Liquidity, credit quality, and management have been three key factors in determining the fate of large financial institutions through this credit crisis. Having an ‘X’ through all three characteristics has generally meant death or bailout. Companies like Lehman, AIG and Countrywide can easily be lumped in the bucket of having three strikes against them
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Three Key Factors That Led to the Collapse of CIT
The Receivables Exchange was the subject of a very favorable article in Wall Street Journal yesterday. The article entitled, ” CIT’s Woes Prompt Surge In Activity At Receivables Exchange ,” said this about the Exchange: “The site provides a much-needed financing option for companies that are finding the doors locked at traditional credit markets.” The article went on to say that ” The Receivables Exchange , which opened for business in January, is positioning itself as a new option. “When you think about somebody like CIT, they’re a single point of failure, and we have a market-based solution that brings all these sources of funding together at an auction,” said [Justin] Brownhill .” The Atlantic Monthly’s Recession Road Trip also stopped by The Receivables Exchange office yesterday.
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WSJ: CIT’s Woes Prompt Surge In Activity At Receivables Exchange
A trend that I have been noticing more and more is the presence of multiple Enterprise Content Management (ECM) Systems at organizations. There are many reasons why the scenario of multiple ECM Systems can occur; 1) mergers & acquisitions, 2) strengths of the ECM products, 3) lack of internal communication and/or understanding of existing systems in the organization, 4) division of dollars at departmental levels, and so forth and so on… One issue that can arise from having multiple ECM solutions within an organization is the difficulty of accessing information stored in the different systems. Let’s look at an example of an organization that has two ECM systems used for content archiving and retrieval. The first ECM system is used by the Human Resources department for storing documents and data related to employee on-boarding and personnel management. The second ECM system was installed at a later date by the Accounts Payable department. This system is used for managing documents related to payroll, as well as, acting as portal for employees to find information related to their pay. The presence of multiple systems within the organization creates a number of headaches (i.e.
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Managing Multiple ECM Systems at an Organization
In searching for an expression that defines the economic turbulence of the first decade of the 21st Century, I have coined “Equilibrium Defiance”. Archimedes principle states: “Any object, wholly or partly immersed in a fluid, is buoyed up by a force equal to the weight of the fluid displaced by the object”. Principles of equilibrium are prolific elements of our economy.
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The Economic Roller Coaster of the 21st Century
The FDIC has seized 58 banks in the past 15 months and there are no signs of abatement. Despite the dismal headlines, one end of the banking spectrum that has fared quite well during this Credit Crisis is the Community Banks. Unlike the “too-big-to-fail” banks, they never veered off their conservative course, sticking to more traditional best lending practices that, at the time, didn’t seem exotic enough to keep the interest of the likes of the large banks
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Small Business Financing: Why Community Banks Aren’t the Solution
This week marks the celebration of National Small Business Week, a week-long initiative to honor and champion the nation’s millions of small businesses that drive our economy. I would imagine that while government, media and business organizations gather at the luxurious Mandarin Oriental Hotel in D.C. to recognize these businesses for their efforts and accomplishments, the glaring question is: Where are all the small businesses?
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National Small Business Week: Where are all the Small Businesses?
Even though bankruptcy court can hardly be considered a team game, today the Non-Tarp Creditors in Chrysler’s bankruptcy relented to Government pressure to accept a lower payout than creditors junior to them. This group had planned to force the courts to make a ruling on the legality of the Government’s proposal to give a higher recover to the UAW, whose claims were structurally subordinated to the claims of the Non-Tarp Lenders. “After a great deal of soul-searching and quite frankly, agony, they concluded they just don’t have critical mass to withstand the enormous pressure and machinery of the U.S.
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Non-Tarp Lender’s Sacrifice Is a Long Term Positive for the Credit Markets
I wrote not too long ago that anyone who is espousing definitive conclusions on the state of our World economy, its current direction and the timing of various outcomes (i.e. when will it recover) should be viewed with a healthy degree of skepticism. In August of 2007 when the current crisis became so obvious that even the “what credit crisis?” camp had to throw in the towel, the parallel most often drawn was between that of a patient having a heart attack and the fiscal and monetary CPR response that was needed to avoid death.
