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IJM Corporation	[ "1983 establishments in Malaysia", "Conglomerate companies of Malaysia", "Companies based in Petaling Jaya", "Holding companies established in 1983", "Malaysian companies established in 1983", "Construction and civil engineering companies of Malaysia", "Companies listed on Bursa Malaysia", "Construction and civil engineering companies established in 1983", "1980s initial public offerings" ]	1,513	10,697	IJM Corporation Berhad () is one of Malaysia's leading conglomerates and is listed on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). Its core business activities encompass construction, property development, manufacturing and quarrying and Infrastructure concessions. Headquartered in Selangor, Malaysia, IJM's regional aspirations have seen it establish a growing presence in neighbouring developing markets with operations presently spanning 10 countries, with primary focus in Malaysia, Singapore, Australia, United Arab Emirates, China, Indonesia and India. Corporate Profile The result of a merger between three medium-sized local construction companies – IGB Construction Sdn. Bhd. (Ipoh Garden Bhd.), Jurutama Sdn Bhd and Mudajaya Sdn Bhd, IJM was formed in 1983. In April 2007, IJM acquired the Road Builder Group ("RBH"), its nearest competitor, to augment its position as one of the country's biggest builders. In addition to bolstering its construction order book, property land bank and infrastructure portfolio, the enlarged Group enabled IJM to attain considerable synergistic benefits, greater local prominence as well as attain a more sizeable balance sheet to bid for larger jobs and facilitate its expansion into overseas markets. IJM Land Berhad is one of the largest property developers in Malaysia with townships, commercial buildings and high-rise condominiums under development in key growth areas throughout the country. IJM has also undertaken ventures overseas in the past such as in Orlando USA, Singapore and Australia. Initially supporting in-house needs, the Group's Industry Division quickly grew its operations into scale-able core activities focused on catering to demand from outside the Group. IJM continued to expand on its operations in this division with strategic acquisitions such as the takeover of Industrial Concrete Products Berhad in 2004 and market diversifications into China, India and Pakistan. Amongst the Group's present investments in major overseas infrastructure projects are the Western Access Tollway in Argentina, five tolled highways and the Gautami power plant in India, and the Binh An water treatment concession in Vietnam. In Malaysia, the Group owns and operates three highways and port concessions from the RBH merger. The Group had previously invested in and sold several infrastructure assets in China. The Group also ventured into oil palm plantations in 1985 as a source of steady income to cushion the cyclical nature of its core construction business. It is currently expanding its plantation operations into Indonesia. When IJM went public in 1986, it had a market capitalisation of RM66 million and total assets of RM172 million. The Group's market capitalisation stood at RM9.83 billion as of 30 June 2014 and total assets stood at RM18.4 billion as of 31 March 2014. Company history I → IGB Construction Sdn Bhd was incorporated in 1981 J → Jurutama Sdn Bhd was incorporated in 1970 as Soon Tat Construction Sdn Bhd M → Mudajaya Construction Sdn Bhd was incorporated in 1965 as Chye Hin Construction Co Ltd. In 1997, the name was changed to Mudajaya Corporation Berhad (a construction company of Mudajaya Group Berhad) In 1982, in a friendly takeover, IGB Corporation Bhd acquired all the shares in Jurutama and Mudajaya. Following this acquisition, Solidstate Sdn Bhd was incorporated (1983) and, in 1984, the name was changed to IJM Engineering and Construction Sdn Bhd. IGB then transferred all its equity interests in Jurutama and Mudajaya together with that of IGB Construction in exchange for shares in this newly incorporated company. IJM had thus become IGB's holding company for its construction interests. In 1986, IJM turned public. An application made for its shares to be listed on the Bursa Malaysia Securities Berhad was subsequently obtained in September 1986. To better reflect the Group's diversified nature of activities, the present logo and a new name, IJM Corporation Berhad, was adopted in 1989. Subsidiaries Construction IJM Construction Sdn Bhd Road Builder (M) Sdn Bhd Jurutama Sdn Bhd Commerce House Sdn Bhd GR Commerce Sdn Bhd IJM (India) Geotechniques Private Limited IJM (India) Infrastructure Limited IJM Building Systems Sdn Bhd IJM Construction (Middle East) Limited Liability Company IJM Construction International Limited Liability Company Insitu Envirotech (M) Sdn Bhd Insitu Envirotech (S.E. Asia) Pte Ltd Insitu Envirotech Pte Ltd Nilai Cipta Sdn Bhd Prebore Piling & Engineering Sdn Bhd Properties IJM Land Berhad IJM Properties Sdn Bhd IJM RE Sdn Bhd Aqua Aspect Sdn Bhd Aras Varia Sdn Bhd Bukit Bendera Resort Sdn Bhd Casa Warna Sdn Bhd Chen Yu Land Sdn Bhd Delta Awana Sdn Bhd Dian Warna Sdn Bhd Emko Management Services Sdn Bhd Emko Properties Sdn Bhd ERMS Berhad IJM Australia Pty Limited IJM Lingamaneni Township Private Limited IJM Management Services Sdn Bhd Liberty Heritage (M) Sdn Bhd Manda’rina (M) Sdn Bhd NPE Property Development Sdn Bhd NS Central Market Sdn Bhd Pilihan Alam Jaya Sdn Bhd RB Development Sdn Bhd RB Land Sdn Bhd RB Property Management Sdn Bhd Seremban Two Holdings Sdn Bhd Seremban Two Landscape Sdn Bhd Seremban Two Properties Sdn Bhd Seremban Two Property Management Sdn Bhd Serenity Ace Sdn Bhd Shah Alam 2 Sdn Bhd Sinaran Intisari (M) Sdn Bhd Suria Bistari Development Sdn Bhd Swarnandhra-IJMII Integrated Township Development Company Private Limited Titian Tegas Sdn Bhd Unggul Senja Sdn Bhd Worldwide Ventures Sdn Bhd Industries Industrial Concrete Products Sdn Bhd Malaysian Rock Products Sdn Bhd Aggregate Marketing Sdn Bhd Azam Ekuiti Sdn Bhd Concrete Mould Engineering Sdn Bhd Durabon Sdn Bhd Expedient Resources Sdn Bhd Global Rock Marketing Sdn Bhd ICP Investment (L) Limited ICP Jiangmen Co. Ltd ICP Marketing Sdn Bhd ICPB (Mauritius) Limited IJM Concrete Products Pakistan (Private) Ltd IJM Concrete Products Private Limited Kamad Quarry Sdn Bhd Kemena Industries Sdn Bhd Kuang Rock Products Sdn Bhd Oriental Empire Sdn Bhd Scaffold Master Sdn Bhd Strong Mixed Concrete Sdn Bhd Tadmansori Rubber Industries Sdn Bhd Ubon Steel Sdn Bhd Plantations IJM Plantations Berhad Akrab Perkasa Sdn Bhd Ampas Maju Sdn Bhd Berakan Maju Sdn Bhd Desa Talisai Palm Oil Mill Sdn Bhd Desa Talisai Sdn Bhd Cahaya Adil Sdn Bhd Firdana Corporation Sdn Bhd Gerbang Selasih Sdn Bhd Excellent Challenger (M) Sdn Bhd Gapas Mewah Sdn Bhd Golden Grip Sdn Bhd Gunaria Sdn Bhd IJM Agri Services Sdn Bhd IJM Edible Oils Sdn Bhd Kulim Mewah Sdn Bhd Laserline Sdn Bhd Minat Teguh Sdn Bhd Rakanan Jaya Sdn Bhd Rantajasa Sdn Bhd Ratus Sempurna Sdn Bhd RB Plantations Sdn Bhd Sabang Mills Sdn Bhd Sijas Plantations Sdn Bhd Sri Kilau Sdn Bhd Infrastructure Toll operators Besraya Sdn Bhd ( Sungai Besi Expressway) New Pantai Expressway Sdn Bhd ( New Pantai Expressway) Lebuhraya Kajang-Seremban Sdn Bhd ( Kajang–Seremban Highway) Jaipur – Mahua Tollway Private Limited RB Highway Services Sdn Bhd Rewa Tollway Private Limited Roadstar (India) Infrastructure Private Limited Sukma Samudra Sdn Bhd Swarnandhra Road Care Private Limited Port operators Konsortium Pelabuhan Kemaman Sdn Bhd (Kemaman Port) Kuantan Port Consortium Sdn Bhd (Kuantan Port) KP Port Services Sdn Bhd Others Essmarine Terminal Sdn Bhd IEMCEE Infra (Mauritius) Limited IJM International Limited IJM Investments (L) Ltd IJM Investments (M) Limited IJM Overseas Ventures Sdn Bhd IJM Rajasthan (Mauritius) Limited IJM Rewa (Mauritius) Limited IJM Trichy (Mauritius) Limited IJMII (Mauritius) Limited
Stadium subsidy	[ "Social programs", "Subsidies", "Sports venues", "Stadiums", "Sports business", "Government finances", "Politics and sports" ]	4,552	49,793	A stadium subsidy is a type of government subsidy given to professional sports franchises to help finance the construction or renovation of a sports venue. Stadium subsidies can come in the form of tax-free municipal bonds, cash payments, long-term tax exemptions, infrastructure improvements, and operating cost subsidies. Funding for stadium subsidies can come from all levels of government and remains controversial among legislators and citizens. Surveys of economists show a significant majority of them support eliminating public subsidies for professional sports franchises. According to economists, state and local subsidies to build stadiums for professional sports teams are unlikely to result in economic benefits that exceed the costs to taxpayers. Stadium subsidies have distributional effects, primarily benefitting wealthy owners, players and other staff of sports franchises while imposing costs on the public. Stadium subsidies are widely criticized for using taxpayer funds to benefit franchise owners, who are often billionaires, to the detriment of public schools and infrastructure. In the United States Prior to the 1950s, stadium subsidies were essentially unheard of, with funding for professional sports stadiums coming from private sources. In 1951, MLB commissioner Ford Frick decided that league teams were bringing large amounts of revenue to their host cities from which owners weren't able to profit. He announced that cities would need to start supporting their teams by building and maintaining venues through public subsidy. Most new or renovated professional sports stadiums are financed at least partly through stadium subsidies. While Frick may have been a catalyst, this change has been primarily caused by the increase in bargaining power of professional sports teams at the expense of their host cities. Many studies suggest that there are a number of direct and indirect economic benefits associated with hosting a professional sports team, although each city experiences this to a different degree. Even so, a 2017 survey found that "83% of economists polled believed that a subsidy's cost to the public outweighed the economic benefits". The economics behind issuing billions of dollars to professional athletic organizations are still unclear, but cities have clearly showed that they are willing to assume the bets, as both the number of subsidies issued and the amount of money issued per subsidy have increased. 