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| Congressman Robert Andrews |
A single e-mail to constituents, and no other communication visible to the general public, announced a town hall meeting with our Congressman, Bob Andrews, on the campus of Rowan University, from 6 to 8 PM, August 24, 2009. The subject was to be Health Care Reform Legislation. On arrival, it was hard to find the auditorium in the square mile of new college campus, and only a small sign entitled "Event" indicated the place to park. Lots of cars.
By counting seats in a row and multiplying by the number of rows, the University Auditorium held 3000 people, but at 6 PM it was difficult to find a vacant seat. The doors were almost blocked by two lines of people standing to speak at microphones in the center of the hall, snaking all the way out past the television cameras and then out the door. These people were strangely silent, preoccupied but not rude, apparently rehearsing their speeches. In the lobby outside the doors, several workers were distributing posters showing "Thank You!", checking people off on lists of some sort. Many of those who got posters were wearing red T-shirts emblazoned with something or other.
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| Rowan University |
When I finally got a seat inside, it was behind a whole row of such T-shirted poster-holders, mostly but not entirely of the black race. The Congressman was giving a little speech to the effect that he was one of the committee members who wrote the bill, so of course, he had to support it. Strange, that as a member of Commerce and Labor he was working on a bill which traditionally is the province of the Subcommittee on Health, of the Ways and Means Committee. In any event, that gave him the ability to explain some of the languages which were a little too hard to understand. Several in the audience shouted out something unintelligible at that point, but mostly the audience sat in silence, waiting for the questions. He soon opened it up for questions, because he wanted to know what his constituents were thinking.
Although a few inevitably wandered off the point, questioners were confident, moderately deferential, remarkably effective. No matter how it was stated, and no matter how it began ("I have always voted for you, Congressman"), they were at the microphone to run a sword into him. To some extent, posting the entire bill on the Internet had changed politics. One old man, reading from his papers, said that page 343 says, etc; to which the harassed Congressmen blurted out, "That isn't true!" But the old man held his ground, "Oh, yes, and what else isn't true, that's written in the bill?"
Our congressman represents a working-class district, as clearly illustrated by his previously running for Congress without opposition. In searching for the reason this solidly Democrat audience was so antagonized, one gathers they generally have Unionized health benefits and feel threatened that ensuring the "illegals" will be paid for by impairing their own insurance. Somehow they feel that anyone who denies it is lying to them. ("It isn't what's in the bill, it's what will be in the bill ten years from now.") Except for college professors, Union members have the most luxurious health insurance coverage in America and are accustomed to boasting of it. Somehow, this privileged position drowns out their envy of rich people. When told that only the top x% of the country would have its taxes raised, one man bore right in on the Congressman. "You never heard anyone asking a poor man to give him a job". (Yeah, right, right on, Yeah.)
Although the people in red shirts holding posters put up a fight for fifteen minutes or so, they soon subsided out of recognition of who "owned" the room, and the remaining three hours of "questions" were almost uniformly negative. After an hour, the television cameras left the room, and at that signal, the people in front of me wearing red shirts also left. After a succession of speakers praised physicians somewhat excessively, a couple of physicians got up and made a poor showing at the microphone. One of them, a fat woman, had the poor judgment to tell these folks that many diseases like diabetes were self-inflicted, but was to hear back that it would help if our President would himself stop smoking and leave the rest of us to mind our own business. Two women who proclaimed themselves single mothers were no better treated..
At 9:30, a meeting scheduled to end at 8 PM still had a thousand people in the audience, and fifty at the microphones. But I had enough. They made their point. All that remains is to see how fairly the television editors extract significant clips and to find out how the rest of the nation feels.
LATER FOOTNOTE: As matters turned out a few months later, this national legislation had more of a local New Jersey effect than the audience could have guessed. Mandating health insurance for 30 million uninsureds, Obamacare accomplished it for 15 million of them by forcing them into the state Medicaid program, which is widely acknowledged to be the worst program in American medicine, because it usually is the most under-funded. New Jersey residents are firmly opposed to anything which raised their already high local taxes and will focus intently on the attempt in the coming lame-duck session of Congress (November 2010) which intends to transfer federal money to states to pay for Medicaid, and which is given only the narrowest chance of success. Republican Governor Christie deftly split the industrial unions from the public sector unions with the remark, "Every time they get a raise, you get a tax increase." It was hard to answer.
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Benjamin Franklin
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CODICIL: I, Benjamin Franklin, in the foregoing or annexed last will and testament named, having further considered the same, do think proper to make and publish the following codicil or addition thereto.
It has long been a fixed political opinion of mine, that in a democratical state there ought to be no offices of profit, for the reasons I had given in an article of my drawing in our constitution, it was my intention when I accepted the office of President, to devote the appointed salary to some public uses. Accordingly, I had already, before I made my will in July last, given large sums of it to colleges, schools, the building of churches, etc.; and in that will I bequeathed two thousand pounds more to the State for the purpose of making the Schuylkill navigable. But understanding since that such a work, and that the project is not likely to be undertaken for many years to come, and having entertained another idea, that I hope may be more extensively useful, I do hereby revoke and annul that bequest, and direct that the certificates I have for what remains due to me of that salary be sold, towards raising the sum of two thousand pounds sterling, to be disposed of as I am now about to order.
It has been an opinion, that he who receives an estate from his ancestors is under some kind of obligation to transmit the same to their posterity. This obligation does not lie on me, who never inherited a shilling from an ancestor or relation. I shall, however, if it is not diminished by some accident before my death, leave a considerable estate among my descendants and relations. The above observation is made as merely as some apology to my family for making bequests that do not appear to have any immediate relation to their advantage.
I was born in Boston, New England, and owe my first instructions in literature to the free grammar schools established there. I have, therefore, already considered these schools in my will. But I am also under obligations to the State of Massachusetts for having, unasked, appointed me formerly their agent in England, with a handsome salary, which continued some years; and although I accidentally lost in their service, by transmitting Governor Hutchinson's letters, much more than the amount of what they gave me, I do not think that ought in the least to diminish my gratitude.
I have considered that, among artisans, good apprentices are most likely to make good citizens, and, having myself been bred to a manual art, printing, in my native town, and afterward assisted to set up my business in Philadelphia by kind loans of money from two friends there, which was the foundation of my fortune, and all the utility in life that may be ascribed to me, I wish to be useful even after my death, if possible, in forming and advancing other young men, that may be serviceable to their country in both these towns. To this end, I devote two thousand pounds sterling, of which I give one thousand thereof to the inhabitants of the town of Boston, in Massachusetts, and the other thousand to the inhabitants of the city of Philadelphia, in trust, to and for the uses, intents, and purposes hereinafter mentioned and declared.
