1.
The New York Times
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The New York Times is an American daily newspaper, founded and continuously published in New York City since September 18,1851, by The New York Times Company. The New York Times has won 119 Pulitzer Prizes, more than any other newspaper, the papers print version in 2013 had the second-largest circulation, behind The Wall Street Journal, and the largest circulation among the metropolitan newspapers in the US. The New York Times is ranked 18th in the world by circulation, following industry trends, its weekday circulation had fallen in 2009 to fewer than one million. Nicknamed The Gray Lady, The New York Times has long been regarded within the industry as a newspaper of record. The New York Times international version, formerly the International Herald Tribune, is now called the New York Times International Edition, the papers motto, All the News Thats Fit to Print, appears in the upper left-hand corner of the front page. On Sunday, The New York Times is supplemented by the Sunday Review, The New York Times Book Review, The New York Times Magazine and T, some other early investors of the company were Edwin B. Morgan and Edward B. We do not believe that everything in Society is either right or exactly wrong, —what is good we desire to preserve and improve, —what is evil, to exterminate. In 1852, the started a western division, The Times of California that arrived whenever a mail boat got to California. However, when local California newspapers came into prominence, the effort failed, the newspaper shortened its name to The New-York Times in 1857. It dropped the hyphen in the city name in the 1890s, One of the earliest public controversies it was involved with was the Mortara Affair, the subject of twenty editorials it published alone. At Newspaper Row, across from City Hall, Henry Raymond, owner and editor of The New York Times, averted the rioters with Gatling guns, in 1869, Raymond died, and George Jones took over as publisher. Tweed offered The New York Times five million dollars to not publish the story, in the 1880s, The New York Times transitioned gradually from editorially supporting Republican Party candidates to becoming more politically independent and analytical. In 1884, the paper supported Democrat Grover Cleveland in his first presidential campaign, while this move cost The New York Times readership among its more progressive and Republican readers, the paper eventually regained most of its lost ground within a few years. However, the newspaper was financially crippled by the Panic of 1893, the paper slowly acquired a reputation for even-handedness and accurate modern reporting, especially by the 1890s under the guidance of Ochs. Under Ochs guidance, continuing and expanding upon the Henry Raymond tradition, The New York Times achieved international scope, circulation, in 1910, the first air delivery of The New York Times to Philadelphia began. The New York Times first trans-Atlantic delivery by air to London occurred in 1919 by dirigible, airplane Edition was sent by plane to Chicago so it could be in the hands of Republican convention delegates by evening. In the 1940s, the extended its breadth and reach. The crossword began appearing regularly in 1942, and the section in 1946
2.
Rockefeller family
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The family is also known for its long association with and control of Chase Manhattan Bank. They are considered to be one of the most powerful families, if not the most powerful family, one of the founding members of the Rockefeller family was businessman William Rockefeller Sr. born in Granger, New York, to a Protestant family. He had six children with his first wife Eliza Davison, the most prominent of which were oil tycoons John Davison Rockefeller and William Rockefeller, Oil baron John D. Rockefeller was a devout Northern Baptist, and he supported many church-based institutions. The family was involved in numerous real estate construction projects in the U. S. during the 20th century. In Manhattan by fourteen major institutions that were based in the area, the result, in 1951, was the six-building apartment complex known as Morningside Gardens. Seniors donations led to the formation of the University of Chicago in 1889, the Central Philippine University in the Philippines and this was one instance of a long family and Rockefeller Foundation tradition of financially supporting Ivy League and other major colleges and universities over the generations—seventy-five in total. John D Jr. established International House at Berkeley, beginning with John Sr. the family has been a major force in land conservation. John Jr. and his son Laurance were particularly prominent in this area, at the event, the societys president, John Flicker, notably stated, Cumulatively, no other family in America has made the contribution to conservation that the Rockefeller family has made. Nelson, John D. III, John D. IV, Peggy Dulany, Rockefeller Foundation, the Trilateral Commission -David, Rockefeller Brothers Fund. The Bilderberg Group - David, John D. IV, the Asia Society - John D. III, John D. IV, Charles, David. The Population Council - John D. III, the Council of the Americas - David. The Group of Thirty - The Rockefeller Foundation, the World Economic Forum - David. The Peterson Institute - David, Monica, the International Executive Service Corps - David. The Institute for Pacific Relations - Junior, the League of Nations - Junior. The United Nations - Junior, John D. III, Nelson, David, Peggy Dulany, the United Nations Association - David. These include, the Commonwealth Fund, Charles E. Culpeper Foundation, Lucille P. Markey Charitable Trust, in total, it holds over 70 million pages of documents and contains the collections of forty-two scientific, cultural, educational and philanthropic organizations. Only the expurgated records of deceased family members are available to scholars and researchers. He reports that it will be years before all the papers will be open to the public