27 of the 30 stadiums built between 1953 and 1970 received more than $450 million in total public funding for construction. During this period, publicly funding a stadium grew in popularity as an effective incentive to attract professional sports teams to up and coming cities. Famous examples include the Brooklyn Dodgers leaving New York in exchange for 300 acres in Chavez Ravine and the New York Giants moving to San Francisco for what would eventually become Candlestick Park. Over time, a market for subsidies has come into existence. Sports teams have realized their ability to relocate at lower and lower costs to their private contributors. Because local governments feel that keeping their sports teams around is critical to the success of their cities, they comply and grant teams subsidies. This creates a market for subsidies, where professional athletic organizations can shop between cities to see which municipality will provide them with the most resources. Teams in the NFL have a major incentive to keep their stadium up to date, as the NFL allows teams to bid to host the Super Bowl and takes recent and planned renovations into account. Many NFL teams in recent years have asked for subsidies for the construction of entirely new stadiums, like the Atlanta Falcons, who were subsequently awarded the contract for Super Bowl LIII. In Europe Public subsidies for major league sports stadiums and arenas are far less common in Europe than in the United States. The relationship between the local clubs and the cities that host them is typically much stronger than in the United States, with the team being more intrinsic to the cities' identity. Cities would be significantly more upset at the departure of their beloved local teams, and viable alternative cities already have their own clubs to whom their residents are loyal. As a result, the leagues in Europe have significantly less bargaining power, and that the stadiums are largely privately funded instead. They will not threaten to relocate to another city if not provided with a subsidy, or at the very least the threat would not be credible. Other factors to consider regarding the differences in the use of public subsidies for stadiums in North America and in Europe are both the differences in how the leagues are organized in their respective continents as well as the internal geographical differences between the United States and European countries. In North America, franchises operate inside of a closed league, in which the leagues have a fixed, maximum number of teams (e.g., 32 teams at maximum) for the sake of scheduling. This monopolistic structure, coupled with the large geographic size of both the United States and Canada, has resulted in a considerable imbalance between the number of teams in the four main North American sports leagues and the number of eligible major cities and/or metropolitan areas in the United States and Canada who desire and/or can sustain such teams. This disparity affords franchise owners significant bargaining power, as they have a considerable market of urban areas to which they could consider relocating their teams and request subsidies for new stadiums if their team's current host cities are unwilling or unable to do so. By contrast, European sports leagues generally use a league system and promotion and relegation, in which sports clubs from various cities can be promoted to higher leagues based on their performance in the completed season. This inclusive approach, coupled with the fact that most of the large cities in European countries would have their own clubs, deprives club owners in Europe of the effectiveness in the threats of relocating their clubs to other cities if their current city fails to provide subsidies for new stadiums. Types of Subsidies There are two primary ways that a city facilitates the construction of a stadium. The first, and most commonly used method, is a direct subsidy. This involves a city promising a certain amount of revenue to go towards the construction, maintenance, and renovation of a stadium. Other times, the city will give tax breaks to teams or stadium owners in lieu of a direct cash transfer. Over a period of time, a reduction in the taxes paid against the stadium generally saves the organization building the stadium around the same amount as a subsidy would be worth. In the US, annual subsidies provided by states for the construction of stadiums range into billions of dollars. A 2005 study of all sports stadiums and facilities in use by the four major leagues from 1990 to 2001 calculated a total public subsidy of approximately $17 billion, or approx. $24 billion in 2018 dollars. The average annual subsidy during that period was $1.6 billion ($2.2 billion in 2018 dollars) for all 99 facilities included in the study, with an average of $16.2 million ($22.8 million in 2018 dollars) per facility annually. A 2012 Bloomberg analysis estimates that tax exemptions annually cost the U.S. Treasury $146 million. +Professional American Sports Stadium FundingTeams using stadiums that have not received taxpayer subsidies: Teams using taxpayer-subsidized stadiums: NBA NFLMLBNHL Sources: Benefits In granting stadium subsidies, governments claim that the new or improved stadiums will have positive externalities for the city. Proponents tout improvements to the local economy as the primary benefits. Economists who debate the issue have separated the effects on a local economy into direct and indirect effects. Direct benefits are those that exist as a result of the "rent, concessions, parking, advertising, suite rental, and other preferred seating rental", and direct expenses come from "wages and related expenses, utilities, repairs and maintenance, insurance," and the costs of building the facilities. Generally, these benefits vary widely. The Baltimore Orioles, for example, estimate that each game they host brings $3 million in economic benefits to the city. Over the course of an entire baseball season, the Orioles will have 81 home games, a benefit of $243 million a season. For NFL teams, there are only 8 home games a season; even so, over the lifetime of a stadium, between 20 and 30 years, the accumulated benefit is still substantial, which is the argument teams make to municipalities when they request the subsidy. Supporters further argue that the stadiums attract tourism and businesses that lead to further spending and job creation, representing indirect benefits. All of the increased spending causes a local multiplier effect that leads to more spending and job creation and eventually finances the subsidy through increased tax revenues from ticket and concessions sales, improved property values and more spending nearby the stadium. In some cases, there has been an observed reduction in crime during a game, although the aggregate effect of professional sports on crime is disputable. Additionally, there has recently been research that suggests that home games generate what is called a "sunny day benefit". There is a measurable drop in local spending that occurs within a city on a rainy day, but with a professional sports team playing a game, spending increases significantly. Jordan Rappaport, an economist at the Federal Reserve Bank of Kansas City, estimates that this benefit is between $14 and $24 million a year, which can be compounded over the life of a stadium. Advocates for stadium subsidies also claim less quantifiable positive externalities, such as civic pride and fan identification, so that hosting a major sports team becomes something of a public good. Local sports fans enjoy the benefit even if they do not pay for it. When a city conducts a calculation to assess what they are willing to pay for a subsidy, they use an economic model that attempts to quantify the various social benefits for each dollar invested. This is done through a social marginal benefit evaluation, which takes the sums of all of the private benefits that result from investing, intended or not. Economists consider all the economic effects of having a professional athletic team in a city, like the "sunny day" benefit, job creation, civic pride, increased tourism, decreases/increases in crime rates, etc. The social marginal cost is equal to the sum of the private marginal benefits. The marginal cost is known only by the government, who deliberates with franchises to decide how much bringing a team to their city will cost. Many criticisms exist regarding the use of stadium subsidies. First, critics