The said sum of one thousand pounds sterling, if accepted by the inhabitants of the town of Boston, shall be managed under the direction of the selectmen, united with the ministers of the oldest Episcopalians, Congregational, and Presbyterian churches in that town, who are to let out the sum upon interest, at five per cent, per annum, to such young married artificers, under the age of twenty-five years, as have served an apprenticeship in the said town, and faithfully fulfilled the duties required in their indentures, so as to obtain a good moral character from at least two respectable citizens, who are willing to become their sureties, in a bond with the applicants, for the repayment of the moneys so lent, with interest, according to the terms hereinafter prescribed; all which bonds are to be taken for Spanish milled dollars, or the value thereof in current gold coin; and the managers shall keep a bound book or books, wherein shall be entered the names of those who shall apply for and receive the benefits of this institution, and of their sureties, together with the sums lent, the dates, and other necessary and proper records respecting the business and concerns of this institution. And as these loans are intended to assist young married artificers in setting up their business, they are to be proportioned by the discretion of the managers, so as not to exceed sixty pounds sterling to one person, nor to be less than fifteen pounds; and if the number of appliers so entitled should be so large as that the sum will not suffice to afford to each as much as might otherwise not be improper, the proportion to each shall be diminished so as to afford to everyone some assistance. These aids may, therefore, be small at first, but, as the capital increases by the accumulated interest, they will be ampler. And in order to serve as many as possible in their turn, as well as to make the repayment of the principal borrowed easier, each borrower shall be obliged to pay, with the yearly interest, one-tenth part of the principal and interest, so paid in, shall be again let out to fresh borrowers.
And, as it is presumed that there will always be found in Boston virtuous and benevolent citizens, willing to bestow a part of their time in doing good to the rising generation, by superintending and managing this institution gratis, it is hoped that no part of the money will at any time be dead, or be diverted to other purposes, but be continually augmenting by the interest; in which case there may, in time, be more than the occasions in Boston shall require, and then some may be spared to the neighboring or other towns in the said State of Massachusetts, who may desire to have it; such towns engaging to pay punctually the interest and the portions of the principal, annually, to the inhabitants of the town of Boston.
If this plan is executed, and succeeds as projected without interruption for one hundred years, the sum will then be one hundred and thirty-one thousand pounds; of which I would have the managers of the donation to the town of Boston then lay out, at their discretion, one hundred thousand pounds in public works, which may be judged of most general utility to the inhabitants, such as fortifications, bridges, aqueducts, public buildings, baths, pavements, or whatever may make living in the town more convenient to its people, and render it more agreeable to strangers resorting thither for health or a temporary residence. The remaining thirty-one thousand pounds I would have continued to be let out on interest, in the manner above directed, for another hundred years, as I hope it will have been found that the institution has had a good effect on the conduct of youth, and been of service to many worthy characters and useful citizens. At the end of this second term, if no unfortunate accident has prevented the operation, the sum will be four million and sixty-one thousand pounds sterling, of which I leave one million sixty-one thousand pounds to the disposition of the inhabitants of the town of Boston, and three millions to the disposition of the government of the state, not presuming to carry my views farther.
All the directions herein given, respecting the disposition and management of the donation to the inhabitants of Boston, I would have observed respecting that to the inhabitants of Philadelphia, only, as Philadelphia is incorporated, I request the corporation of that city to undertake the management agreeably to the said directions; and I do hereby vest them with full and ample powers for that purpose. And, having considered that the covering a ground plot with buildings and pavements, which carry off most of the rain and prevent its soaking into the Earth and renewing and purifying the Springs, whence the water of wells must gradually grow worse, and in time be unfit for use, as I find has happened in all old cities, I recommend that at the end of the first hundred years, if not done before, the corporation of the city Employ a part of the hundred thousand pounds in bringing, by pipes, the water of Wissahickon Creek into the town, so as to supply the inhabitants, which I apprehend may be done without great difficulty, the level of the creek is much above that of the city, and may be made higher by a dam. I also recommend making the Schuylkill completely navigable. At the end of the second hundred years, I would have the disposition of the four million and sixty-one thousand pounds divided between the inhabitants of the city of Philadelphia and the government of Pennsylvania, in the same manner as herein directed with respect to that of the inhabitants of Boston and the government of Massachusetts.
It is my desire that this institution should take place and begin to operate within one year after my decease, for which purpose due notice should be publicly given previous to the expiration of that year, that those for whose benefit this establishment is intended may make their respective applications. And I hereby direct my executors, the survivors or survivor of them, within six months after my decease, to pay over the sum of two thousand pounds sterling to such persons as shall be duly appointed by the Selectmen of Boston and the corporation of Philadelphia, to receive and take charge of their respective sums, of one thousand pounds each, for the purposes aforesaid.
Considering the accidents to which all human affairs and projects are subject in such a length of time, I have, perhaps, too much flattered myself with a vain fancy that these dispositions, if carried into execution, will be continued without interruption and have the effects proposed. I hope, however, that if the inhabitants of the two cities should not think fit to undertake the execution, they will, at least, accept the offer of these donations as a mark of my good will, a token of my gratitude, and a testimony of my earnest desire to be useful to them after my departure.
I wish, indeed, that they may both undertake to endeavor the execution of the project, because I think that, though unforeseen difficulties may arise, expedients will be found to remove them, and the scheme be found practicable. If one of them accepts the money, with the conditions, and the other refuses, my will then is, that both Sums be given to the inhabitants of the city accepting the whole, to be applied to the same purposes, and under the same regulations directed for the separate parts; and, if both refuse, the money, of course, remains in the mass of my Estate, and is to be disposed of therewith according to my will made the Seventeenth day of July, 1788.
..........................................................
And lastly, it is my desire that this, my present codicil, be annexed to, and considered as part of, my last will and testament to all intents and purposes.
In witness whereof, I have hereunto set my hand and Seal this twenty-third day of June, Anno Domini one thousand Seven hundred and eighty-nine.
B. Franklin.
Sad Aftermath
Extracted from a printed Report of the Committee of Legacies and Trusts, made in the Common Council of Philadelphia April 27th, 1837, by Mr. John Thomason, chairman of the Committee.
"From official returns, it appears, that up to the 1st of January, 1837, the fund has been borrowed by one hundred and ninety-three individuals, in sums mostly of $ 260 each. At that date, the fund was in the hands of one hundred and twelve beneficiaries, of whom nineteen have paid neither principal nor interest, although the accounts of some of them have been open for a period of thirty-four years. Ninety other persons stand indebted in sums from $ 21 to $ 292; and three, having borrowed within the year, were not, at the last-mentioned date, liable to any demand by the trustees. Of these one hundred and nine cases of non-compliance with the terms of the will, fifty-eight bonds may be subject to a plea of the statute of limitation, and the rest is still valid. In this condition of the fund, it becomes difficult to estimate its present value. Should all the debts be recovered, the amount of the fund would be $ 23,627.09; but, from the length of time elapsed since the date of many of those bonds, such a result is hopeless; and even this latter sum, large as it is, is below the amount it would have attained at this time had the intentions of the testator been fully carried out. The original bequest of $4,444.44, at compound interest for forty-five years, would be $ 39,833.29 ; and, although the immediate conversion of interest into principal, as the former becomes due, is not always practical, yet it is believed, that, with careful management, the fund would, at this time, have lacked but little of that amount. How far the fund falls short, may be partly judged from the actual receipts on account of this legacy for the last ten years. During that time the sum of $ 16,191.92 has been paid in. As this period included the term for lending out, and receiving back with interest, the whole fund, the receipts within that term may be taken as a safe approximation to its real value; to which must be added the sum to be obtained through the enforcing of payment, by legal process, from such securities as may be good at this late day. Had the fund been placed at simple interest, it would have amounted to the last-mentioned sum by this time.
