2013년 12월 3일 화요일

About 'account system software'|3 Disadvantages of the Accounting Software using by yourself!







About 'account system software'|3 Disadvantages of the Accounting Software using by yourself!








These               days               with               so               many               folks               building               and               hosting               their               own               sites               with               their               own               clever               domain               names,               they               begin               looking               to               find               the               right               tools               of               the               trade.

Many               tools               are               easy               and               available               such               as               TextEdit               (Mac)               and               Notepad               (Windows).

An               important               resource,               however,               that               may               not               be               so               easy               to               find               is               a               good,               reliable               FTP               client.

These               lovely               tools               are               used               to               transfer               ones               files               to               the               host               server               and               this               is               where               they               reside               and               where               browsers               look               to               find               the               right               files               for               displaying               any               given               Web               site.

A               product               called               Secure               FTP               can               help               you               accomplish               this.

Secure               FTP               is               a               free,               downloadable               FTP               client               that               is               quite               simple               to               use               once               you               understand               its               interface.

After               you               have               downloaded               and               launched               Secure               FTP               you               will               notice               it               has               a               simple               two-frame               interface.

The               left,               more               slender,               frame               allows               you               to               browse               your               computer's               hard               drive.

With               this               frame               you               locate               the               files               that               you               wish               to               upload               from               your               computer.

At               the               top               there               is               a               handy               drop-down               list               that               allows               you               to               choose               different               volumes               and               folders               on               your               system               for               easy               navigation.

The               right-hand               column               shows               the               server               to               which               you               want               to               upload               files.

This               part               must               be               configured               using               the               information               from               your               hosting               service.

You               can               configure               and               manage               multiple               servers               from               within               Secure               FTP.

To               add               hosts,               select               "Connect"               from               the               File               menu               and               you               will               be               greeted               with               the               "Open               Connection"               window.

You               can               create               a               new               connection               or               Profile               by               filling               in               the               host               name,               user               name               associated               with               the               host               name,               and               the               password.

Select               the               "Save               to               Bookmarks"               check               box               to               have               this               one               added               to               the               Profile               drop-down               list.
               You               can               now               begin               uploading               the               files               you               need               for               your               site.

Often               the               best               way               to               do               this               is               to               organize               your               HTML               files,               your               CSS               files               (if               there               is               more               than               one),               your               images               and               any               others               into               a               single               folder.

You               can               give               this               folder               any               name               you               like.

It               would               probably               be               most               helpful               to               simply               name               it               the               same               as               you               Web               site's               name.

Within               this               folder               you               can               put               your               code               files               (i.e.

HTML,               CSS)               and               also               create               a               folder               called               images               to               place               your               .jpg,               .png,               and               other               like               image               files.

If               you               use               Wordpress.org,               you               will               find               that               this               is               how               its               information               is               organized.

When               you               download               Wordpress.org,               you               have               a               main               folder               entitled               "Wordpress"               within               which               you               find               all               of               the               files               and               subfolders               that               make               Wordpress               tick.

The               "Themes"               subfolder               is               where               you               put               files               for               downloaded               themes               if               you               use               one               besides               the               default               Wordpress               theme               that               comes               with               the               download.

To               upload               your               information,               launch               Secure               FTP.

You               will               be               prompted               to               identify               which               host               server               you               want               to               move               files               to.

This               can               be               done               by               selecting               the               one               you               configured               earlier               from               the               drop-down               list.

You               will               need               to               enter               the               name               and               password               associated               with               your               account               on               the               server               and               you               can               tell               Secure               FTP               at               this               point               to               remember               the               name               and               password               for               you               so               that               you               do               not               have               to               enter               it               again               in               the               future.

You               will               now               see               the               interface's               two               panes               and               you               can               then               navigate               to               the               folder               or               folders               on               your               hard               drive               that               you               wish               to               upload.

Again,               this               is               done               in               the               left-hand               pane.