argue that new stadiums generate little to no new spending (consumption). Instead, what fans spend in and around the stadium are substitutes for what they would otherwise spend on different entertainment options. Thus, this argument contends, new stadiums do not cause economic growth or lead to increased aggregate income. In fact, this suggests that money being substituted towards concessions, tickets, and merchandise actively harms the economy surrounding a stadium. For example, the Little Caesars Arena in Detroit, Michigan, was subsidized by a bond issue, diverting taxes paid by local businesses into stadium construction. Annually, an estimated $15 million in taxpayer funds earmarked for public schools are used to subsidize the stadium. Another criticism of stadium subsidies is that much of the money the new stadiums bring in does not stay in the local economy. Instead of going to stadium employees and other sources that would benefit the local community, a lot of the money goes toward paying the organizations. Those payments come from either the state or city government, where spending normally goes towards social welfare programs or salaries for government employees. It has been argued that the opportunity cost of a subsidy for a sports team is far greater than the benefit, since the billions of dollars that are spent on a stadium could be better spent on schools, firehouses, public transportation, or police departments. Critics also argue that the construction of new stadiums could cause citizens and businesses to leave a city because of eminent domain issues. If a city is forced to take land from its citizens to build a new stadium, those who have lost land could become angry enough to leave the city. If they are business owners, then they will likely take their businesses with them. These trade-offs are a part of the marginal cost calculation the city does. Much like the social marginal benefit calculation the city performed to find what benefits teams brought to the city, the social marginal cost calculation sums up all of the unintended negative effects from a particular spending plan. A review of the empirical literature assessing the effects of subsidies for professional sports franchises and facilities reveals that most evidence goes against sports subsidies. Specifically, subsidies cannot be justified on the grounds of local economic development, income growth or job creation. See also Corporate welfare Crony capitalism Professional sports Public finance Stadium
Danièle Nouy	[ "1950 births", "Businesspeople from Rennes", "Living people", "20th-century French businesswomen", "20th-century French businesspeople", "Nationality missing", "Officers of the Ordre national du Mérite", "Officers of the Legion of Honour", "21st-century French businesswomen", "21st-century French businesspeople" ]	458	5,233	Danièle Nouy is a French public servant who served as Chair of the Supervisory Board at the European Central Bank from 1 January 2014 to 31 December 2018. She was regarded as the effective head of European Banking Supervision. Early life and education Nouy grew up in Brittany. She studied political science at Sciences Po and holds a Bachelor's Degree in Law from Assas University. She came second at the nationwide Banque de France exam. Career Nouy worked at Banque de France from 1976 to 1996. She later served as secretary general of the French Prudential Supervision and Resolution Authority from 9 March 2010 to 31 December 2013. As head of the ECB Supervisory Board, Nouy later oversaw the implementation of European Banking Supervision. For her nomination, Mario Draghi, president of the European Central Bank, declared, “The appointment of the Supervisory Board Chair marks an important milestone as the ECB establishes a single supervisory mechanism for banks in the euro area. Mrs. Nouy brings almost 40 years of experience in banking supervision. Her appointment will allow the Supervisory Board to take up its work soon and put in place all organisational requirements to assume our supervisory responsibilities starting on 4 November 2014.” Other activities European Investment Bank (EIB), Member of the Appointment Advisory Committee
Mezzanine capital	[ "Bonds (finance)", "Corporate finance", "Debt", "Private equity" ]	1,083	8,003	Mezzanine capital is a type of financing that sits between senior debt and equity in a company's capital structure. It is typically used to fund growth, acquisitions, or buyouts. Technically, mezzanine capital can be either a debt or equity instrument with a repayment priority between senior debt and common stock equity. Mezzanine debt is subordinated debt that represents a claim on a company's assets which is senior only to that of the common shares and usually unsecured. Redeemable preferred stock equity, with warrants or conversion rights, is also a type of mezzanine financing. Mezzanine capital is often a more expensive financing source for a company than secured debt or senior debt. The higher cost of capital associated with mezzanine financings is the result of it being an unsecured, subordinated (or junior) obligation in a company's capital structure (i.e., in the event of default, the mezzanine financing is only repaid after all senior obligations have been satisfied). Additionally, mezzanine financings, which are usually private placements, are often used by smaller companies and may involve greater overall levels of leverage than issues in the high-yield market; they thus involve additional risk. In compensation for the increased risk, mezzanine debt holders require a higher return for their investment than secured or more senior lenders. Structure Mezzanine financings can be completed through a variety of different structures based on the specific objectives of the transaction and the existing capital structure in place at the company. The basic forms used in most mezzanine financings are subordinated notes and preferred stock. Mezzanine lenders, typically specialist mezzanine investment funds, look for a certain rate of return which can come from securities made up of any of the following or a combination thereof: Cash interest: A periodic payment of cash based on a percentage of the outstanding balance of the mezzanine financing. The interest rate can be either fixed throughout the term of the loan or can fluctuate (i.e., float) along with LIBOR or other base rates. PIK interest: Payable in kind interest is a periodic form of payment in which the interest payment is not paid in cash but rather by increasing the principal amount by the amount of the interest (e.g., a $100 million bond with an 8% PIK interest rate will have a balance of $108 million at the end of the period, but will not pay any cash interest). Ownership: Along with the typical interest payment associated with debt, mezzanine capital will often include an equity stake in the form of attached warrants or a conversion feature similar to that of a convertible bond. The ownership component in mezzanine securities is almost always accompanied by either cash interest or PIK interest, and, in many cases, by both. Mezzanine lenders will also often charge an arrangement fee, payable upfront at the closing of the transaction. Arrangement fees contribute the least return, and their purposes are primarily to cover administrative costs or as an incentive to complete the transaction. The following are illustrative examples of mezzanine financings: $100 million of senior subordinated notes with warrants (10% cash interest, 3% PIK interest and warrants representing 4% of the fully diluted ownership of the company) $50 million of redeemable preferred stock with warrants (0% cash interest, 14% PIK interest and warrants representing 6% of the fully diluted ownership of the company) In structuring a mezzanine security, the company and lender work together to avoid burdening the borrower with the full interest cost of such a loan. Because mezzanine lenders will seek a return of 14% to 20%, this return must be achieved through means other than simple cash interest payments. As a result, by using equity ownership and PIK interest, the mezzanine lender effectively defers its compensation until the due date of the security or a change of control of the company. Mezzanine financings can be made at either the operating company level or at the level of a holding company (also known as structural subordination). In a holding company structure, as there are no operations and hence no cash flows, the structural subordination of the security and the reliance on cash dividends from the operating company introduces additional risk and typically higher cost. Uses Leveraged buyouts In leveraged buyouts, mezzanine capital is used in conjunction with other securities to fund the purchase price of the company being acquired. Typically, mezzanine capital will be used to fill a financing gap between less expensive forms of financing (e.g., senior loans, second lien loan, high yield financings) and equity. Often, a financial sponsor will exhaust other sources of capital before turning to mezzanine capital. Financial sponsors will seek to use mezzanine capital in a leveraged buyout in order to reduce the amount of the capital invested by the private equity firm; because mezzanine lenders typically have a lower target cost of capital than the private equity investor, using mezzanine capital can potentially enhance the private equity firm's investment returns. Additionally, middle market companies may be unable to access the high yield market due to high minimum size requirements, creating a need for flexible, private mezzanine capital. Real estate finance In real estate finance, mezzanine loans are often used by developers to secure supplementary financing for development projects (typically in cases where the primary mortgage or construction loan equity requirements are larger than 10%). These sorts of mezzanine loans are often secured by a second ranking real property mortgage (that is, ranking subordinate to the first mortgage lenders). Standard mortgage foreclosure proceedings can take more than a year, depending upon the relationship between the first mortgage lenders and the mezzanine debt lender, governed by an Intercreditor Deed. See also Growth capital History of private equity and venture capital Hybrid security Private equity Private equity secondary market