"Had the requirements of the will been, in former years, fully complied with, the operation of the fund, at this day, would be sensibly felt by the mechanics of Philadelphia. Passing from one borrower to another, and increasing in a compound ratio, its effect would be to stimulate useful industry, which, without such capital, would have remained unproductive. It would have increased the number of those who do business on their own stock. It would be a standing lesson on the immutable connexion between capital and productive industry, thus constantly inciting to economy and prudence. It would have become the reward of every faithful apprentice, who could look forward to a participation in its benefit. It is deeply to be regretted, that this state of things, which had so captivated the imagination of Franklin that he devoted a portion of his hard-earned wealth to realize it for the mechanics of Philadelphia, should, in the emphatic language of his will, prove 'a vain fancy. ' "
By this statement it would seem, that there had been at some time a remarkable want of fidelity in administering the trust, especially in allowing so large a number of bonds to become worthless by the statute of limitation, and neglecting to make reasonable- demands upon the sureties.
Appended to the same report is a letter from Mr. William Minot, treasurer of the Franklin Fund in Boston, dated December 23d, 1836, which contains the following state, of the fund in that city.
"The whole number of loans from this Fund," Mr. Minot says, " from May 1791 to the present time, has been 255, in sums varying from 70 to $ 266 up to the year 1800, since which time they have usually been 200.
"From July, 1811, to the present time, the number of loans has been 91, of which 50, at least have been repaid (in whole or in part) by sureties, and on four of these are balances which cannot be collected, both principals and sureties being insolvent.
" Dr. Franklin's donation was Pound 1,000 sterling. The present value of the Fund is as follows;
"Estimate of 13 bonds, considered good, 1,428.68
"Amount deposited, on interest, in the office of the Massachusetts Hospital Life Insurance Company, 22,739.00
Cash in the hands of the Treasurer 158.15
$24,325.83
"It is apparent, from these facts, that the benevolent intentions of the donor have not been realized, and that, in the present condition of our country, it is not advantageous to married mechanics, under the age of twenty-four years, to borrow money to be repaid in easy installments, at a low rate of interest; and the improvidence of early marriages, among that class of men, may fairly be inferred.
"The great number of instances, in which sureties have been obliged to pay the loans, has rendered it not so easy, as formerly, for applicants to obtain the required security. This is proved by the small number of loans from the fund, averaging for the last five years, not more than one a year.
"Until within the last twenty years, no great care was taken in accumulating the fund. It is now carefully attended to; and money not required for actual use is placed in the Life Insurance Company, where it increases at the rate of about five and one-third percent a year.
"The loans are made at the rate of five percent, but, on installments past due, six percent is charged, from the time they were payable, and the bonds of delinquents are put in a suit after reasonable notice. Two sureties, at least, are required on each bond."
According to the treasurer's return on a lot of January 1840, the amount of the fund in Boston was at that time as follows.
Deposited in the Life Insurance office, 26,595.64
Bonds for Loans 1,846.35
$28,441.99
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Obamcare
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The case of King v. Burwell was argued before the United States Supreme Court March 4, 2015, and the decision was reported June 26, 2015. In a clear victory for President Obama, the Court held that it was not the intent of Congress that a phrase in the statute, even though repeated six times, should be the final meaning of the law. Someday a participant in the writing of the law will come forward and tell the story of how the words got into the statute in the first place, but at the moment all we know is the words are there, and the law is unworkable if they remain. Just about everyone would agree these two statements are true. Furthermore, it is clear only Congress could change them, and Congress has changed parties since they were originally written; so they probably cannot be changed at all before new elections are held, unless the President agrees with Congress to do it. There is a third possibility: Congress and the President could make private agreements about what they would compromise on and present a friendly adjustment. Whether that was tried and failed, or whether it was not tried at all, is unclear. So, the Supreme Court did what it never wants to do, it changed the law.
Since millions of citizens had watched (on C-Span) the legislation, dropped on the desks of astounded Congressmen, with no opportunity permitted to debate or amend it. Indeed, even to read most of it before it was voted on, the public is inclined to take the Court's word for it, that...
"The Affordable Care Act contains more than a few examples of inartful drafting".
Whether the clause in question was accidental or not, is a matter of opinion. The clause in dispute reads, and is repeated six times, as
Tax credits "shall be allowed" for any "applicable taxpayer", but only if the taxpayer has been enrolled in an insurance plan through"an Exchange established by the State under [42 U/S.C., pp18031]" pp36B(b)-(c)
Some idea of the Court's historic position is given in a few quotes:
"In a democracy, the power to make the law rests with those chosen by the people. Our role is more confined--"to say what the law is."--Marbury v. Madison, 1 Cranch 137, 177 (1803)
"Oftentimes the meaning--or ambiguity--of certain words or phrases may only become evident when placed in context."--Brown and Williamson, 529 U.S. at 132.
"Reliance on context and structure in statutory interpretation is a 'subtle business, calling for great wariness lest what professes to be mere rendering becomes creation and attempted interpretation of legislation becomes legislation itself.'-- Palmer v. Massachusetts U.S. 79,83 (1939)
In the end, three conservative Justices, Scalia, Thomas, and Alito found there was no reason to change the language of the statute as ambiguous, and four liberal Justices, Ginsburg, Breyer, Sotomayer, and Kagan found there was. The two swing Justices, Kennedy and Roberts, joined the liberals in finding the statute ambiguous, for a final vote of 6-3.
Judging from the global circumstances, it is probably fair to conclude that ambiguity was probably not the only issue involved, and it was probably inartful for the Court to establish a precedent that such a restructured role for the Court was either necessary or desirable. The history of Canada's use of this device to coerce provinces into joining the national health system was well known in Canada at the time. And the McCarran Ferguson Act has restricted insurance administration to a State level for seventy years. Both of these examples would seem to have provided a sounder basis for the Court to interfere in what really seems like pretty clear language in the law.
Quick Analysis of Financial-Industry
Big-Data Analytic Needs
DRAFT George Fisher July 24, 2017
Abstract
Databricks intends to create a Finance Vertical position to support the Sales and SA teams when working with financial-industry organizations. This article attempts to describe the structure of the worldwide financial industry, who the major players are and what their needs might be in the context of Apache Spark and Databricks offerings.
Contents
1 Executive Summary 2
2 Introduction 2
3 Risk Mitigation 3
4 Opportunity Discovery 5
5 Finance-Industry Sponsored Kaggle Contests 6
6 Spark and Finance on YouTube 11
7 APPENDIX 15
1 Executive Summary
The opportunities in the finance sector lie on a wide spectrum: at one
end are the quant funds for whom large-scale analytics are the entire
business, at the other, are traditional depositories for many of whom a
daily batch cycle and a quarterly book closing have long sufficed.
Quite often both extremes exist in the same company.
For this entire spectrum the easy-to-use, streaming, multi-source,
big-data analytics offered by Databricks can offer advantages.