Now               choose               the               destination               on               the               server               side               (i.e.

right-hand               pane).

Keep               in               mind               that               simply               selecting               the               destination               folder               is               not               enough.

You               must               double-click               it               and               "enter"               that               destination               before               clicking               "Upload".

You               will               know               you               have               gone               far               enough               when               the               destination               folder               you               want               to               upload               to               is               displayed               above               the               main               window               of               the               right-hand               pane.

Once               you               have               the               folder(s)               selected               in               the               left               pane               and               the               destination               selected               in               the               right               pane,               click               the               "Upload"               button               located               along               the               top               row               of               buttons.

It               is               signified               by               an               upward               pointing               arrow.

You               will               a               progression               bar               showing               you               the               upload               is               taking               place.

Once               this               is               finished               your               files               will               be               on               the               server               and,               considering               all               the               appropriate               files               are               correctly               coded               and               present               on               the               server,               your               new               website               should               be               available               for               all               the               world               to               see!
               Here's               one               last               tip               for               you:               Whenever               you               need               to               make               changes               to               any               of               your               files               it               is               easy               to               implement               these.

Simply               follow               the               above               procedure               to               re-upload               the               file               to               which               you               made               changes.

During               the               upload               process               you               will               be               notified               that               the               file               already               exists               and               you               will               be               given               the               choice               to               Replace               it               or               to               Cancel               the               operation.

If               you               are               sure,               simply               click               replace               and               the               action               will               complete               and               the               newly               changed               file               will               be               in               place.

Also               if               you               accidentally               delete               your               local               copy               of               any               of               your               files               you               can               download               the               copy               on               the               server.

Follow               the               same               procedure               as               detailed               above               except               click               the               "Download"               button               instead               (illustrated               by               a               downward               pointing               arrow).

The               action               will               take               place               and               you               can               then               access               the               new               copy               of               the               deleted               file               on               your               hard               drive.
               There               are               numerous               such               clients               that               may               be               tried               and               surely,               as               would               be               expected,               the               commercial               clients               which               are               not               free               may               be               more               powerful.

However               the               free               client               Secure               FTP               will               give               you               all               of               the               functionality               and               ease-of-use               you               would               need               to               get               your               website               off               the               ground.
               Pros:               Free,               simple               interface,               multi-host               management
               Cons:               Doesn't               remember               server               names,               times               out               quickly               if               left               unused






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    2013년 12월 2일 월요일

    About 'accounting vocabulary'|...side of the slanging match. Also I realised it's not an easy read on account of the antiquated and very Scottish vocabulary. Furthermore it's a little too long for this blog. It can be found on the internet...







    About 'accounting vocabulary'|...side of the slanging match. Also I realised it's not an easy read on account of the antiquated and very Scottish vocabulary. Furthermore it's a little too long for this blog. It can be found on the internet...








    The               Primary               purpose               of               a               business               is               to               attract               and               retain               customers.

    The               primary               purpose               of               management               is               to               create               a               work               place               atmosphere,               where               workers               are               equipped,               empowered               and               self-motivated               to               accomplish               this               goal.

    For               this               to               happen,               it               requires               managers               who               possess               a               variety               of               conceptual,               technical               and               human               relations               skills.

    The               most               important               skill               they               can               possess               is               the               ability               to               learn               and               grow               from               their               past               mistakes               or               other's,               throughout               their               careers               as               managers.

    The               following               attributes               of               a               "Good               Manager"               are               only               a               portion               of               the               total               package               of               skills               needed               to               carry               that               title.
                   1.Understand               that               the               true               objective               of               a               manager               is               to               "create"               stars,               not               be               one.
                   As               a               manager,               you               should               look               at               what               role               you               have               in               the               operation               on               a               day               to               day               basis.

    Are               you               the               only               person               who               knows               how               to               get               everything               done?

    If               you               were               to               get               hit               by               a               truck               going               to               lunch,               would               your               business               continue               without               you               or               go               belly               up               because               you               have               all               the               knowledge               and               experience               in               your               head?


