Financial collapses—whether of the junk bond market, the Internet bubble, or the highly leveraged housing market—are often explained as the inevitable result of market cycles: What goes up must come down. In Liquidated, Karen Ho punctures the aura of the abstract, all-powerful market to show how financial markets, and particularly booms and busts, are constructed. Through an in-depth investigation into the everyday experiences and ideologies of Wall Street investment bankers, Ho describes how a financially dominant but highly unstable market system is understood, justified, and produced through the restructuring of corporations and the larger economy. Ho, who worked at an investment bank herself, argues that bankers’ approaches to financial markets and corporate America are inseparable from the structures and strategies of their workplaces. Her ethnographic analysis of those workplaces is filled with the voices of stressed first-year associates, overworked and alienated analysts, undergraduates eager to be hired, and seasoned managing directors. Recruited from elite universities as “the best and the brightest,” investment bankers are socialized into a world of high risk and high reward. They are paid handsomely, with the understanding that they may be let go at any time. Their workplace culture and networks of privilege create the perception that job insecurity builds character, and employee liquidity results in smart, efficient business. Based on this culture of liquidity and compensation practices tied to profligate deal-making, Wall Street investment bankers reshape corporate America in their own image. Their mission is the creation of shareholder value, but Ho demonstrates that their practices and assumptions often produce crises instead. By connecting the values and actions of investment bankers to the construction of markets and the restructuring of U.S. corporations, Liquidated reveals the particular culture of Wall Street often obscured by triumphalist readings of capitalist globalization.

Liquidated damages and extensions of time are complex subjects,frequently forming the basis of contract claims made under thestandard building and civil engineering contracts. Previouseditions of Liquidated Damages and Extensions of Time are highlyregarded as a guide for both construction industry professionalsand lawyers to this complex area. The law on time and damages continues to develop with an increasingflow of judgments from the courts. Alongside this, the standardforms of contract have also developed over time to reflectprevailing approaches to contractual relationships. Against thisbackground a third edition will be welcomed by constructionprofessionals and lawyers alike. Retaining the overall approach ofthe previous editions, the author clarifies, in a highly readablebut legally rigorous way, the many misunderstandings on time anddamages which abound in the construction industry. The thirdedition takes account of a large volume of new case law since theprevious edition was published over ten years ago, includes a newchapter on delay analysis and features significantly expandedchapters on penalty clauses, the effects of conditions precedentand time-bars, and the complexities of causation.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.

Is religion dying out in Western societies? Is personal spirituality taking its place? Both stories are inadequate. Institutional religion is not simply coming to an end in Western societies. Rather, its assets and properties are redistributed: large parts of the church have gone into liquidation. Religion is crossing the boundaries of the parish and appears in other social contexts. In the fields of leisure, health care and contemporary culture, religion has an unexpected currency. The metaphor of liquidation provides an alternative to approaches that merely perceive the decline of religion or a spiritual revolution. Religion is becoming liquid. By examining a number of case studies in the Netherlands and beyond, including World Youth Day, television, spiritual centers, chaplaincy, mental healthcare, museums and theatre, this book develops a fresh way to look at religion in late modernity and produces new questions for theological and sociological debate. It is both an exercise in sociology and an exercise in practical theology conceived as the engaged study of religious praxis. As such, the aim is not only to get a better understanding of what is going on, but also to critique one-sided views and to provide alternative perspectives for those who are active in the religious field or its surroundings.

This book focuses on liquidated damages and penalty clauses, and analyses the common law jurisdiction to control stipulated damages clauses, as well as the distinction between enforceable liquidated damages clauses and unenforceable penalty clauses. The first part of the book examines the historical origin of the control of these clauses; the second part describes the current control of such clauses and their legal effect, while the third part of the book critically examines the various rationales that have been proposed to justify their regulation. The final part of the book describes analogous provisions and how to avoid drafting contractual clauses that are rendered unenforceable by the penalty rule. The book examines approaches in several common law jurisdictions in addition to England and Wales, including the United States, Australia, New Zealand, and Canada, and brings together principles developed in distinct commercial law contexts (such as shipping contracts) to enable comparison between particular contractual settings.