Perhaps with quick adoption by the quants and slower adoption by the others. Early adoption may involve a lot of discovery but a growing collection of proven use cases will ease later sales.
1
.
streaming will supplant batch
.
predictive analytics will replace BI
.
easy multi-sourcing can unite stove pipes
.
pooling can dramatically reduce operational complexity and cost
In addition, in the larger companies, the pressure to comply with data-
related regulations company-wide has become almost overwhelming and
nearly all are struggling with multitudes of incompatible systems that
A spark might unite.
2 Introduction
The finance industry is vast, far too large and diverse to make a
comprehensive enumeration of all the functions performed or of the firms that perform them. The Economist Intelligence Unit [14]
might be a good source, to begin with for such a survey.
The Appendix of this report contains lists of the major financial organizations grouped by function starting on page 15.
The questions of interest to Databricks are (1) which finance firms are
most likely to benefit from the manipulation and analysis of large
datasets and (2) what are the types of manipulation and analysis of
interest?
The two main concerns for the finance industry are:
.
Risk Mitigation
.
Opportunity Discovery
1 I wonder if the entirely cloud-based solution offered by Databricks
does not leave a lot on the table given the pervasiveness of
proprietary datacenters in this world. IBM mainframes, at that.
3 Risk Mitigation
[7]
Simply put, risk mitigation means don’t lose money, don’t go out of business and don’t go to jail.
Risk Categories
1. Business Risk Risks undertaken by the business
itself to maximize share- holder value and profits. For example: the
cost to launch a new product. Risk mitigation takes the form of
competent management controls.
2. Exogenous Risk Political upheaval, natural
disaster, economic disrup- tion. Insurance is the most-common risk
mitigation tool in these cases.
3. Financial Risk Financial risk arises from
volatility in equities, deriva- tives, currencies, interest rates etc.
In the case of financial firms these risks are also Business Risks
since finance is the business.
.
Market
Risk
Changes in prices, their magnitude, direction and volatility.
.
Credit Risk
The effect of counter-party default or the repercussions of providing
services to bad actors.
.
Liquidity
Risk
The inability to make timely payment. Margin calls often precipitate
this when illiquid securities cannot be sold or col- lateralized.
.
Operational Risk
Failures of judgment, integrity, controls, proce- dures or technology.
Cyber Security
An aspect of Operational Risk that gains clar- ity at senior levels
with every report of the losses incurred and chaos engendered by
widespread sophisticated hacking.
Financial-firm financial-risk mitigation is a field of study unto
itself. For example, there is a rigorous, multi-partFinancial Risk Manager (FRM) Certification [5] created by Global Association of Risk Professionals (GARP).
4. Regulatory Compliance While perhaps not a risk per
see this is a huge concern to financial firms, particularly since the
Financial Crisis of a decade ago and the rules promulgated as a
response.
For example, one of the main tenets of BCBS 239 [15] is that all
‘material risk data’ must be automatically aggregated and analyzed across the entire banking group on a near-real-time basis while facing severe economic stresses. Multitudes of incompatible systems are a huge barrier.
[11]
4 Opportunity Discovery
If Risk Mitigation is Operations, Opportunity Discovery is Research
& Devel- opment.
An inexhaustive list:
•
F
undamental
Analysis
The study of the financial characteristics of in- dividual firms,
seeking undiscovered value. Warren Buffett is the world’s most-famous
fundamental analyst.
•
Macro
The study of economy-wide signals. George Soros’ famous short of the UK
Pound is an example [12]. The ‘Big Short’ of 2007-2008 is another [22].
•
Relative
The study of relative movements of securities. Long/Short hedge funds
are an example.
•
T
ec
hnical
Analysis
The study of trendlines.
•
Quantitative
Analysis
The intersection of big data and machine learn- ing. Jim Simons’
Renaissance Capital [16] is the most successful example I know of but
there are many others; some are listed in the appendix be- ginning on
page 17. Some Kaggle contests focused on this, see Section
5.
•
Product Development
Swaps are an example of building a product to meet very specific
customer needs. Even more sophisticated products are possible with
analytical support using all available data.
•
Customer Enhancement
Using machine learning to reduce customer churn; using predictive
analytics for product-customer targeting; consis- tent customer support
across multiple access channels; etc. . . . using Ama- zonian
techniques in a banking environment to take on the characteristics of
the fintechs.
•
Cost Control
Route optimization for filling ATMs; redundant process identification;
risk reduction not just as a regulatory requirement, but as a cost
saver and a profit enhancer
•
Risk System Integration
The regulators are forcing the larger firms to create “living willsâ€
which has resulted in a much better understanding the the numerous
piece parts. The Basel risk data requirements are now forcing a
near-real-time integration of numerous disparate systems. This seems
like fertile ground for innovation both for compliance and to build
upon the results.
5 Finance-Industry Sponsored Kaggle Contests
Over the past several years a number of financial firms have sponsored
Kaggle contests. Someone at these firms thought that these subjects were worth paying for crowd-sourced analysis and was willing to go to the considerable trouble of setting up and monitoring a contest with thousands of participants lasting three months or more.
Two Sigma is a quant fund, listed in the appendix on pages 17 and 23.
The challenge was to predict daily price changes. (In this contest I
earned a Kaggle Silver Medal for coming in 37th out of 2,070
contestants. [9])
Opportunity
Di
sco
v
ery
Improve credit risk models by predicting the probability of default on
consumer credit.
Risk Mitigation
Improve the quality of information within transaction data.
Risk Mitigation
Predict which customers will leave an insurance company in the next 12
months.
Risk Mitigation
Given a dataset of 2D dashboard camera images, State Farm is
challenging Kag-
guess to classify each driver’s behavior. Are they driving attentively,
wearing their seatbelt, or taking a selfie with their friends in the
backseat?
Risk Mitigation
Santander (Spain-based bank) is challenging Kagglers to predict which
products their existing customers will use in the next month based on
their past behavior and that of similar customers.
Opportunity
Di
sco
v
ery
Santander Bank is asking Kagglers to help them identify dissatisfied customers early in their relationship.
Risk Mitigation
, Opportunity Disco very
Using terabytes of noisy, non-stationary data Winton Capital is looking
for data scientists who excel at finding the hidden signal in the
proverbial haystack, and who are excited by creating novel statistical
modeling and data mining techniques.
Opportunity
Di
sco
v
ery
Using a customers shopping history, can you predict what insurance policy they will end up choosing?
Opportunity
Di
sco
v
ery
Claims management may require different levels of the check before a claim can be approved and payment can be made. With the new practices and behaviors generated by the digital economy, this process needs adaptation thanks to data science to meet the new needs and expectations of customers. Kagglers are challenged to predict the category of a claim based on features available early in the process.
Risk Mitigation
, Opportunity Disco very
The life insurance application process is antiquated. Customers provide
extensive information to identify risk classification and
eligibility, including scheduling medical exams, a process that takes
an average of 30 days.
The result? People are turned off. That's why only 40% of U.S.
households own individual life insurance. Prudential wants to make it quicker and less labor intensive for new and existing customers to get a quote while maintaining privacy boundaries.