                   As               a               manager,               your               goal               is               to               teach               and               create               others               who               will               know               how               to               do               everything               you               know.

    Managing               is               about               facilitating               and               enabling               others               to               do               well.

    It               should               be               a               team               effort               to               insure               more               than               one               person               is               capable               of               continuing               the               day               to               day,               with               or               without               you.

    Your               people               should               be               raised               to               star               status               when               they               strive               to               achieve.

    You               job               is               to               promote               and               encourage               that.
                   2.Championing               the               company's               beliefs.
                   Every               organization               that               reaches               any               degree               of               lasting               success,               has               well-defined               values               and               beliefs.

    They               also               have               managers               who               understand               the               critical               purpose               of               those               values               and               beliefs.

    They               work               to               preserve               them.


                   No               matter               what               the               belief,               if               continued,               these               will               progress               into               Critical               Success               Factors               that               will               tell               the               direction               the               company               will               go               in.

    Continued               passing               and               protecting               of               the               "flame"               of               beliefs               will               insure               employee               loyalty,               as               well               as               business               success.

    Model               the               behavior               you               expect.
                   3.One               of               the               key               ingredients               in               leadership               is               not               "power",               but               "influence".
                   "Power"               in               today's               workplace               is               a               myth.

    You               can               scream               and               shout               all               day               at               people               and               are               not               going               to               gain               any               loyalty               or               better               job               performance.

    The               manager's               main               employee               tool               is               "influence".

    From               a               management               stand               point,               influence               is               is               the               ability               to               secure               a               desired               outcome               without               the               obvious               use               of               force               or               direct               command.

    People               who               are               effective               in               influencing               others               seems               to               have               a               good               understanding               of               the               basic               needs               of               people.

    Psychologists               tell               us               that               we               all               have               a               deep-rooted               need               to               be               understood,               to               feel               welcome,               to               feel               comfortable               and               to               believe               that               our               lives               matter.

    People               who               have               the               ability               to               fill               those               needs               for               others               exert               the               most               influence.

    Unless               workers               choose               to               let               you               have               the               "power",               you               really               do               not               have               it,               no               matter               what               your               title               is.
                   4.Understand               that               your               personal               style               as               a               manager               has               an               impact               on               the               business.
                   "Nothing               succeeds               like               the               appearance               of               success"-Christopher               Lasch,               The               Culture               of               Narcissism.


                   Like               it               or               not,               everything               we               do               sends               a               message               that               defines               us               in               someone               else's               eyes.If               that               someone               else               is               the               boss,               these               impressions               could               be               either               costly               or               beneficial,               depending               on               the               message               received.


                   All               of               the               following               things               affect               that               impression.


                   Etiquette               
                   Physical               Appearance               
                   Clothes               
                   Energy               
                   Correspondence               
                   Vocabulary               
                   Relationship               Skills               
                   The               smallest               things               can               make               a               big               impact.

    Personal               style               is               a               huge               issue               as               a               manager.
                   5.Solicit               input               from               employees               before               making               changes               that               affect               them               and               their               responsibilities.
                   Change               is               a               curious               animal.

    Some               people               thrive               on               change,               but               for               a               lot               of               people,               change               to               unknown               territory               is               not               always               met               with               excitement.

    If               there               is               a               problem               with               people               getting               in               a               rut,               communication               is               the               key.

    Define               the               problem               and               secure               feedback.

    Participation               in               work               related               changes               goes               more               smoothly               with               cooperation               of               all.
                   6.Teach               employees               that               policies               are               guides,               not               steadfast               rules               of               behavior
                   Almost               all               business               deals               with               customers               on               one               level               or               another.

    Have               policy               guides               in               place               gives               structure               to               those               dealings.