Doug Green (Louisiana politician)	[ "1950s births", "Living people", "Businesspeople from Louisiana", "Politicians from Baton Rouge, Louisiana", "Louisiana insurance commissioners", "Louisiana Democrats", "Politicians convicted of extortion under color of official right", "Politicians convicted of mail and wire fraud", "American people convicted of money laundering", "American politicians convicted of bribery", "Louisiana politicians convicted of crimes", "Year of birth missing (living people)" ]	965	10,115	Douglas D. Green, known as Doug Green (born c. 1950), is the former Louisiana insurance commissioner who held the office from 1988 to 1991, when he received a 25-year federal sentence for taking $2 million in illegal campaign contributions from owners of insurance companies doing business with the state. Green's predecessor and fellow Democrat Sherman A. Bernard, whom he unseated in the 1987 nonpartisan blanket primary, pleaded guilty to extorting bribes disguised as campaign contributions and served forty-one months during the middle 1990s in a federal prison in Alabama. Election in 1987 The 37-year-old Green, a candidate previously unknown, was described by one publication as having "looked like the boy next door". Green nevertheless upset Bernard in the 1987 primary, 773,026 votes (55.3 percent) to 456,539 (32.6 percent). Green had run on a platform calling for reform in the department - he even called himself "Mr. Clean". Trial in 1991 However, Green was subsequently heavily implicated in the Champion insurance scandal and received a far greater sentence than had Bernard for similar offenses but involving much less money. Champion wrote high-risk automobile policies for premium coverage at a lower price than was offered by its competition. In exchange for regulatory favors, Champion made more than $2 million in campaign contributions to Green. The failed Champion company left $150 million in unpaid claims covered by taxpayers. Unwilling to admit wrongdoing and to accept a plea bargain, Green was convicted of the charges against him and had to resign his office before the end of his term. Specifically, Green was found guilty on March 13, 1991, of twenty-eight counts of conspiracy and mail fraud and two counts of laundering campaign loans. He was first suspended without pay, and Governor Buddy Roemer appointed an acting commissioner pending the regular November election. United States District Judge for the Eastern District of Louisiana George Arceneaux, of Houma ordered Green to serve the maximum under federal guidelines: twenty-eight concurrent five-year terms on the conspiracy/mail fraud and two concurrent 20-year terms for money laundering. A jury determined that Green conspired with John and Naaman Eicher of the Champion Insurance Company, his largest campaign donors, to keep the failing company intact. According to prosecution evidence, Green received $2.7 million in bribes. Imprisonment, 1991-2003 Green reported to prison on August 1, 1991. In June 1992, he lost his appeal to the United States Court of Appeals for the Fifth Circuit in New Orleans. The appellate judges noted that Green had been paid $2,000 per month to "run for office" and was provided with a fashion consultant. The Eichers also gave funds to hire Green's brother as his driver and pay for an apartment. Green's attorney was the court-appointed counsel, former State Representative Risley C. Triche of Napoleonville. After serving almost half of the 25-year sentence at the U.S. prison in Pensacola, Florida, Green was released on September 17, 2003. Comeback Sherman Bernard attempted a comeback in October 1991 but was defeated in the primary. Victory ultimately went to James H. "Jim" Brown, the former Louisiana Secretary of State and state senator from Concordia Parish, who won the general election over the Republican Peggy Wilson, a member of the New Orleans City Council. Brown later had his own legal troubles and was forced to vacate the office in 2000.
Open Road Films	[ "2011 establishments in California", "2017 mergers and acquisitions", "2019 mergers and acquisitions", "American companies established in 2011", "AMC Theatres", "Companies based in Los Angeles", "Companies that filed for Chapter 11 bankruptcy in 2018", "Entertainment companies based in California", "Film distributors of the United States", "Film production companies of the United States", "Former joint ventures", "Mass media companies established in 2011", "Regal Entertainment Group" ]	2,783	27,191	Open Road Films, LLC (formerly known briefly as Global Road Entertainment) was an American independent film production and distribution company based in Los Angeles, California. It was founded by Tom Ortenberg on March 26, 2011, as a joint venture between the two largest American theatrical exhibitors, AMC Theatres and Regal Entertainment Group, which both owned the company until it was bought out by Tang Media Partners, a media company owned by Donald Tang, in August 2017. After Tang's purchase, both companies Open Road and IM Global merged and formed "Global Road Entertainment". In September 2018, Open Road declared Chapter 11 bankruptcy. The bankruptcy did not affect TMP, IM Global or IM Global TV. On November 6, 2018, Open Road agreed to be purchased by Raven Capital Management. Raven completed its acquisition in February 2019. Company history Open Road Films (first incarnation) In March 2011, rival theater chains AMC Entertainment and Regal Entertainment Group announced the hiring of Tom Ortenberg as chief executive officer of a new company, Open Road Films. Ortenberg, previously an executive of Lionsgate Films and The Weinstein Company, filled out his executive team with the April 2011 hirings of Jason Cassidy (president of marketing), Elliott Kleinberg (General Counsel and executive vice president of operations and business affairs), Steven Andriuzzo (chief financial officer), and Ben Cotner (senior vice president of acquisitions). Open Road's titles are distributed in the home entertainment market by Universal Pictures Home Entertainment (UPHE), a deal that was signed in June 2011. In June 2011, a few months after it started operations, Open Road Films signed a pay-TV deal with Netflix, which expired in 2016. After Showtime expires in 2020, Netflix re-added Open Road movies in 2020. The studio released its first film, Killer Elite, on September 23, 2011, directed by Gary McKendry and starring Jason Statham, Clive Owen and Robert De Niro. Open Road's 2015 film Spotlight received six Academy Award nominations and became the surprise winner for Best Picture at the 88th Academy Awards, also winning for Best Original Screenplay. These were the first Oscar wins for the company. Despite these wins, Spotlight was the subject of controversy including some criticism from an author of The New York Times calling it, "a misrepresentation of how the Church dealt with sexual abuse cases", arguing that the movie's biggest flaw was its failure to portray psychologists who had assured Church officials that abusive priests could be safely returned to ministry after undergoing therapy treatments. The film's false portrayal of Jack Dunn, the public relations head and a member of the board at Boston College High School, as a member of the Boston Archdiocesan cover-up (for which the dialogue itself was mythologised) also received criticism. In October 2013, the studio signed a pay-TV deal with Showtime that began in 2017 and expires in 2020. Open Road and UPHE extended its home distribution deal in February 2014 through 2017. On October 30, 2014, Open Road announced an international deal with FilmNation Entertainment. The deal would allow the company to purchase worldwide rights and FilmNation selling and servicing international distribution. Global Road Entertainment thumb\|Logo of Global Road Entertainment. Tom Ortenberg left Open Road Films and it was purchased by Tang Media Partners in August 2017. Rob Friedman joined Tang Media Partners in August 2017 as chairman and CEO of TMP Entertainment to oversee Open Road, IM Global and IM Global TV. Open Road Films merged with IM Global and formed Global Road Entertainment on October 30, 2017, with Friedman assuming the Global Road chairman and CEO posts. In 2017, the company announced plans to have a slate of approximately 15 films per year by 2020. At the European Film Market in February 2018, Global Road announced that it anticipated spending $1billion on film and television productions over the next three years, with production budgets projected to be in the $20million to $100million range. In 2018, the company made an agreement with Blumhouse Productions to