Opportunity
Di
sco
v
ery
Predict a transformed count of hazards or pre-existing damages using a
dataset of property information. This will enable Liberty Mutual to more accurately identify high-risk homes that require an additional examination to confirm their insurability.
Risk Mitigation
Fire losses account for a significant portion of total property losses.
High severity and low frequency, fire losses are inherently volatile,
which makes modeling them difficult. In this challenge, your task is to
predict the transformed ratio of loss to the total insured value. This will
enable more accurate identification of each policyholders risk exposure
and the ability to tailor the insurance coverage for
their specific operation.
Risk Mitigation
The Benchmark Bond Trade Price Challenge is a competition to predict the next price that a US corporate bond might trade at.
Opportunity
Di
sco
v
ery
Determine whether a loan will default and the loss incurred. We are
building a bridge between traditional banking, where we are looking at
reducing the consumption of economic capital, to an asset-management
perspective, where we optimize on the risk to the financial investor.
Risk Mitigation
Develop models to predict the stock market’s short-term response following large trades. Contestants are asked to derive empirically
models to predict the behavior of bid and ask prices following such
“liquidity shocksâ€.
Modeling market resiliency will improve trading strategy evaluation
methods by increasing the realism of backtesting simulations, which
currently, assume zero market resiliency.
Risk Mitigation
, Opportunity Disco very
Bodily Injury Liability Insurance covers other peoples bodily injury or death for which the insured is responsible. The goal of this
competition is to predict Bodily Injury Liability Insurance claim
payments based on the characteristics of the insureds vehicle.
Risk Mitigation
Allstate is currently developing automated methods of predicting the cost, and hence severity, of claims. Kagglers are invited to create an algorithm which accurately predicts claims severity.
Risk Mitigation
6 Spark and Finance on YouTube
•
Apache Spark on IBM z Systems Demo for Finance
https://www.youtube.com/watch?v=yw0dQFMyxFQ
References to IMS, CICS, and VSAM make me think this is Spark on an IBM
mainframe. Considering the fact that IBM mainframes are still quite widely used, this might be worth understanding.
Opportunity
Discovery
, Risk Mitigation
•
Using Spark to Analyze Activity and Performance in High Speed
T
rading En
vironmen
ts
https://www.youtube.com/watch?v=zdz9Cj1-hjA
Corvil: Irish data monitoring and analytics for financial data using
Spark. Non-intrusive low-latency electronic trading monitoring,
regulatory compliance through the use of streaming telemetry.
Risk Mitigation
•
Spark in Finance Quantitative Investing
https://www.youtube.com/watch?v=WPc-DoSeCpU&t=7s
Reading historical and live tick data, determine a trend and propose
trades.
Opportunity
Disc
o
v
ery
•
Financial Modeling Using Apache Spark
https://www.youtube.com/watch?v=jCXOa6doXEs
Blackrock mortgage analysis of mortgage data. Using Spark, Scala, and D3
to visualize a large loan-level mortgage dataset, extract distributions and cluster boundaries. Also, use K-Means to reveal similar borrower groups and corresponding discriminant attributes.
Opportunity
Disc
o
v
ery
•
Estimating Financial Risk with Spark
https://www.youtube.com/watch?v=0OM68k3np0E
VaR with Monte Carlo using market risk factors explained by Cloudera
Risk Mitigation
7 APPENDIX
Global Financial Services Companies by Revenue
[20]
|
Berkshire Hathaway
|
Conglomerate
|
210.8
|
United States
|
|
AXA
|
Insurance
|
147.5
|
France
|
|
Allianz
|
Insurance
|
140.3
|
Germany
|
|
ICBC
|
Banking
|
134.8
|
China
|
|
Fannie Mae
|
Investment Services
|
131.9
|
United States
|
|
ING
|
Banking
|
130.0
|
Netherlands
|
|
BNP Paribas
|
Banking
|
126.2
|
France
|
|
Generali Group
|
Insurance
|
116.7
|
Italy
|
|
China Construction Bank
|
Banking
|
113.1
|
China
|
|
Banco Santander
|
Banking
|
108.8
|
Spain
|
|
JP Morgan Chase
|
Banking
|
108.2
|
United States
|
|
Socit Gnrale
|
Banking
|
107.8
|
France
|
|
HSBC
|
Banking
|
104.9
|
United Kingdom
|
|
Agricultural Bank of China
|
Banking
|
103.0
|
China
|
|
Bank of America
|
Banking
|
100.1
|
United States
|
|
Bank of China
|
Banking
|
98.1
|
China
|
|
Wells Fargo
|
Banking
|
91.2
|
United States
|
|
Citigroup
|
Banking
|
90.7
|
United States
|
|
Prudential
|
Insurance
|
90.2
|
United Kingdom
|
|
Munich Re
|
Insurance
|
88.0
|
Germany
|
|
Prudential Financial
|
Insurance
|
84.8
|
United States
|
|
Freddie Mac
|
Investment Services
|
80.6
|
United States
|
|
Banco Bradesco
|
Banking
|
78.3
|
Brazil
|
|
Lloyds Banking Group
|
Banking
|
75.6
|
United Kingdom
|
|
Ita Unibanco Holding
|
Banking
|
70.5
|
Brazil
|
|
Zurich Insurance Group
|
Insurance
|
70.4
|
Switzerland
|
|
Aviva
|
Insurance
|
69.0
|
United Kingdom
|
|
Banco do Brasil
|
Banking
|
69.0
|
Brazil
|
|
MetLife
|
Insurance
|
68.2
|
United States
|
|
American International Group
|
Insurance
|
65.7
|
United States
|
|
China Life Insurance
|
Insurance
|
63.2
|
China
|
|
Mitsubishi UFJ Financial Group
|
Banking
|
59.0
|
Japan
|
|
Legal & General Group