    However,               employees               should               know               that               in               the               day               to               day               customer               service               issues,               sometimes               further               research               and               reevaluation               allows               some               changes,               instead               of               concrete,               pat               answers,               that               may               cost               you               business               in               the               long               run.

    Manager's               responsibilities               include               making               them               proficient               in               handling               customer               service               issues.

    Giving               them               the               tools               to               make               changes               if               necessary               to               accomodate               customer               needs               in               order               to               retain               their               business.
                   7.Success               is               not               measured               by               method               or               talent,               but               by               "desire               and               effort".
                   A               manager               who               believes               they               can               have               whatever               they               want               by               letting               others               do               the               work               don't               make               it               very               far.

    That               is               the               perfect               recipe               for               breeding               resentment               among               employees.

    Acknowledge               and               Reward               effort.

    Regardless               of               outcome,               reward               those               who               put               forth               their               best               effort.

    Hard               work               and               satisfaction               of               a               job               well               done,               though               old-fashioned               sounding,               brings               pride               in               people.

    Their               desire               and               effort               towards               their               jobs               is               the               measurement               of               a               company.

    The               "dignity               of               effort"               attitude               radiates               to               the               entire               business.
                   8.In               business               today,               information               is               the               weapon               of               choice.
                   Next               to               it's               people,               information               is               a               company's               most               valuable               resource.In               some               companies,               information               flows               through               the               hierarchy               along               a               straight               line               form               origin               to               termination.

    Anybody               on               either               side               of               the               line-people               who               would               greatly               benefit               from               this               information,               are               kept               out               of               the               loop.

    Sharing               information               on               subjects               critical               to               the               success               of               a               business,               greatly               enhances               the               ability               of               a               business               to               provide               and               meet               the               needs               of               its               customers,               as               well               as               the               satisfaction               of               its               employees.

    Knowledge               and               information               are               power,               especially               in               business.
                   9.Performance               Appraisals               and               their               importance               in               management
                   "Evaluation               is               a               time               for               accounting;               for               comparing               actions               with               consequences;               for               detecting               flaws               and               making               improvements;               for               planting               the               seeds               of               a               future               challenge."-Don               Koberg               and               Jim               Banall-The               Universal               Traveler:A               Soft-Systems               Guidebook               to               Creativity,               Problem               Solving               and               the               Process               of               Design.
                   A               performance               appraisal               may               be               the               single               most               important               time               a               manager               will               spend               with               an               employee,               all               year.


                   It               may               be               the               one               time               the               worker               has               his               or               her               boss's               undivided               attention.

    The               amount               of               time               and               effor               that               is               put               into               this               review               by               the               manager               will               send               a               loud               and               clear               message               to               the               employee.

    Do               your               homework               before               the               review               starts.

    Have               your               information               ready               and               let               the               employee               know,               they               are               the               most               important               issue               on               the               table               and               you               recognize               their               need               to               have               all               of               your               attention.

    Be               aware               of               your               employees               needs               and               expectations.

    Be               honest               and               upfront               with               both               praise               and               criticism.

    Finish               the               review               with               positive               and               meaningful               objectives               and               comments.
                   10.Micro-management-A               huge               mistake
                   "The               best               executive               is               the               one               who               has               sense               enough               to               pick               good               men               to               do               what               he               wants               done,               and               self-restraint               enough               to               keep               from               meddling               with               them               while               they               do               it".-Theodore               Roosevelt
                   Micromanagement,               the               process               of               controlling               every               detail               and               decision               need               to               run               a               business               or               department,               runs               directly               contrary               to               the               most               widely               accepted               method               of               management               style               used               today.

    Micromanagement               takes               away               from               workers               pride               of               ownership               in               their               work.

    It               compromises               the               efficiency               and               productivity               of               the               workers.

    It               creates               an               enviroment               of               distrust               and               insecurity.


                   It               is               important               to               encourage               employees               to               take               responsibility.

    Reward               them               for               making               decisions               within               the               goals               and               objectives               of               the               company.