co-develop and co-finance low budget Chinese language genre films. Global Road's 2018 film distribution slate includes the teen drama Midnight Sun, starring Bella Thorne and Patrick Schwarzenegger; family comedy Show Dogs, starring Will Arnett; science fiction thriller The Silence, which it acquired for US distribution; the action-thriller Hotel Artemis, starring Jodie Foster and Sterling K. Brown; science fiction family adventure A.X.L.; and animated family adventure-comedy Playmobil: Uncharted. Upcoming Global Road productions include Serenity, a neo-noir thriller starring Anne Hathaway, Matthew McConaughey, Diane Lane and directed by Steven Knight; Richard Says Goodbye aka The Professor, a comedy-drama starring Johnny Depp and directed by Wayne Roberts; the science-fiction romance Zoe, starring Ewan McGregor; and Mortal, directed by André Øvredal. The company's film I Think We're Alone Now, starring Peter Dinklage, Elle Fanning and Paul Giamatti, premiered at the 2018 Sundance Film Festival. Global Road's television arm develops scripted and non-scripted programming for both U.S. and global markets. Shows being developed include Cat's Cradle, a limited series based on the novel by Kurt Vonnegut, being written and executive produced by Noah Hawley for FX; Kilroy County, a dark comedy from Alexander Payne and Jim Taylor being developed for Showtime; Jenji Kohan's Lifetime drama American Princess; Muscle Shoals, a drama in development at ABC with Johnny Depp as executive producer; the eight-part crime drama Cold Courage, based on the novels by Pekka Hiltunen; Fried Chicken and Latkes, an adaptation of Rain Pryor's one-woman comedy show; Jett, a crime drama starring and executive produced by Carla Gugino for Cinemax; the reality cooking competition Fridge Wars for Canada's CBC network; and global rights to Idiotest, based on the Game Show Network quiz show. In January 2018, Global Road signed a development deal with Reginald Hudlin and Byron Phillips through their company New Nation Networks, under which Hudlin and Phillips would develop and produce original content for Global Road. Later that month, the company signed a first-look television deal with Adam Shankman and Jennifer Gibgot's production company Offspring Entertainment; projects announced under this deal include Wolfgang, based on the life of Wolfgang Amadeus Mozart, and an untitled comedy from husband-and-wife actor-producers Carlos and Alexa PenaVega. Around the same time, Global Road also announced co-development deals with French production company Newen and the Ukrainian Film.UA Group. Financing issues Global Road's film unit was taken over by its primary lenders, Bank of America and East West Bank, in August 2018 as Donald Tang had not raised enough funds for Global Road. Lenders did have Global Road release A.X.L. while stopping the release of City of Lies, slated for September 7, 2018. With A.X.L. not doing well at the box office, the company was forced to lay off employees without severance, a requirement of the lenders. The company was also looking to sell a number of its upcoming films, Paws of Fury: The Legend of Hank, City of Lies, The Silence, Duck Duck Goose, Arctic Justice and Playmobil The Movie; it was also "backing out of" development for The Secret Garden. The company was also sued along with TV rights distributor Miramax by lender Bank Leumi over loans for City of Lies. On September 6, 2018, Global Road's film unit filed for Chapter 11 bankruptcy. On October 23, 2018, Global Road filed with the court plans for an auction of its assets beginning November 7 with a stalking horse bidder selected with term of $800,000 in expenses coverage and a $2.1million outbid fee if approve by the judge. In November 2018 after lack luster auction bidding, Open Road agreed to be purchased by Raven Capital Management for $87.5million pending court approval. On December 19, 2018, a Delaware bankruptcy judge approved the purchase and the acquisition took effect on February 7, 2019. Open Road Films (second incarnation) Open Road Films indicated its comeback in June 2020 at the virtual Cannes by announcing its recapitalization by Raven and named the production company's leadership of Raven principal James Masciello with key assistance from Matt Sidari. The company also announced it was partnering with Briarcliff Entertainment, Tom Ortenberg's new company, in acquiring and releasing films starting with Honest Thief. Raven also indicated that it was a financier of Sculptor Media, whom Raven would look toward for development and production of films. Management In August 2017, Rob Friedman was named Global Road's chairman and CEO after Eric Hohl left the company. Rodolphe Buet was named president of international in October 2017, and the following month Lynn Harris was named president of worldwide production. In early 2018, Jack Pan was named president of worldwide theatrical marketing. In March 2018, the company announced several new hires to their international operations division, including Charlotte Van Weede as President of International Sales (replacing Michael Rothstein); Brad Kembel as Executive Vice President of Distribution and Operations; Melissa Martinez as Executive Vice President of International Marketing; and Sarah Genazzani as Director of International Marketing, with Executive Vice President of International Sales Tatyana Joffe extending her contract to work with the new team. Distribution library
Menu cost	[ "Business terms", "Pricing", "New Keynesian economics" ]	2,672	20,862	In economics, the menu cost is a cost that a firm incurs due to changing its prices. It is one microeconomic explanation of the price-stickiness of the macroeconomy put by New Keynesian economists. The term originated from the cost when restaurants print new menus to change the prices of items. However economists have extended its meaning to include the costs of changing prices more generally. Menu costs can be broadly classed into costs associated with informing the consumer, the cost of planning for and deciding on a price change, and the impact of consumers' potential reluctance to buy at the new price. Examples of menu costs include updating computer systems, re-tagging items, changing signage, printing new menus, mistake costs and hiring consultants to develop new pricing strategies. At the same time, companies can reduce menu costs by developing intelligent pricing strategies, thereby reducing the need for changes. Menu costs and nominal rigidity Menu costs are the costs incurred by the business when it changes the prices it offers customers. A typical example is a restaurant that has to reprint the new menu when it needs to change the prices of its in-store goods. So, menu costs are one factor that can contribute to nominal rigidity. Firms are faced with the decision to alter prices frequently as a result of changes in the general price level, product costs, market structure, regulation and demand level. Despite frequent market changes, businesses may be hesitant to update prices to reflect these changes due to menu costs. If the menu cost outweighs the expected increase in revenue associated with the price change firms would prefer to exist in disequilibrium and stay at the original price level. When the nominal price level remains constant despite market change is said that there is nominal rigidity or price stickiness in the market. For example, a restaurant should not change its prices until the price change generates enough additional revenue to cover the cost of printing a new menu. Thus, menu costs can create considerable nominal rigidity in other industries or markets, essentially amplifying their impact on the entire industry through a chain reaction of suppliers and distributors. History The concept of the menu cost has originally introduced by Eytan Sheshinski and Yoram Weiss (1977) in their paper looking at the effect of inflation on the frequency of price changes. Sheshink and Weiss concluded that even fully anticipated inflation results in an actual menu cost for the business. They suggested that businesses will change prices in discrete jumps rather than continual changes when in an inflationary environment. This justifies the fixed costs of changing prices when revenues are expected to increase. The idea of applying menu costs as an aspect of Nominal Price Rigidity was simultaneously put forward by several New Keynesian economists in 1985–1986. In 1985, Gregory Mankiw concluded that even small menu costs create inefficient price adjustment and push equilibrium below the point which is socially optimal. He further suggested that the subsequent loss of welfare far exceeds the menu cost that causes it. Michael Parkin also put forward the idea. George Akerlof and Janet Yellen put forward the idea that due to bounded rationality firms will not want to change their price unless the benefit is more than a small amount. This bounded rationality leads to inertia in nominal prices and wages which can lead to output fluctuating at constant nominal prices and wages. The menu cost idea was also extended to wages as well as prices by Olivier Blanchard and Nobuhiro Kiyotaki. The new Keynesian explanation of price stickiness relied on introducing imperfect competition with price (and wage) setting agents. This started a shift in macroeconomics away from using the model of perfect competition with price taking agents to use imperfectly competitive equilibria with price and wage setting agents (mostly adopting monopolistic