|
Insurance
|
56.9
|
United Kingdom
|
|
Dai-ichi Life
|
Insurance
|
56.5
|
Japan
|
|
Barclays
|
Banking
|
55.7
|
United Kingdom
|
|
Aegon
|
Insurance
|
55.2
|
Netherlands
|
|
Deutsche Bank
|
Banking
|
55.0
|
Germany
|
|
UniCredit
|
Banking
|
54.2
|
Italy
|
|
CNP Assurances
|
Insurance
|
53.2
|
France
|
|
BBVA
|
Banking
|
52.1
|
Spain
|
|
Credit Agricole
|
Banking
|
51.2
|
France
|
|
Ping An Insurance Group
|
Insurance
|
51.1
|
China
|
|
National Australia
|
Banking
|
49.2
|
Australia
|
|
Commonwealth Bank
|
Banking
|
47.8
|
Australia
|
|
Intesa Sanpaolo
|
Banking
|
47.7
|
Italy
|
|
UBS
|
Investment Services
|
47.7
|
Switzerland
|
|
Sumitomo Mitsui Financial Group
|
Banking
|
47.3
|
Japan
|
|
Westpac Banking Group
|
Banking
|
43.9
|
Australia
|
|
Bank of Communications
|
Banking
|
43.5
|
China
|
|
Credit Suisse Group
|
Investment Services
|
42.5
|
Switzerland
|
|
MS&AD Insurance Group
|
Insurance
|
42.2
|
Japan
|
|
Royal Bank of Scotland
|
Banking
|
42.1
|
United Kingdom
|
|
Goldman Sachs
|
Investment Services
|
41.7
|
United States
|
|
People’s Insurance Company
|
Insurance
|
41.3
|
China
|
|
Tokio Marine Holdings
|
Insurance
|
39.4
|
Japan
|
|
Royal Bank of Canada
|
Banking
|
38.3
|
Canada
|
|
ANZ
|
Banking
|
37.5
|
Australia
|
|
Manulife Financial
|
Insurance
|
37.3
|
Canada
|
|
Sberbank
|
Banking
|
36.1
|
Russia
|
|
State Bank of India
|
Banking
|
35.1
|
India
|
|
Talanx
|
Insurance
|
34.9
|
Germany
|
|
Power Corporation of Canada
|
Insurance
|
34.2
|
Canada
|
|
Swiss Re
|
Insurance
|
33.6
|
Switzerland
|
|
American Express
|
Financial Services
|
33.4
|
United States
|
|
Allstate
|
Insurance
|
33.3
|
United States
|
|
Mizuho Financial Group
|
Banking
|
32.8
|
Japan
|
|
Old Mutual
|
Investment Services
|
32.2
|
United Kingdom
|
|
Morgan Stanley
|
Investment Services
|
32.0
|
United States
|
|
Standard Life
|
Insurance
|
31.2
|
United Kingdom
|
|
Sompo Holdings
|
Insurance
|
30.9
|
Japan
|
|
TD Bank Group
|
Banking
|
30.6
|
Canada
|
|
China
|
Banking
|
28.4
|
China
|
|
China
|
Banking
|
27.9
|
China
|
|
Bank of Nova Scotia
|
Banking
|
27.6
|
Canada
|
|
Onex
|
Investment Services
|
27.4
|
Canada
|
|
China
|
Insurance
|
27.3
|
China
|
|
Mapfre
|
Insurance
|
27.1
|
Spain
|
|
Standard Chartered
|
Banking
|
26.9
|
United Kingdom
|
|
Dexia
|
Banking
|
26.6
|
Belgium
|
|
Hartford Financial Services
|
Insurance
|
26.4
|
United States
|
|
Travelers Cos
|
Insurance
|
25.7
|
United States
|
|
Commerzbank
|
Banking
|
25.5
|
Germany
|
|
Aflac
|
Insurance
|
25.4
|
United States
|
|
Shanghai Pudong Development
|
Banking
|
25.4
|
China
|
Major
Stock Exchanges
[21]
|
New York Stock Exchange
|
United States
|
New York
|
|
NASDAQ
|
United States
|
New York
|
|
London Stock Exchange Group
|
United Kingdom
|
London
|
|
Japan Exchange Group
|
Japan
|
Tokyo
|
|
Shanghai Stock Exchange
|
China
|
Shanghai
|
|
Hong Kong Stock Exchange
|
Hong Kong
|
Hong Kong
|
|
Euronext
|
European Union
|
Amsterdam, Brussels, Lisbon, London, Paris
|
|
Shenzhen Stock Exchange
|
China
|
Shenzhen
|
|
Toronto Stock Exchange
|
Canada
|
Toronto
|
|
Deutsche Brse
|
Germany
|
Frankfurt
|
|
Bombay Stock Exchange
|
India
|
Mumbai
|
|
National Stock Exchange of India
|
India
|
Mumbai
|
|
SIX Swiss Exchange
|
Switzerland
|
Zurich
|
|
Australian Securities Exchange
|
Australia
|
Sydney
|
|
Korea Exchange
|
South Korea
|
Seoul
|
|
OMX Nordic Exchange
|
Sweden
|
Stockholm
|
|
JSE Limited
|
South Africa
|
Johannesburg
|
|
BME Spanish Exchanges
|
Spain
|
Madrid
|
|
Taiwan Stock Exchange
|
Taiwan
|
Taipei
|
|
BM&F Bovespa
|
Brazil
|
So Paulo
|
Quant
F
unds
[13]
•
D. E. Shaw (New York, NY)
•
Renaissance Technologies (East Setauket, NY)
•
Morgan Stanley PDT (New York, NY)
•
Point72 Asset Management (SAC Capital)
•
AQR Capital
•
Two Sigma Investments (New York, NY)
•
Citadel (Chicago, IL)
•
Jane Street Capital (New York and London)
•
RG Niederhoffer
•
Jump Trading
•
KCG Holdings
•
Bridgewater Associates
•
Hudson River Trading
•
Man Group AHL
•
Highbridge
•
Millennium/WorldQuant
•
Winton
•
Bluecrest
•
Ellington Capital
•
Tower Research Capital
•
Parametrica Global Master Ltd
•
Camox Ltd
•
Voloridge Trading
•
Senvest Partners Ltd
•
BlackRock European Hedge
Credit
Card Issuers
[1]
1. Visa - 323M Cardholders
2. MasterCard - 191M Cardholders
3. Chase - 93M Cardholders
4. American Express - 58M Cardholders
5. Discover - 57M Cardholders
6. Citibank - 48M Cardholders
7. Capital One - 45M Cardholders
8. Bank of America - 32M Cardholders
9. Wells Fargo - 24M Cardholders
10. US Bank - 18.5M Cardholders
11. USAA - 10M Cardholders
12. Credit One - 6M Cardholders
13. Barclaycard US 418K Cardholders
14. First PREMIER Bank (subprime)
15. PNC
Mortgage Risk
[10]
Prior to the financial collapse of 2007-2008 mortgage, securitization was the hot thing. Many institutions and individuals got burned and a
residual fear of securitization remains.
The result is that for jumbo and subprime mortgages, the originators are now holding many more of the loans. This reduces the systematic
risk but an unanticipated consequence is that Fannie Mae and Freddie Mac [3] are
now holding 50% of $11 trillion outstanding in the middle market.
Therefore the US government has undertaken a huge amount of default and
interest-rate risk.