    Provide               the               resources               they               need               to               get               the               job               done,               then               hold               them               accountable               for               the               outcomes.

    These               include               time,               money,               training               and               access               to               key               people               for               needed               information.

    Establish               trust               with               employees.

    Let               them               know               you               trust               their               judgement.
                   Management               is               the               key               to               any               business.

    If               it               is               good,               then               business               will               grow               and               thrive.

    If               it               is               bad,               money               is               lost,               and               opportunities               are               also               lost.

    Not               everyone               is               cut               out               to               be               a               manager.

    Education               and               information               help               "good"               managers               turn               into               "great"               ones.

    Obviously               there               are               more               attributes               to               good               management.

    The               10               I               have               listed               here               rate               among               the               top               requests               in               a               manager.






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    11. Accounting Vocabulary - Blog Homepage Results

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    2013년 12월 1일 일요일

    About 'portfolio accounting system'|...commitment to fact and reason within both American journalism and the broader political system. Though lying is not foreign to U.S. politics and media, ...







    About 'portfolio accounting system'|...commitment to fact and reason within both American journalism and the broader political system. Though lying is not foreign to U.S. politics and media, ...








    Tulipmania               -               this               is               the               name               coined               for               the               first               pyramid               investment               scheme               in               history.

    In               1634,               tulip               bulbs               were               traded               in               a               special               exchange               in               Amsterdam.

    People               used               these               bulbs               as               means               of               exchange               and               value               store.

    They               traded               them               and               speculated               in               them.

    The               rare               black               tulip               bulbs               were               as               valuable               as               a               big               mansion               house.

    The               craze               lasted               four               years               and               it               seemed               that               it               would               last               forever.

    But               this               was               not               to               be.
                   The               bubble               burst               in               1637.

    In               a               matter               of               a               few               days,               the               price               of               tulip               bulbs               was               slashed               by               96%!
                   This               specific               pyramid               investment               scheme               was               somewhat               different               from               the               ones               which               were               to               follow               it               in               human               financial               history               elsewhere               in               the               world.

    It               had               no               "organizing               committee",               no               identifiable               group               of               movers               and               shakers,               which               controlled               and               directed               it.

    Also,               no               explicit               promises               were               ever               made               concerning               the               profits               which               the               investors               could               expect               from               participating               in               the               scheme               -               or               even               that               profits               were               forthcoming               to               them.
                   Since               then,               pyramid               schemes               have               evolved               into               intricate               psychological               ploys.
                   Modern               ones               have               a               few               characteristics               in               common:
                   First,               they               involve               ever               growing               numbers               of               people.

    They               mushroom               exponentially               into               proportions               that               usually               threaten               the               national               economy               and               the               very               fabric               of               society.

    All               of               them               have               grave               political               and               social               implications.
                   Hundreds               of               thousands               of               investors               (in               a               population               of               less               than               3.5               million               souls)               were               deeply               enmeshed               in               the               1983               banking               crisis               in               Israel.
                   This               was               a               classic               pyramid               scheme:               the               banks               offered               their               own               shares               for               sale,               promising               investors               that               the               price               of               the               shares               will               only               go               up               (sometimes               by               2%               daily).

    The               banks               used               depositors'               money,               their               capital,               their               profits               and               money               that               they               borrowed               abroad               to               keep               this               impossible               and               unhealthy               promise.

    Everyone               knew               what               was               going               on               and               everyone               was               involved.
                   The               Ministers               of               Finance,               the               Governors               of               the               Central               Bank               assisted               the               banks               in               these               criminal               pursuits.

    This               specific               pyramid               scheme               -               arguably,               the               longest               in               history               -               lasted               7               years.
                   On               one               day               in               October               1983,               ALL               the               banks               in               Israel               collapsed.

    The               government               faced               such               civil               unrest               that               it               was               forced               to               compensate               shareholders               through               an               elaborate               share               buyback               plan               which               lasted               9               years.