competition). Huw Dixon and Claus Hansen showed that even if menu costs were applied to a small sector of the economy, this would influence the rest of the economy and lead to prices in the rest of the economy becoming less responsive to changes in demand. In 2007, Mikhail Golosov and Robert Lucas found that the size of the menu cost needed to match the micro-data of price adjustment inside an otherwise standard business cycle model is implausibly large to justify the menu-cost argument. The reason is that such models lack "real rigidity". This is a property that markups do not get squeezed by large adjustment in factor prices (such as wages) that could occur in response to the monetary shock. Modern New Keynesian models address this issue by assuming that the labor market is segmented, so that the expansion in employment by a given firm does not lead to lower profits for the other firms. Magnitude of menu costs When a company's menu costs a lot in economic markets, the price adjustment is usually major. The company would not engage in price adjustment if profit margins start to fall to the point where menu costs lead to more revenue losses. The type of company and the technology used determine factors that change prices and costs. For example, it may be necessary to reprint the latest menu, contact the distributor, to change the price list and the prices of items on the shelf. Menu costs in some industries may be small, but the scale may influence business decisions about whether to reprice. A 1997 study published by Harvard College and MIT used data from 5 multistore supermarket chains to investigate the magnitude of menu costs. They considered the cost of: Labour to change shelf prices Printing and delivering new labels Mistakes during the changeover process Supervision during the changeover process Results of the study showed that the menu cost was on average $105,887 per year, per store. This figure comprised 0.7% of revenue, 32.5% of net margins and $0.52/price change. Subsequently in order for updating prices to be beneficial the profitability of an item needed to decrease by more than 32.5%. The study concluded that menu costs have a magnitude large enough to be of macroeconomic significance. Factors influencing menu costs Pricing regulation Pricing and regulatory requirements such as requiring individual price stickers on each item can increase menu costs by increasing the time needed to update prices in stores physically. The study summarised above, which detailed the magnitude of menu costs in multistore supermarkets, also investigated the impact of pricing laws that required individual price tags to be placed on items. The study found that menu costs were 2.5 times higher for the store impacted by the local pricing requirements. Further, firms not subject to the requirements were found to change the prices of 15.6% of products every week compared to 6.3% of products in the chain subject to the laws. Number of product variants A 2015 study published by the MIT Press, used data from a national retailer operating a large number of stores selling groceries, health and beauty products to investigate the impact of that the number of product variants has on the frequency of price change. The study concluded that cost increases led to price increases on 71.2% of occasions for products with a single variant compared to 59.8% of the time where there were seven or more variants. This result was linked with the increased price stickiness associated with the additional cost of labour required to change the price of multiple items. A shift to e-commerce has seen a decrease in menu costs. A study on the price setting of Amazon Fresh (an online grocery store) found that product prices of the online retailer are less rigid than the prices of traditional brick and mortar grocery stores. The study found that on average a product listed on Amazon Fresh had 20.4 price changes in a year and the median magnitude of these changes was 10%. The study suggests that decreased pricing rigidity could be attributable to automated pricing algorithms allowing businesses to respond in real time to market shocks. Menu costs and inflation We may intuitively think that the relationship between menu cost and inflation rate may be very simple. A key prediction of any menu cost model is that the fraction of firms that re-price in a given time interval will increase with increases in the inflation rate. And for deflation, even large disinflations have small real effects if credibly carried out. So, the higher the inflation rate, the lower the menu cost. The two may be a clear positive correlation. But the actual situation may not be the case. Mikhail Golosov et al. found in a 2007 study that the real cause of menu cost changes (i.e. menu price adjustments) comes from idiosyncratic shocks – kind of unexpected shocks. When the idiosyncratic shocks in the model are shut down, the frequency of price adjustments is roughly unchanged in high inflationary environments but it is much reduced when inflation is low. That is to say, in the context of stable high inflation, sellers will not frequently adjust menu prices. Mikhail Golosov et al. also explained the way in which idiosyncratic shocks work. Although idiosyncratic shocks may seem like a sudden change in price, their most important role is shocking to productivity or demand. That is to say, it is not simply a sudden increase in the amount of currency - therefore, the role of currency in influencing menu costs is neutral. On the other hand, even though idiosyncratic shocks cause most of the price adjustments, new prices reflect both firm-level and aggregate shocks. Thus even a small inflationary shock, one which is not sufficient to lead to a price change on its own, is quickly reflected in new prices as firms react to other shocks. To summarize, the essence of menu costs is the result of actual factors affecting the enterprise, rather than monetary factors. This is also why when discussing "Factors influencing menu costs" in the previous section of this article, only actual factors such as Pricing regulation, Number of product variables, and Industry/market are mentioned. Analysing menu cost When to use menu cost Consider a firm in a hypothetical economy, with a normally distributed graph describing the relationship between the price of its goods and the firm's corresponding profit. The firm seeks to maximise profit at the corresponding price value M. Now suppose a shock to the market shifts the profit curve to a new theoretical model. The firm must decide whether to maintain price M with a suboptimal profit level A, or adjust the price to N, which corresponds to the new maximised profit level B. Let menu cost (the cost of adjusting prices) equal Z. If Z < B − A, then the menu cost is less than the theoretical increase in profits and adjusting prices to N is economically profitable. Daily fluctuations in the economy lead to small shifts in firm structure, supply and demand affecting the profits curve. However, firms do not in turn adjust their prices constantly as Z acts as a buffer, making such small benefits economically unviable compared to the menu cost. Note that as Z approaches 0, prices will constantly adjust to match the optimal profit level from the shifting economy as there is no cost to do so. Finding menu cost Menu cost encompasses the cost of informing consumers in the form of advertising and labour involved in repricing/ repackaging, as well as information cost for accurate profit curves and quantity demanded. Z(qi, rj, sk) = A(q1, . . .,qi) + L(r1, . . .,rj) + N(s1, . . ., sk) where A, L, and N are advertising, labour and information respectively and i, j, k are integers equal to the number of variables required for each function (e.g. L(r1,r2) is the production function labour cost of repackaging using wage per hour and quantity of boxes as two variables, therefore, j = 2). Each firm will have a different set of A, L and N functions depending on their market and firm structure. It can be reported by examining the menu prices of the restaurants in detail. See also New Keynesian economics Bounded rationality Sticky (economics) Shoe leather cost Inflation
David de Stern	[ "1807 births", "1877 deaths", "19th-century German Jews", "Date of birth missing", "Viscounts of Portugal", "English bankers", "Jewish German bankers", "Businesspeople from Frankfurt", "Immigrants to the United Kingdom", "Stern family (banking)", "19th-century English businesspeople" ]	416	3,576	David Jacob de Stern, Viscount de Stern (1807 – 19 January 1877) was a German-born British banker and senior partner of the firm of Stern Brothers. Life and career Stern was born in Frankfurt am Main to the prominent Stern banking family. In 1833 he moved to London and in 1844 was joined by his brother Hermann. Together, they co-founded Stern Brothers, a financial institution based in London. Stern was a member of the Commission of Lieutenancy of the City of London, and he was a director of the Imperial Bank. In 1869, King Luís I of Portugal conferred the noble title of visconde (viscount) on him in recognition of the work of Stern's bank in floating Portuguese loans. Marriage and children Stern married Sophia Goldsmid, daughter of Aaron Asher Goldsmid, brother of Sir Isaac Goldsmid. Their son was Sydney Stern, 1st Baron Wandsworth, and their daughter Alice Theresa Lucas was a prospective Conservative Party candidate who was nearly their first woman MP. Stern died in 1877 and his wife died in 1900.