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United States Congress
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The United States Congress is the bicameral legislature of the federal government of the United States consisting of two chambers, the Senate and the House of Representatives. The Congress meets in the Capitol in Washington, D. C, both senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a gubernatorial appointment. Members are usually affiliated to the Republican Party or to the Democratic Party, Congress has 535 voting members,435 Representatives and 100 Senators. The House of Representatives has six non-voting members in addition to its 435 voting members and these members can, however, sit on congressional committees and introduce legislation. Puerto Rico, American Samoa, Guam, the Northern Mariana Islands, the members of the House of Representatives serve two-year terms representing the people of a single constituency, known as a district. Congressional districts are apportioned to states by using the United States Census results. Each state, regardless of population or size, has two senators, currently, there are 100 senators representing the 50 states. Each senator is elected at-large in their state for a term, with terms staggered. The House and Senate are equal partners in the legislative process—legislation cannot be enacted without the consent of both chambers, however, the Constitution grants each chamber some unique powers. The Senate ratifies treaties and approves presidential appointments while the House initiates revenue-raising bills, the House initiates impeachment cases, while the Senate decides impeachment cases. A two-thirds vote of the Senate is required before a person can be forcibly removed from office. The term Congress can also refer to a meeting of the legislature. A Congress covers two years, the current one, the 115th Congress, began on January 3,2017, the Congress starts and ends on the third day of January of every odd-numbered year. Members of the Senate are referred to as senators, members of the House of Representatives are referred to as representatives, congressmen, or congresswomen. One analyst argues that it is not a solely reactive institution but has played a role in shaping government policy and is extraordinarily sensitive to public pressure. Several academics described Congress, Congress reflects us in all our strengths, Congress is the governments most representative body. Congress is essentially charged with reconciling our many points of view on the public policy issues of the day. —Smith, Roberts, and Wielen Congress is constantly changing and is constantly in flux, most incumbents seek re-election, and their historical likelihood of winning subsequent elections exceeds 90 percent
4.
History of private equity and venture capital
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The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks, since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The second boom and bust cycle emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and this period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, Investors have been acquiring businesses and making minority investments in privately held companies since the dawn of the industrial revolution. Later, J. Pierpont Morgans J. P. Morgan & Co. would finance railroads, as late as the 1980s, Lester Thurow, a noted economist, decried the inability of the financial regulation framework in the United States to support merchant banks. US investment banks were confined primarily to businesses, handling mergers and acquisitions transactions and placements of equity. Investment banks would later enter the space, however long after independent firms had become well established, with few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Vanderbilts, Whitneys, Rockefellers and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft and the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E. M. Warburg & Co. in 1938, former employees of ARDC went on to found several prominent venture capital firms including Greylock Partners and Morgan, Holland Ventures, the predecessor of Flagship Ventures. ARDC continued investing until 1971 with the retirement of Doriot, in 1972, Doriot merged ARDC with Textron after having invested in over 150 companies. J. H. Whitney & Company was founded by John Hay Whitney, Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney. By far, Whitneys most famous investment was in Florida Foods Corporation, the company, having developed an innovative method for delivering nutrition to American soldiers, later came to be known as Minute Maid orange juice and was sold to The Coca-Cola Company in 1960. J. H. Whitney & Company continues to make investments in leveraged buyout transactions, before World War II, venture capital investments were primarily the domain of wealthy individuals and families. One of the first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of 1958, the 1958 Act officially allowed the U. S. Small Business Administration to license private Small Business Investment Companies to help the financing, additionally, it was thought that fostering entrepreneurial companies would spur technological advances to compete against the Soviet Union. Facilitating the flow of capital through the economy up to the pioneering small concerns in order to stimulate the U. S. economy was, in 2005, the SBA significantly reduced its SBIC program, though SBICs continue to make private equity investments. The real growth in Private Equity surged in 1984 to 1991 period when Institutional Investors, more often than not, these companies were exploiting breakthroughs in electronic, medical or data-processing technology
5.