    The               total               indirect               damage               is               hard               to               evaluate,               but               the               direct               damage               amounted               to               6               billion               USD.
                   This               specific               incident               highlights               another               important               attribute               of               pyramid               schemes:               investors               are               promised               impossibly               high               yields,               either               by               way               of               profits               or               by               way               of               interest               paid.

    Such               yields               cannot               be               derived               from               the               proper               investment               of               the               funds               -               so,               the               organizers               resort               to               dirty               tricks.
                   They               use               new               money,               invested               by               new               investors               -               to               pay               off               the               old               investors.
                   The               religion               of               Islam               forbids               lenders               to               charge               interest               on               the               credits               that               they               provide.

    This               prohibition               is               problematic               in               modern               day               life               and               could               bring               modern               finance               to               a               complete               halt.
                   It               was               against               this               backdrop,               that               a               few               entrepreneurs               and               religious               figures               in               Egypt               and               in               Pakistan               established               what               they               called:               "Islamic               banks".

    These               banks               refrained               from               either               paying               interest               to               depositors               -               or               from               charging               their               clients               interest               on               the               loans               that               they               doled               out.

    Instead,               they               have               made               their               depositors               partners               in               fictitious               profits               -               and               have               charged               their               clients               for               fictitious               losses.

    All               would               have               been               well               had               the               Islamic               banks               stuck               to               healthier               business               practices.
                   But               they               offer               impossibly               high               "profits"               and               ended               the               way               every               pyramid               ends:               they               collapsed               and               dragged               economies               and               political               establishments               with               them.
                   The               latest               example               of               the               price               paid               by               whole               nations               due               to               failed               pyramid               schemes               is,               of               course,               Albania               1997.

    One               third               of               the               population               was               heavily               involved               in               a               series               of               heavily               leveraged               investment               plans               which               collapsed               almost               simultaneously.

    Inept               political               and               financial               crisis               management               led               Albania               to               the               verge               of               disintegration               into               civil               war.
                   But               why               must               pyramid               schemes               fail?

    Why               can't               they               continue               forever,               riding               on               the               back               of               new               money               and               keeping               every               investor               happy,               new               and               old?
                   The               reason               is               that               the               number               of               new               investors               -               and,               therefore,               the               amount               of               new               money               available               to               the               pyramid's               organizers               -               is               limited.

    There               are               just               so               many               risk               takers.

    The               day               of               judgement               is               heralded               by               an               ominous               mismatch               between               overblown               obligations               and               the               trickling               down               of               new               money.

    When               there               is               no               more               money               available               to               pay               off               the               old               investors,               panic               ensues.

    Everyone               wants               to               draw               money               at               the               same               time.

    This,               evidently,               is               never               possible               -               some               of               the               money               is               usually               invested               in               real               estate               or               was               provided               as               a               loan.

    Even               the               most               stable               and               healthiest               financial               institutions               never               put               aside               more               than               10%               of               the               money               deposited               with               them.
                   Thus,               pyramids               are               doomed               to               collapse.
                   But,               then,               most               of               the               investors               in               pyramids               know               that               pyramids               are               scams,               not               schemes.

    They               stand               warned               by               the               collapse               of               other               pyramid               schemes,               sometimes               in               the               same               place               and               at               the               same               time.

    Still,               they               are               attracted               again               and               again               as               butterflies               are               to               the               fire               and               with               the               same               results.
                   The               reason               is               as               old               as               human               psychology:               greed,               avarice.

    The               organizers               promise               the               investors               two               things:
                   That               they               could               draw               their               money               anytime               that               they               want               to,               and                              
                   That               in               the               meantime,               they               will               be               able               to               continue               to               receive               high               returns               on               their               money.


    People               know               that               this               is               highly               improbable               and               that               the               likelihood               that               they               will               lose               all               or               part               of               their               money               grows               with               time.