Insurance Companies by Premium Income
[8]
Property/Casualty Insurance
|
State Farm Mutual Automobile Insurance
|
62,189,311
|
|
Berkshire Hathaway Inc.
|
33,300,439
|
|
Liberty Mutual
|
32,217,215
|
|
Allstate Corp.
|
30,875,771
|
|
Progressive Corp.
|
23,951,690
|
|
Travelers Companies Inc.
|
23,918,048
|
|
Chubb Ltd.
|
20,786,847
|
|
Nationwide Mutual Group
|
19,756,093
|
|
Farmers Insurance Group of Companies
|
19,677,601
|
|
USAA Insurance Group
|
18,273,675
|
Life Insurance/Annuities
|
MetLife Inc.
|
95,110,802
|
|
Prudential Financial Inc.
|
45,902,327
|
|
New York Life Insurance Group
|
30,922,462
|
|
Principal Financial Group Inc.
|
28,186,098
|
|
Massachusetts Mutual Life Insurance Co.
|
23,458,883
|
|
American International Group
|
22,463,202
|
|
Jackson National Life Group
|
22,132,278
|
|
AXA
|
21,920,627
|
|
AEGON
|
21,068,180
|
|
Lincoln National Corp.
|
19,441,555
|
|
Homeowners Insurance
State Farm Mutual Automobile Insurance
|
17,516,715
|
|
Allstate Corp.
|
7,926,984
|
|
Liberty Mutual
|
5,993,803
|
|
Farmers Insurance Group of Companies
|
5,284,511
|
|
USAA Insurance Group
|
5,000,407
|
|
Travelers Companies Inc.
|
3,305,427
|
|
Nationwide Mutual Group
|
3,249,456
|
|
American Family Insurance Group
|
2,609,366
|
|
Chubb Ltd. (4)
|
2,485,193
|
|
Erie Insurance Group
|
1,471,544
|
Private
P
assenger Auto Insurance
|
State Farm Mutual Automobile Insurance
|
39,194,660
|
|
Berkshire Hathaway Inc.
|
25,531,762
|
|
Allstate Corp.
|
20,813,858
|
|
Progressive Corp.
|
19,634,834
|
|
USAA Insurance Group
|
11,691,051
|
|
Liberty Mutual
|
10,774,426
|
|
Farmers Insurance Group of Companies
|
10,304,622
|
|
Nationwide Mutual Group
|
7,640,558
|
|
American Family Insurance Group
|
4,005,549
|
|
Travelers Companies Inc.
|
3,896,786
|
|
Commercial Auto Insurance
|
|
|
Progressive Corp.
|
2,625,929
|
|
Travelers Companies Inc.
|
2,124,182
|
|
Nationwide Mutual Group
|
1,735,614
|
|
Zurich Insurance Group
|
1,624,621
|
|
Liberty Mutual
|
1,604,461
|
|
Old Republic International Corp.
|
1,123,042
|
|
Berkshire Hathaway Inc.
|
951,775
|
|
American International Group (AIG)
|
867,567
|
|
Auto-Owners Insurance Co.
|
739,495
|
|
Chubb Ltd.
|
695,210
|
|
Commercial Lines Insurance
|
|
|
|
Chubb Ltd.
|
16,528,891
|
|
Travelers Companies Inc.
|
16,463,566
|
|
Liberty Mutual
|
15,056,251
|
|
American International Group (AIG)
|
13,144,961
|
|
Zurich Insurance Group
|
12,554,597
|
|
CNA Financial Corp.
|
9,763,122
|
|
Nationwide Mutual Group
|
8,335,275
|
|
Hartford Financial Services
|
7,679,737
|
|
Berkshire Hathaway Inc.
|
7,650,236
|
|
Tokio Marine Group
|
6,256,196
|
|
W
orkers’ Compensation Insurance
|
|
Travelers Companies Inc.
|
4,467,425
|
|
Hartford Financial Services
|
3,324,361
|
|
AmTrust Financial Services
|
2,972,901
|
|
Zurich Insurance Group
|
2,851,695
|
|
Liberty Mutual
|
2,481,479
|
|
Berkshire Hathaway Inc.
|
2,479,354
|
|
State Insurance Fund Workers’ Comp (NY)
|
2,437,325
|
|
Chubb Ltd.
|
2,368,918
|
|
American International Group
|
2,345,247
|
|
State Compensation Insurance Fund (CA)
|
1,638,849
|
Global Asset Management Firms by Revenue
[18]
|
BlackRock
|
United States
|
4,890
|
|
The Vanguard Group
|
United States
|
3,149
|
|
UBS
|
Switzerland
|
2,716
|
|
State Street Global Advisors
|
United States
|
2,460
|
|
Fidelity Investments
|
United States
|
2,025
|
|
Allianz
|
Germany
|
1,949
|
|
J.P. Morgan Asset Management
|
United States
|
1,760
|
|
BNY Mellon Investment Management
|
United States
|
1,740
|
|
PIMCO
|
United States
|
1,590
|
|
Credit Agricole Group
|
France
|
1,527
|
Global Investment Banks by Revenue
[2]
|
JPMorgan
|
3,361
|
|
Goldman Sachs
|
2,858
|
|
Bank of America Merrill Lynch
|
2,684
|
|
Morgan Stanley
|
2,501
|
|
Citi
|
2,378
|
|
Barclays
|
1,884
|
|
Credit Suisse
|
1,760
|
|
Deutsche Bank
|
1,387
|
|
RBC Capital Markets
|
994
|
|
UBS
|
904
|
|
Wells Fargo Securities
|
871
|
|
HSBC
|
793
|
|
Jefferies LLC
|
750
|
|
BNP Paribas
|
619
|
|
Lazard
|
565
|
|
BMO Capital Markets
|
448
|
|
Nomura
|
445
|
|
Mizuho
|
435
|
|
Sumitomo Mitsui Financial Group
|
413
|
|
Evercore Partners Inc
|
407
|
Hedge Funds By Assets Under Management
[6]
|
OrgCRD
|
PrimaryBusinessName
|
May2017AUM
|
|
110814
|
NOMURA ASSET MANAGEMENT CO., LTD.
|
367.6
|
|
105129
|
BRIDGEWATER ASSOCIATES, LP
|
239.3
|
|
158117
|
MILLENNIUM MANAGEMENT LLC
|
207.6
|
|
158319
|
SAMSUNG ASSET MANAGEMENT COMPANY, LTD.
|
182.2
|
|
148826
|
CITADEL ADVISORS LLC
|
152.7
|
|
143161
|
APOLLO CAPITAL MANAGEMENT, L.P.
|
125
|
|
140074
|
PICTET ASSET MANANGEMENT SA.
|
122.8
|
|
110997
|
NIKKO ASSET MANAGEMENT CO LTD
|
120.6
|
|
282598
|
VANGUARD ASSET MANAGEMENT, LIMITED
|
120.2
|
|
111128
|
THE CARLYLE GROUP
|
101.9
|
|
106661
|
RENAISSANCE TECHNOLOGIES LLC
|
97
|
|
144533
|
KOHLBERG KRAVIS ROBERTS
|
90
|
|
168122
|
ANNALY MANAGEMENT COMPANY
|
87.9
|
|
152719
|
ALPHADYNE ASSET MANAGEMENT PTE. LTD.
|
84.6
|
|
133720
|
PINE RIVER CAPITAL MANAGEMENT L.P.
|
82.8
|
|
159732
|
TPG GLOBAL ADVISORS, LLC
|
79.5
|
|
138111
|
BALYASNY ASSET MANAGEMENT L.P.
|
75.1
|
|
144603
|
EASTSPRING INVESTMENTS (SINGAPORE) LIMITED
|
74.5
|
|
155587
|
FIELD STREET CAPITAL MANAGEMENT, LLC
|
63.3
|
|
107580
|
BLACKSTONE ALTERNATIVE ASSET MANAGEMENT LP
|
62.3
|
|
148823
|
BLUECREST CAPITAL MANAGEMENT LIMITED
|
62.2
|
|
142979
|
BLACKSTONE REAL ESTATE ADVISORS L.P.