Venture capital financing
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Venture capital financing is a type of financing by venture capital. It is private equity capital provided as seed funding to early-stage, high-potential and it is provided in the interest of generating a return on investment through an eventual realization event such as an IPO or trade sale of the company. To start a new company or to bring a new product to the market. There are several categories of financing possibilities, smaller ventures sometimes rely on family funding, loans from friends, personal bank loans or crowd funding. For more ambitious projects, some companies need more than mentioned above. These are private investors who are using their own capital to finance a ventures need, apart from these investors, there are also venture capitalist firms who are specialized in financing new ventures against a lucrative return. VC firms may also provide expertise the venture is lacking, such as legal or marketing knowledge and this is particularly the case in the Corporate venture capital context where a startup can benefit from a corporation, for instance by capitalizing on the corporations brand name. This may happen if the venture does not perform as expected due to bad management or market conditions, the following schematics shown here are called the process data models. All activities that find place in the venture capital financing process are displayed at the side of the model. Each box stands for a stage of the process and each stage has a number of activities, at the right side, there are concepts. Concepts are visible products/data gathered at each activity and this diagram is according to the modeling technique developed by Sjaak Brinkkemper of the University of Utrecht in the Netherlands. This is where the seed funding takes place and it is considered as the setup stage where a person or a venture approaches an angel investor or an investor in a VC firm for funding for their idea/product. During this stage, the person or venture has to convince the investor why the idea/product is worthwhile, the investor will investigate into the technical and the economical feasibility of the idea. In some cases, there is sort of prototype of the idea/product that is not fully developed or tested. If the idea is not feasible at this stage, and the investor does not see any potential in the idea/product, the investor will not consider financing the idea. However, if the idea/product is not directly feasible, but part of the idea is worthy of further investigation, a Dutch venture named High 5 Business Solution V. O. F. wants to develop a portal which allows companies to order lunch. To open this portal, the venture needs some financial resources, they also need marketeers, to attract these financial and non-financial resources, the executives of the venture decide to approach ABN AMRO Bank to see if the bank is interested in their idea. After a few meetings, the executives are successful in convincing the bank to take a look in the feasibility of the idea, ABN AMRO decides to put a few experts for investigation
6.
U.S. Securities and Exchange Commission
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The U. S. Securities and Exchange Commission is an independent agency of the United States federal government. The SEC was created by Section 4 of the Securities Exchange Act of 1934, the SEC has a three-part mission, to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. To achieve its mandate, the SEC enforces the requirement that public companies submit quarterly and annual reports. MD&A will usually touch on the upcoming year, outlining future goals. In an attempt to level the field for all investors. Quarterly and semiannual reports from companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against that of sizable losses, the SEC makes reports available to the public through the EDGAR system. The SEC also offers publications on investment-related topics for public education, the same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the securities laws and the creation of the SEC. They were enacted and enforced at the level, and regulated the offering. Though the specific provisions of these laws varied among states, they all required the registration of all offerings and sales, as well as of every U. S. stockbroker. However, these blue sky laws were found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could ignore blue sky laws by making securities offerings across state lines through the mail. After holding hearings on abuses on interstate frauds, Congress passed the Securities Act of 1933, the subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. The Securities Act of 1933 is also known as the Truth in Securities Act and its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings. For the first year of the enactment, the enforcement of the statute rested with the Federal Trade Commission
7.
IRS targeting controversy
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In 2013, the United States Internal Revenue Service revealed that it had selected political groups applying for tax-exempt status for intensive scrutiny based on their names or political themes. This led to condemnation of the agency and triggered several investigations. Initial reports described the selections as nearly exclusively of conservative groups with terms such as Tea Party in their names, according to Republican lawmakers, liberal-leaning groups and the Occupy movement had also triggered additional scrutiny, but at a lower rate than conservative groups. The report was criticized by the committees Democratic minority, which said that the report ignored evidence that the IRS used keywords to identify both liberal and conservative groups, on October 23,2015, the Justice Department declared that no criminal charges would be filed. United States federal tax law, specifically Section 501 of the Internal Revenue Code, the statutory language of IRC501 generally requires civic organizations described in that section to be operated exclusively for the promotion of social welfare. Chris Van Hollen has filed a lawsuit against the IRS to stop the tradition of allowing groups engaged in politics to be registered under 501. This protection dates back to the United States Supreme Courts 1958 ruling in NAACP v. Alabama, nonprofit organizations dedicated to social welfare are not required to apply for IRS certification in order to operate under Section 501 tax exemption rules. However, being certified by the IRS can help attract more donations. On January 21,2010, the U. S. Supreme Court decided Citizens United v, some Tea Party leaders began forming political action committees as offshoots of their 501-tax-exempt organizations. Senate and House Democrats