    But               they               convince               themselves               that               the               high               profits               or               interest               payments               that               they               will               be               able               to               collect               before               the               pyramid               collapses               -               will               more               than               amply               compensate               them               for               the               loss               of               their               money.

    Some               of               them,               hope               to               succeed               in               drawing               the               money               before               the               imminent               collapse,               based               on               "warning               signs".

    In               other               words,               the               investors               believe               that               they               can               outwit               the               organizers               of               the               pyramid.

    The               investors               collaborate               with               the               organizers               on               the               psychological               level:               cheated               and               deceiver               engage               in               a               delicate               ballet               leading               to               their               mutual               downfall.

    This               is               undeniably               the               most               dangerous               of               all               types               of               financial               scandals.

    It               insidiously               pervades               the               very               fabric               of               human               interactions.

    It               distorts               economic               decisions               and               it               ends               in               misery               on               a               national               scale.

    It               is               the               scourge               of               societies               in               transition.
                   The               second               type               of               financial               scandals               is               normally               connected               to               the               laundering               of               money               generated               in               the               "black               economy",               namely:               the               income               not               reported               to               the               tax               authorities.

    Such               capital               passes               through               banking               channels,               changes               ownership               a               few               times,               so               that               its               track               is               covered               and               the               identities               of               the               owners               of               the               money               are               concealed.

    Money               generated               by               drug               dealings,               illicit               arm               trade               and               the               less               exotic               form               of               tax               evasion               is               thus               "laundered".
                   The               financial               institutions               which               participate               in               laundering               operations,               maintain               double               accounting               books.

    One               book               is               for               the               purposes               of               the               official               authorities.

    Those               agencies               and               authorities               that               deal               with               taxation,               bank               supervision,               deposit               insurance               and               financial               liquidity               are               given               access               to               this               set               of               "engineered"               books.

    The               true               record               is               kept               hidden               in               another               set               of               books.

    These               accounts               reflect               the               real               situation               of               the               financial               institution:               who               deposited               how               much,               when               and               under               which               conditions               -               and               who               borrowed               what,               when               and               under               which               conditions.
                   This               double               standard               blurs               the               true               situation               of               the               institution               to               the               point               of               no               return.

    Even               the               owners               of               the               institution               begin               to               lose               track               of               its               activities               and               misapprehend               its               real               standing.
                   Is               it               stable?

    Is               it               liquid?

    Is               the               asset               portfolio               diversified               enough?

    No               one               knows.

    The               fog               enshrouds               even               those               who               created               it               in               the               first               place.

    No               proper               financial               control               and               audit               is               possible               under               such               circumstances.
                   Less               scrupulous               members               of               the               management               and               the               staff               of               such               financial               bodies               usually               take               advantage               of               the               situation.

    Embezzlements               are               very               widespread,               abuse               of               authority,               misuse               or               misplacement               of               funds.

    Where               no               light               shines,               a               lot               of               creepy               creatures               tend               to               develop.
                   The               most               famous               -               and               biggest               -               financial               scandal               of               this               type               in               human               history               was               the               collapse               of               the               Bank               for               Credit               and               Commerce               International               LTD.

    (BCCI)               in               London               in               1991.

    For               almost               a               decade,               the               management               and               employees               of               this               shady               bank               engaged               in               stealing               and               misappropriating               10               billion               (!!!)               USD.

    The               supervision               department               of               the               Bank               of               England,               under               whose               scrutinizing               eyes               this               bank               was               supposed               to               have               been               -               was               proven               to               be               impotent               and               incompetent.

    The               owners               of               the               bank               -               some               Arab               Sheikhs               -               had               to               invest               billions               of               dollars               in               compensating               its               depositors.
                   The               combination               of               black               money,               shoddy               financial               controls,               shady               bank               accounts               and               shredded               documents               proves               to               be               quite               elusive.

    It               is               impossible               to               evaluate               the               total               damage               in               such               cases.
                   The               third               type               is               the               most               elusive,               the               hardest               to               discover.