|
60.1
|
|
160795
|
APG ASSET MANAGEMENT US, INC
|
59.3
|
|
130074
|
ARES MANAGEMENT LLC
|
58.4
|
|
136979
|
BLACKSTONE MANAGEMENT PARTNERS L.L.C.
|
57.4
|
|
161600
|
AGNC MANAGEMENT, LLC
|
56.9
|
|
129612
|
FORTRESS INVESTMENT GROUP
|
56.9
|
|
156601
|
ELLIOTT MANAGEMENT CORPORATION
|
56
|
|
160309
|
ELEMENT CAPITAL MANAGEMENT LLC
|
55.9
|
|
139345
|
MACQUARIE FUNDS MANAGEMENT
|
54.7
|
|
160188
|
MOORE CAPITAL MANAGEMENT, LP
|
53.8
|
|
107913
|
OZ MANAGEMENT LP
|
51.7
|
|
159738
|
TPG CAPITAL ADVISORS, LLC
|
51.6
|
|
137137
|
TWO SIGMA INVESTMENTS, LP
|
49.3
|
|
152254
|
TWO SIGMA ADVISERS, LP
|
48.7
|
|
110338
|
MACKENZIE INVESTMENTS
|
48.6
|
|
156078
|
HUDSON AMERICAS L.P.
|
48.4
|
|
160000
|
LONE STAR NORTH AMERICA ACQUISITIONS, LLC
|
48.1
|
|
152175
|
CERBERUS CAPITAL MANAGEMENT, L.P.
|
48
|
|
173355
|
CANDRIAM LUXEMBOURG S.C.A.
|
47.1
|
|
156934
|
3G CAPITAL PARTNERS LP
|
46.3
|
|
143158
|
APOLLO MANAGEMENT, L.P.
|
46.2
|
|
157589
|
CAPULA INVESTMENT US LP
|
45.8
|
|
156945
|
WARBURG PINCUS LLC
|
45.7
|
|
132272
|
VIKING GLOBAL INVESTORS LP
|
43.4
|
|
160679
|
ADAGE CAPITAL MANAGEMENT, L.P.
|
42
|
|
146629
|
KKR CREDIT ADVISORS (US) LLC
|
41.5
|
|
159215
|
ALPINVEST PARTNERS B.V.
|
41.2
|
|
108679
|
D. E. SHAW
|
37
|
Largest private equity firms by PE capital raised
[17]
|
The Carlyle Group
|
Washington D.C.
|
$30,650.33
|
|
Kohlberg Kravis Roberts
|
New York City
|
$27,182.33
|
|
The Blackstone Group
|
New York City
|
$24,639.84
|
|
Apollo Global Management
|
New York City
|
$22,298.02
|
|
TPG
|
Fort Worth/San Francisco
|
$18,782.59
|
|
CVC Capital Partners
|
Luxembourg
|
$18,082.35
|
|
General Atlantic
|
New York City
|
$16,600.00
|
|
Ares Management
|
Los Angeles
|
$14,113.58
|
|
Clayton Dubilier & Rice
|
New York City
|
$13,505.00
|
|
Advent International
|
Boston
|
$13,228.09
|
|
EnCap Investments
|
Houston
|
$12,400.20
|
|
Goldman Sachs Principal Investment Area
|
New York City
|
$12,343.32
|
|
Warburg Pincus
|
New York City
|
$11,213.00
|
|
Silver Lake
|
Menlo Park
|
$10,986.40
|
|
Riverstone Holdings
|
New York City
|
$10,384.26
|
|
Oaktree Capital Management
|
Los Angeles
|
$10,147.28
|
|
Onex
|
Toronto
|
$10,097.21
|
|
Ardian (formerly AXA Private Equity)
|
Paris
|
$9,805.25
|
|
Lone Star Funds
|
Dallas
|
$9,731.81
|
In
v
estmen
t
Banking Private Equity Groups
[19]
ABN AMRO AAC Capital Partners Barclays Capital Equistone Partners
Europe BNP Paribas PAI Partners
CIBC World Markets Trimaran Capital Partners
Citigroup Court Square; CVC; Welsh, Carson, Anderson &
StoweBruckmann, Rosser, S Deutsche Bank MidOcean Partners
Globus Capital Holdings Globus Capital Banca
Goldman Sachs Goldman Sachs Capital Partners JPMorgan Chase CCMP
Capital; One Equity Partners Lazard Lazard Alternative Investments
Merrill Lynch Merrill Lynch Global Private Equity
Morgan Stanley Metalmark Capital; Morgan Stanley Capital Partners New
York
National Westminster Bank Bridgepoint Capital
Nomura Group Terra Firma Capital Partners
UBS UBS Capital; Affinity Equity Partners; Capvis; Lightyear Capital
Wells Fargo Pamlico Capital
William Blair & Company William Blair Capital Partners
F
ederal Reserve System
The St. Louis Fed is well known among economics geeks as a fantastic
source of data, analysis and commentary. [4] In fact, all the Fed banks
are avid consumers of data, analysis and risk-management metrics.
[14] The Economist of London. The Economist Intelligence Unit. https://
www.eiu.com/home.aspx
.
[15] Wikipedia. BCBS 239.
https://en.m.wikipedia.org/wiki/BCBS_239
. [16] Wikipedia. James Harris Simons.
https://en.wikipedia.org/wiki/
James_Harris_Simons
.
[17] Wikipedia. Largest private equity firms by PE capital raised.
https:
//en.wikipedia.org/wiki/List_of_private_equity_firms
.
[18] Wikipedia. List of asset management firms.
https://en.wikipedia.org/
wiki/List_of_asset_management_firms
.
[19] Wikipedia. List of investment banking private equity groups.
https://
en.wikipedia.org/wiki/List_of_private_equity_firms
.
[20] Wikipedia. List of largest financial services companies by revenue.
https://en.wikipedia.org/wiki/List_of_largest_financial_
services_companies_by_revenue
.
[21] Wikipedia. Major Stock Exchanges.
https://en.wikipedia.org/wiki/
List_of_stock_exchanges
.
[22] Wikipedia. The Big Short.
https://en.wikipedia.org/wiki/The_Big_
Short
.
Originally the "lower counties" of Pennsylvania, and thus one of three Quaker colonies founded by William Penn, Delaware has developed its own set of traditions and history.
Start in Philadelphia, take two days to tour around Delaware Bay. Down the New Jersey side to Cape May, ferry over to Lewes, tour up to Dover and New Castle, visit Winterthur, Longwood Gardens, Brandywine Battlefield and art museum, then back to Philadelphia. Try it!
Millions of eye patients have been asked to read the passage from Franklin's autobiography, "I walked up Market Street, etc." which is commonly printed on eye-test cards. Here's your chance to do it.
In 1751, the Pennsylvania Hospital at 8th and Spruce was 'way out in the country. Now it is in the center of a city, but the area still remains dominated by medical institutions.
Grievances provoking the American Revolutionary War left many Philadelphians unprovoked. Loyalists often fled to Canada, especially Kingston, Ontario. Decades later the flow of dissidents reversed, Canadian anti-royalists taking refuge south of the border.