Constitutional reform has been one of the most significant aspects of democratization in late twentieth century Latin America. In The Friendly Liquidation of the Past—one of the first texts to examine this issue comprehensively —Van Cott focuses on the efforts of Bolivia and Colombia to incorporate ethnic rights into their fragile democracies. In the1990s, political leaders and social movements in Bolivia and Colombia expressed dissatisfaction with the quality of democracy--its exclusionary nature, the distance and illegitimacy of the state, and the empty promise of citizenship. The highly symbolic act of constitution making elevated a public struggle for rights to the level of a discussion on the meaning of democracy and the nature of the state. Based on interviews with more than 100 participants in the reforms, Van Cott demonstrates how issues promoted by social movements—recognizing ethnic diversity, expanding political participation and improving representation, and creating spheres of cultural and territorial autonomy—were placed on the constitutional reform agenda and transformed through strategic interaction with political power-brokers into the nation’s highest law. The analysis follows each reform through five years of implementation to assess the early results of what Van Cott suggests is an emerging regional model of multicultural constitutionalism. The Friendly Liquidation of the Past fills an important gap in the study of ethnic politics and constitutional reform in the Andes, linking the literature on institutions and political reform to work in political theory on participatory democracy and multiculturalism.

Ten years have passed since the fall of Communism. B., a writer of great repute -whose birth and survival in Auschwitz defied all probability -has taken his own life. His friend Kingbitter discovers among his papers a play entitled Liquidation, in which he reads an erie foretelling of the personal and political crises that he and B.'s other friends now face. Having survived the Holocaust and the years of Communist rule, having experienced the surge of hope that rose up from the rubble of the Wall, they are left with little other than a sense of chaos and an utter loss of identity.Kingbitter's find precipitates a frantic search for the novel that B. may or may not have left behind. That B. was having an affair with Sarah, one of Kingbitter's companions, while Kingbitter himself was having an affair with B.'s ex-wife Judit, serves only to complicate matters further.An intricately layered story of history and humanity -powerful, disturbing, lyrical, achingly suspenseful and brilliantly told.

The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

They have a dream - a dream of a world where everything and everybody can be bought and sold, a world run efficiently by managers, a world where 'freedom' means the free market. Maurice Glasman argues that this dream is an unrealisable utopia - or a nightmare if put into practice. He takes the management-speak cliches of the New Right, and New Labour alike and turns them on their head: managers are not efficient, they are a barrier to work and production; 'liberal democracy' - which now means the free market and the strong state - should be turned upside down, with democracy at the level of the economy and liberalism at the level of the state. Drawing on the work of Karl Polanyi, Glasman argues that there is no need to surrender solidarity and human rights to the march of the managers and the market. There is another tradition, represented by the labour movement and the Catholic church in West Germany, which defended democracy in the workplace and reined back the savageries of capitalism. It was the tradition that Solidarity in Poland could have looked to after 1989, instead of allowing itself to be hijacked by the New Right and statist communitarianism. Unnecessary Suffering examines this tradition and issues a call that cries out that human beings and the environment cannot, should not, and will not be treated as commodities.

An engaging guide to excelling in today's venture capital arena Beginning in 2005, Brad Feld and Jason Mendelson, managing directors at Foundry Group, wrote a long series of blog posts describing all the parts of a typical venture capital Term Sheet: a document which outlines key financial and other terms of a proposed investment. Since this time, they've seen the series used as the basis for a number of college courses, and have been thanked by thousands of people who have used the information to gain a better understanding of the venture capital field. Drawn from the past work Feld and Mendelson have written about in their blog and augmented with newer material, Venture Capital Financings puts this discipline in perspective and lays out the strategies that allow entrepreneurs to excel in their start-up companies. Page by page, this book discusses all facets of the venture capital fundraising process. Along the way, Feld and Mendelson touch on everything from how valuations are set to what externalities venture capitalists face that factor into entrepreneurs' businesses. Includes a breakdown analysis of the mechanics of a Term Sheet and the tactics needed to negotiate Details the different stages of the venture capital process, from starting a venture and seeing it through to the later stages Explores the entire venture capital ecosystem including those who invest in venture capitalist Contain standard documents that are used in these transactions Written by two highly regarded experts in the world of venture capital The venture capital arena is a complex and competitive place, but with this book as your guide, you'll discover what it takes to make your way through it.