Jean Claude Mimran	[ "1945 births", "Living people", "Businesspeople in the sugar industry", "Agriculture in Senegal", "French art collectors", "French bankers", "French billionaires", "French expatriates in Switzerland", "French hoteliers", "20th-century French Sephardi Jews", "French people of Algerian descent", "French people of Corsican descent", "Lamborghini people", "People from Gstaad" ]	937	9,485	Jean Claude Mimran (born 1945) is a French businessman with extensive agricultural interests in Senegal, and banking and industrial investments. He is the president of The Mimran Group. Mimran has two brothers, Robert and Patrick. The Swiss business magazine BILANZ has listed Mimran as one of the 300 richest people in Switzerland, with a wealth of CHF 2 billion. Early life Mimran was born in 1945, one of three sons of Jacques Mimran, a Sephardic Jew from Morocco. His mother came from the French island of Corsica. Mimran joined his family's company after high school. He started working for his family's eponymous Mimran Group aged 18, later working at a sawmill and undergoing his French military service. After leaving the army he went to live in Africa and worked for his father's company. Business career Mimran's father died in 1975, and the family invested in sugarcane, which provided the basis for their future wealth. Mimran now runs the Mimran Group with his brothers. Mimran has been married twice and is the father of five children, among them his sons, Nachson and David Mimran. Mimran spends two months of every year on his yacht in the Mediterranean sea. In September 1992 Mimran and his brothers were listed by Fortune as being based in Geneva, Switzerland, and having a combined wealth of $1.5 billion. Fortune listed their wealth as having derived from "Sugar and flour production, animal feed, plastic extrusion, banking, real estate". Mimran owns 15 cars and is a collector of impressionist and post-impressionist art. In January 1981 Mimran and his brother Patrick bought the assets of the Italian automotive manufacturer Lamborghini for $3 million. Lamborghini was sold to Chrysler Corporation in 1987. Senegal Mimran has been nicknamed "The Sugar King of Africa", and through the Mimran Group, is the largest flour miller and alcohol distiller in the west African region. He also has interests in raw materials handling and shipping. The Mimran Group is based in Monaco. It is the largest employer in Senegal after the country's government. Mimran is the owner of the Compagnie Sucrière Sénégalaise (CSS) who cultivate 8,000 hectares of sugarcane in Senegal, and have more than 5,000 employees during harvest time. The operations of CSS expanded the population of the Senegalese town of Richard Toll from 2,000 to over 60,000 inhabitants. Gstaad Mimran is the majority owner of the Alpina Gstaad, a luxury hotel in Gstaad, Switzerland, that opened in December 2012. The 56-room hotel cost $336 million to build, an average cost of $5 million per room. The building of the hotel was completed without any debt, having been funded by the construction of chalets and apartments on the site. It was the first luxury hotel to open in Gstaad for 100 years. The minority partner in the hotel is a Swiss businessman, Marcel Bach. In 2005, with the British businessman and Formula One Executive Bernie Ecclestone, Mimran and Bach bought ski lifts and the rights to Glacier 3000, a nearby skiing area in Gstaad's neighbouring Les Diablerets district. Personal life Mimran has 5 children with his two wives, including sons David and Nachson. David's first wife Lucy is a former fashion model, and his second wife is the Swiss model Julie Ordon. David Mimran is a film producer and founder of Mimran Schur Pictures. He has produced a number of films including Warrior, Stone, Pawn Shop Chronicles, and others. In 2015, David Mimran became the CEO of his family's Mimran Group, and the primary stakeholder in Canada's Teranga Gold.
Chad Hurley	[ "1977 births", "American businesspeople in the online media industry", "American computer businesspeople", "American technology company founders", "Formula E people", "Google employees", "Internet pioneers", "Living people", "People from Birdsboro, Pennsylvania", "Businesspeople from Palo Alto, California", "PayPal people", "YouTube", "YouTube channels launched in 2005", "Indiana University of Pennsylvania alumni" ]	1,214	13,692	Chad Meredith Hurley (born January 24, 1977) is an American webmaster and businessman who serves as the advisor and former chief executive officer (CEO) of YouTube. He also co-founded MixBit, a since closed video sharing service. In October 2006, he and Steve Chen sold YouTube for $1.65 billion to Google. Hurley worked in eBay's PayPal division, one of his tasks involved designing the original PayPal logo, before co-founding YouTube with fellow PayPal employees Steve Chen and Jawed Karim. Hurley was primarily responsible for the tagging and video-sharing aspects of YouTube. Early life and education Hurley was born in Reading, Pennsylvania, the second child of Don and Joann Hurley, and grew up near Birdsboro, Pennsylvania. He has an older sister, Heather, and a younger brother, Brent. Since childhood, Hurley showed interest in the arts, and became interested in computers and electronic media during high school. He was a standout runner for Twin Valley High School's cross-country program, which won two of its PIAA State titles with him as a member in 1992 and 1994. He was also a member of the Technology Student Association during high school. He graduated from Twin Valley High School in 1995 and earned a BA in Fine Art from Indiana University of Pennsylvania in 1999. Career YouTube Hurley founded YouTube in 2005 with Steve Chen and Jawed Karim. On October 16, 2006, Chen and Hurley sold YouTube to Google Inc. (now Alphabet) for $1.65 billion. It was reported in The Wall Street Journal that Hurley's share was $345.6M at Google's February 7, 2007, closing stock price of $470.01. He received 694,087 Google shares directly and another 41,232 shares in a trust. YouTube's other two co-founders, Steve Chen and Jawed Karim, received 625,366 shares and 137,443 shares, respectively valued at $326.2M and $64.6M. The Journals report was based on Google's registration statement with SEC filed on February 7, 2007. Hurley resigned as CEO of YouTube in October 2010, but stated he would remain as an advisor of YouTube. Salar Kamangar was appointed to the CEO position following Hurley's resignation. MixBit In August 2013, Hurley launched another company called MixBit, which provided video editing while using smartphones. According to Steve Chen, it was Hurley's idea to turn Avos into MixBit even before the inception of YouTube. The app resembles other short-video recording smartphone apps such as Vine, Instagram and Vyclone. Its limit of recording stretches up to 256 clips, and each clip can be maximum 16 seconds long. It also features the editing tools similar to its other competitor apps. Formula One Hurley was involved as a major investor with US F1 Team, one of the new entrants in Formula One automobile racing for the 2010 season. On March 2, 2010, the team's personnel were dismissed from their duties and the team was unofficially shut down. Neither Hurley, team principal Ken Anderson nor sporting director Peter Windsor would comment on the team's failure to make it to the grid. Investments Hurley has made several investments. He is a minority owner of the NBA's Golden State Warriors and the MLS' Los Angeles Football Club. On the January 25, 2021, Hurley announced on Twitter that he had become an investor at Leeds United, the English Premier League football club. Personal life Hurley was formerly married to Kathy Clark, the daughter of Silicon Valley entrepreneur James H. Clark. They divorced in 2012. Hurley remarried in 2020 to Elise Walden.
