global scandal just won't go away. Instead, as the days, weeks and months roll by and the estimated amount of missing client funds just keeps on rising (recently put at $1.6 billion), confidence in the regulators and investigators continues to erode. Surely, this story is bound to take its place among the darkest episodes in financial history, and to be required reading for future students of the industry.

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Taxing, Spending and Revolution

Mon, 13 Feb 2012 08:00:54 +0000

Students of financial and economic history should be ahead of the curve in seeing trouble coming in the financial markets, such as bubbles, frauds and developing crises. The ancients warned that there's nothing new under the sun. Likewise, many of the problems we face today had antecedents long ago. Accordingly, a move is underway to make knowledge of financial history an important part of the CFA curriculum and exam.

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The Big Bailout of 1792

Mon, 13 Feb 2012 06:00:45 +0000

Think that the recent federal bailout of the financial system is unprecedented? Think again. Those versed in financial history know otherwise.

Follow the link to see the parallels with today.

Wall Street Rogues Gallery

Mon, 13 Feb 2012 04:00:07 +0000

You've undoubtedly heard that famous quote attributed to George Santayana, about how those who fail to learn history are condemned to repeat it. Many of the biggest rogues in Wall Street history either recycled even older schemes or provided inspiration for new generations of miscreants.

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Package vs. Contents

Sun, 12 Feb 2012 04:00:23 +0000

Abraham Lincoln's February 27, 1860 Cooper Union address in New York made him a serious contender for the Republican party's presidential nomination. Back on May 5, 2004 I attended a ...

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Forensic Accounting

Fri, 10 Feb 2012 08:00:51 +0000

People with skills in forensic accounting should be in demand these days. A prime example is the MF Global disaster, where over $1.2 billion of client funds have gone missing, and progress in locating them has been painfully slow.

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Fair Value

Tue, 07 Feb 2012 08:00:04 +0000

Mark to market accounting, also called fair value accounting, has been standard practice within much of the financial services industry, especially securities brokerage and investment banking firms, for many decades. Proponents have long asserted that it captures economic reality much better than the historical cost accounting that is utilized within most other industries. They also point out how it contains self-correcting mechanisms that reduce the risk profile of firms that utilize it, during bear markets.

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Operations Cases

Sat, 04 Feb 2012 04:00:46 +0000

Large financial services firms have ample opportunities for people with attention to detail, problem-solving ability and interest in solving operational problems. When they run into particularly knotty problems, operations consultants may be called in to help.

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Facebook Privacy

Wed, 01 Feb 2012 08:00:06 +0000

While it can be a powerful tool for networking and career development, there are numerous well founded privacy concerns regarding Facebook, which has developed quite a reputation for a cavalier and duplicitous attitude towards its users on this vital score. Accordingly, the company has been the target of numerous critical articles in various news outlets, as well as of regulatory scrutiny in the United States, Canada and the European Union, among other jurisdictions around the globe. All this has culminated in sanctions being leveled against Facebook by the Federal Trade Commission. Follow the link for details, as well as for suggestions on how to protect yourself.