    It               is               very               common               and               scandal               may               erupt               -               or               never               occur,               depending               on               chance,               cash               flows               and               the               intellects               of               those               involved.
                   Financial               institutions               are               subject               to               political               pressures,               forcing               them               to               give               credits               to               the               unworthy               -               or               to               forgo               diversification               (to               give               too               much               credit               to               a               single               borrower).

    Only               lately               in               South               Korea,               such               politically               motivated               loans               were               discovered               to               have               been               given               to               the               failing               Hanbo               conglomerate               by               virtually               every               bank               in               the               country.

    The               same               may               safely               be               said               about               banks               in               Japan               and               almost               everywhere               else.

    Very               few               banks               would               dare               to               refuse               the               Finance               Minister's               cronies,               for               instance.
                   Some               banks               would               subject               the               review               of               credit               applications               to               social               considerations.

    They               would               lend               to               certain               sectors               of               the               economy,               regardless               of               their               financial               viability.

    They               would               lend               to               the               needy,               to               the               affluent,               to               urban               renewal               programs,               to               small               businesses               -               and               all               in               the               name               of               social               causes               which,               however               justified               -               cannot               justify               giving               loans.
                   This               is               a               private               case               in               a               more               widespread               phenomenon:               the               assets               (=loan               portfolios)               of               many               a               financial               institution               are               not               diversified               enough.

    Their               loans               are               concentrated               in               a               single               sector               of               the               economy               (agriculture,               industry,               construction),               in               a               given               country,               or               geographical               region.

    Such               exposure               is               detrimental               to               the               financial               health               of               the               lending               institution.

    Economic               trends               tend               to               develop               in               unison               in               the               same               sector,               country,               or               region.

    When               real               estate               in               the               West               Coast               of               the               USA               plummets               -               it               does               so               indiscriminately.

    A               bank               whose               total               portfolio               is               composed               of               mortgages               to               West               Coast               Realtors,               would               be               demolished.
                   In               1982,               Mexico               defaulted               on               the               interest               payments               of               its               international               debts.

    Its               arrears               grew               enormously               and               threatened               the               stability               of               the               entire               Western               financial               system.

    USA               banks               -               which               were               the               most               exposed               to               the               Latin               American               debt               crisis               -               had               to               foot               the               bulk               of               the               bill               which               amounted               to               tens               of               billions               of               USD.

    They               had               almost               all               their               capital               tied               up               in               loans               to               Latin               American               countries.

    Financial               institutions               bow               to               fads               and               fashions.

    They               are               amenable               to               "lending               trends"               and               display               a               herd-like               mentality.

    They               tend               to               concentrate               their               assets               where               they               believe               that               they               could               get               the               highest               yields               in               the               shortest               possible               periods               of               time.

    In               this               sense,               they               are               not               very               different               from               investors               in               pyramid               investment               schemes.
                   Financial               mismanagement               can               also               be               the               result               of               lax               or               flawed               financial               controls.

    The               internal               audit               department               in               every               financing               institution               -               and               the               external               audit               exercised               by               the               appropriate               supervision               authorities               are               responsible               to               counter               the               natural               human               propensity               for               gambling.

    The               must               help               the               financial               organization               re-orient               itself               in               accordance               with               objective               and               objectively               analysed               data.

    If               they               fail               to               do               this               -               the               financial               institution               would               tend               to               behave               like               a               ship               without               navigation               tools.

    Financial               audit               regulations               (the               most               famous               of               which               are               the               American               FASBs)               trail               way               behind               the               development               of               the               modern               financial               marketplace.

    Still,               their               judicious               and               careful               implementation               could               be               of               invaluable               assistance               in               steering               away               from               financial               scandals.
                   Taking               human               psychology               into               account               -               coupled               with               the               complexity               of               the               modern               world               of               finances               -               it               is               nothing               less               than               a               miracle               that               financial               scandals               are               as               few               and               far               between               as               they               are.






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