in early 2012 continued to press the IRS to investigate abuses of 501 tax-exempt status by organizations engaged in political activity, the senators also urged the IRS to issue new rules to prevent this type of abuse. The senators promised to introduce legislation to accomplish these aims if the IRS did not do so itself by promptly issuing new administrative rules, None of these letters called for the targeting of groups on the basis of political ideology. Between 2010 and 2012, the number of applications the IRS received each year seeking 501 certification doubled, during this period, budget cuts and personnel cuts reduced the IRSs ability to adequately perform its core duties. Eventually, IRS employees in Ohio, California, and Washington, while apparently none of these organizations applications were denied during this period, only 4 were approved. However, the IRS also selected several progressive- or Democratic-leaning organizations for increased scrutiny, an affiliate of the liberal group Emerge America had its request for tax-exempt status denied, leading to a review of the larger Emerge America organizations tax-exempt status. Ryan Chittum of the Columbia Journalism Review reported in 2011 that a number of news organizations saw their applications delayed for years after being flagged for additional review. Media Trackers, an organization, applied to the IRS for recognition of tax-exempt status. An investigation by The New York Times reported that several organizations selected for scrutiny by the IRS engaged in activities that could be construed as political, former IRS officials and tax experts say this type of behavior would provide a legitimate basis for additional scrutiny. Ohio State University law professor Donald Tobin said, While some of the I. R. S, questions may have been overbroad, you can look at some of these groups and understand why these questions were being asked
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Private equity in the 2000s
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Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks. The development of the equity and venture capital asset classes has occurred through a series of boom. As the 20th century ended, so, too, did the dot-com bubble, the Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many firms had been forced to write-off large proportions of their investments. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity, nevertheless, PricewaterhouseCoopers MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005. As a percentage of GDP, venture investment was 0. 058% percent in 1994, peaked at 1. 087% in 2000, the revival of an Internet-driven environment have helped to revive the venture capital environment. However, as a percentage of the private equity market, venture capital has still not reached its mid-1990s level. Meanwhile, as the venture collapsed, the activity in the leveraged buyout market also declined significantly. Leveraged buyout firms had invested heavily in the sector from 1996 to 2000. In that year at least 27 major telecommunications companies, filed for bankruptcy protection, telecommunications, which made up a large portion of the overall high yield universe of issuers, dragged down the entire high yield market. Overall corporate default rates surged to levels unseen since the 1990 market collapse rising to 6. 3% of high yield issuance in 2000 and 8. 9% of issuance in 2001, default rates on junk bonds peaked at 10.7 percent in January 2002 according to Moodys. As a result, leveraged buyout activity ground to a halt, the major collapses of former high-fliers including WorldCom, Adelphia Communications, Global Crossing and Winstar Communications were among the most notable defaults in the market. In addition to the rate of default, many investors lamented the low recovery rates achieved through restructuring or bankruptcy. These firms were often cited as the highest profile private equity casualties, having invested heavily in technology, similarly, Forstmann suffered major losses from investments in McLeodUSA and XO Communications. Tom Hicks resigned from Hicks Muse at the end of 2004, deals completed during this period tended to be smaller and financed less with high yield debt than in other periods. Private equity firms had to cobble together financing made up of loans and mezzanine debt. Private equity firms benefited from the valuation multiples
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Accounting
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Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494, practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms, Accounting can be divided into several fields including financial accounting, management accounting, external auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities, Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are audited by accounting firms, and are prepared in accordance with generally accepted accounting principles. GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board in the United States, as of 2012, all major economies have plans to converge towards or adopt the International Financial Reporting Standards. The history of accounting is thousands of old and can be traced to ancient civilizations. By the time of the Emperor Augustus, the Roman government had access to detailed financial information, double-entry bookkeeping developed in medieval Europe, and accounting split into financial accounting and management accounting with the development of joint-stock companies. The first work on a double-entry bookkeeping system was published in Italy, both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century. In Middle English the verb to account had the form accounten, which was derived from the Old French word aconter, which is in turn related to the Vulgar Latin word computare, meaning to reckon. The base of computare is putare, which meant to prune, to purify, to correct an account, hence, to count or calculate. The word accountant is derived from the French word compter, which is derived from the Italian. Accountancy refers to the occupation or profession of an accountant, particularly in British English, Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of a financial information to external users of the information, such as investors. It calculates and records business transactions and prepares financial statements for the users in accordance with generally accepted accounting principles. GAAP, in turn, arises from the agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. This branch of accounting is also studied as part of the exams for qualifying as an actuary. It is interesting to note that two professionals, accountants and actuaries, have created a culture of being archrivals