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There’s No Textbook for This Economic Crisis
GM and Chrysler finally start to roll out $3.5 billion in TARP Funds to their Tier 1 suppliers as auto suppliers breath a collective sigh of relief. With the economy in dreary shape, sales at a virtual tailspin and the credit markets paralyzed, auto suppliers would have surely been hung out to dry as their customers (the Big 3) stretch payment terms and their cash flow becomes non-existent. Because the auto industry is intricately connected to one another, the failure of auto suppliers would absolutely implode the entire auto supply chain – a domino effect, if you will (never mind the immediate disruption, of government plans to bail out the major US Auto companies).
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Don’t Pull the Plug … Auto Suppliers Breathe a Sigh of Relief
GROOM LAKE, Nevada- Empty-Headed News was lucky enough to get the exclusive interview with a janitor who mops the floors and offices of the Area 51 complexes. In this 19 part series we will learn all the secrets that the Complex of Secrets has to offer
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Area 51 Janitor Describes A Day in the Life of a Secret Military Base Employee, Part One
Hi all, The EDD released figures today that California’s unemployment has crept over 10%. The national average is at 7.6% so we are quite a bit higher here in the Golden State. I love living in California, but I’ve got to say that number hurts a bit. It’s definitely in line with my experience I’m sad to report. I would say that at least 10% of my circle of friends, colleagues, etc. is unemployed. As a small business owner, I too have felt the hit and had to layoff workers over the past year. No surprise here…we’ve all become too acquainted with layoffs recently. Still though, I’m not ready to pack it in and move to Texas like so many seem to be doing these days. For the record, I’ve heard many rumors, but don’t actually know anyone who has moved to Texas…fear and the rumor-mill are powerful though aren’t they. I still like living here. My business is here, my family is here and you can’t beat the weather. I’m going to go out on a limb here; and mind you I’m no economist. But if the remaining 90% of the population would spend a little bit more of their hard earned money we might start to see this thing turn around. Don’t stop saving or being responsible, but notch up the spending just a bit and see what happens. In fact, if you need help with this part I can be of assistance…hire us to do your bookkeeping and not only will you be helping the economy, but you’ll suddenly find yourself with more free time to focus on making more money. Sounds good to me. Let me know if I can be of any assistance with helping you spend more…or make more money! Thanks for reading
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Double Digit CA Unemployment…Ouch!
Accounts Receivable Solutions wishes to announce that it has expanded into the following areas: Brisbane Brisbane suburbs Brisbane North Brisbane South Brisbane West Gold Coast Coolangatta Surfers Paradise Nerang Logan Beenleigh Tweed Northern Rivers Lismore Casino Coffs Harbour Port Macquarie Newcastle Sydney North Sydney East Sydney West Sydney South SydneyThere are plenty of jobs being advertised in these areas for people who are experts at credit control and accounts r
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Expansion Nationally
Unigold Inc – 3Q08 Financials Template Name : General Disclosure – Free Text Issuer name : Unigold Inc Headline : 3Q08 Financials UNIGOLD INC. (A Development Stage Company) CONSOLIDATED BALANCE SHEETS (Expressed in Canadian Dollars) As atAs at September 30,December 31, 2008 2007 (Unaudited)(Audited) Current assets Cash and cash equivalents$101,778$114,474 Sundry receivables43,14343,695 Prepaid expenses (note 9)60,692104,765 205,213262,934 Other investments (note 3)7,858,7188,158,718 Equipment (note 4)459,390545,424 Mineral Properties (note 5)624,574624,574 Deferred exploration costs (note 5)10,062,7757,412,278 Public listing status100,000100,000 $19,310,670$17,103,928 Current liabilities Accounts payable and accrued liabilities (note 9)$217,893$190,622 Cheques issued in excess of cash45,238106,243 Bank loan (note 6)3,840,000510,000 4,103,131806,865 Contingencies (notes 1, 3, and 12) Non-controlling interest2,8312,831 Shareholders’ Equity Common shares (note 7(a))27,331,16627,320,166 Contributed surplus (note 7(d))2,500,5471,972,557 Deficit(14,627,005)(12,998,491) 15,204,70816,294,232 $19,310,670$17,103,928 Approved on Behalf of the Board: Signed: “Dr. Talal A.