Gloria Vanderbilt	[ "1924 births", "2019 deaths", "American socialites", "American fashion designers", "Clothing brands", "Jeans by brand", "American company founders", "American women company founders", "American women business executives", "Businesspeople from New York City", "20th-century American businesspeople", "21st-century American businesspeople", "American memoirists", "American women memoirists", "American women novelists", "Novelists from New York (state)", "20th-century American novelists", "21st-century American novelists", "21st-century American non-fiction writers", "20th-century American women writers", "21st-century American women writers", "Writers from New York City", "American television actresses", "20th-century American actresses", "21st-century American actresses", "Actresses from Manhattan", "Vanderbilt family", "20th-century American trials", "Anderson Cooper", "1970s fashion", "1980s fashion", "Art Students League of New York alumni", "Miss Porter's School alumni", "People from Nassau County, New York", "Deaths from stomach cancer in New York (state)", "Lumet family", "20th-century American businesswomen", "21st-century American businesswomen", "American people of Dutch descent", "American women fashion designers", "Burials at the Vanderbilt Family Cemetery and Mausoleum", "Socialites from New York City", "Trials in New York (state)", "Leopold Stokowski" ]	4,296	40,404	Gloria Laura Vanderbilt (February 20, 1924 – June 17, 2019) was an American artist, author, actress, fashion designer, heiress, and socialite. During the 1930s, she was the subject of a high-profile child custody trial in which her mother, Gloria Morgan Vanderbilt, and her paternal aunt, Gertrude Vanderbilt Whitney, each sought custody of her and control over her trust fund. Called the "trial of the century" by the press, the court proceedings were the subject of wide and sensational press coverage, due to the wealth and prominence of the involved parties and the scandalous evidence presented to support Whitney's claim that Gloria Morgan Vanderbilt was an unfit parent. In the 1970s, Vanderbilt launched a line of fashions, perfumes, and household goods bearing her name. She was particularly noted as an early developer of designer blue jeans. Early life Vanderbilt was born on February 20, 1924, in Manhattan, New York City, the only child of railroad heir Reginald Claypoole Vanderbilt of the Vanderbilt family and his second wife, Gloria Morgan Vanderbilt. When Vanderbilt was born, her father was heard to exclaim in delight, "It is fantastic how Vanderbilt she looks! See the corners of her eyes, how they turn up?" She was baptized in the Episcopal Church by Bishop Herbert Shipman as Gloria Laura Vanderbilt. After her father's death, she was confirmed and raised in the Catholic Church, to which her mother belonged. From her father's first marriage to Cathleen Neilson, she had one elder half-sister, Cathleen Vanderbilt. Upon their father's death from cirrhosis, when Vanderbilt was 18 months old, she and her half-sister became heiresses to a half share, each, in a $5 million trust fund, equivalent to $ million in value. The control of Vanderbilt's share, while she was a minor, belonged to her mother, who, for years, traveled to and from Paris, taking her daughter with her. They were accompanied by a beloved nanny—Emma Sullivan Kieslich, whom young Gloria had named "Dodo"—who would play a tumultuous part in the child's life, and her mother's identical twin sister, Thelma, who was the lover of the Prince of Wales (later Edward VIII), during this time. As a result of her spending habits, her mother's use of finances was scrutinized by the child's paternal aunt, Gertrude Vanderbilt Whitney. A sculptor and philanthropist, Whitney wanted custody of her niece, which resulted in a custody trial. The trial was so scandalous that at times, the judge would make everyone leave the room, so as to listen to what young Vanderbilt had to say without anyone influencing her. Some people heard weeping and wailing from inside the courtroom. Testimony was heard depicting Vanderbilt's mother as an unfit parent, including an allegation from Marie Caillot, her discharged French maid, of a lesbian affair with the Marchioness of Milford Haven, a relative of the British royal family, which Lady Milford Haven would subsequently deny in her own testimony. Vanderbilt's mother lost the battle, and Vanderbilt became the ward of her aunt Gertrude. Litigation continued, however. Vanderbilt's mother was forced to live on a drastically reduced portion of her daughter's trust, which was worth more than $4 million, at the end of 1937, equivalent to $ million in value. Visitation was also closely watched, to ensure that Vanderbilt's mother did not exert any undue influence upon her daughter with her supposedly "raucous" lifestyle. Vanderbilt was raised amidst luxury at her aunt Gertrude's mansion in Old Westbury, Long Island, surrounded by cousins her age who lived in houses circling the vast estate and in New York City. The story of the trial was told in the 1980 Barbara Goldsmith book, Little Gloria... Happy at Last, and a 1982 NBC miniseries of the same name based on it, which was nominated for six Emmy Awards and a Golden Globe Award. Actress Jennifer Dundas played Gloria. Vanderbilt attended the Greenvale School on Long Island; Miss Porter's School in Farmington, Connecticut; and then the Wheeler School in Providence, Rhode Island, as well as the Art Students League in New York City, developing the artistic talent for which she would become increasingly known during her career. When Vanderbilt came of age and took control of her trust fund, she cut her mother off entirely, though they later were reconciled. Her mother died in Los Angeles, in 1965. Theater arts From 1954 to 1963, Vanderbilt applied herself to acting. She studied acting at the Neighborhood Playhouse, with teacher Sanford Meisner, and debuted in 1954, in The Swan, staged at Pocono Playhouse in Mountainhome, Pennsylvania. In 1955, she appeared on Broadway, as Elsie, in a revival of William Saroyan's The Time of Your Life. Vanderbilt also appeared in a number of live and filmed television dramas, including Playhouse 90, Studio One in Hollywood, and The Dick Powell Show. She made an appearance in a two-part episode of The Love Boat, in 1981. Other TV programs on which she appeared include Person to Person, with Edward R. Murrow, The Tonight Show Starring Johnny Carson, The Oprah Winfrey Show, Live! with Kelly and Michael and CBS News Sunday Morning. Fashion Vanderbilt began her career as a fashion model when she was 15 years old, appearing in Harper's Bazaar. During the 1970s, Vanderbilt ventured into the fashion business itself, first with Glentex, licensing her name and a collection of her paintings for a line of scarves. In 1976, Indian designer Mohan Murjani's Murjani Corporation proposed launching a line of designer jeans carrying Vanderbilt's signature embroidered on the back pocket, as well as her swan logo. Her jeans were more tightly fitted than other jeans of that time and were an immediate success with customers. In 1978, Vanderbilt sold the rights to her name to the Murjani Group and re-launched her own company, GV Ltd, which she had founded in 1976. With her company, she launched dresses, blouses, sheets, shoes, leather goods, liqueurs, and accessories. In the period from 1982 to 2002, L'Oreal launched eight fragrances under the brand name Gloria Vanderbilt. Murjan sold rights to the name Gloria Vanderbilt to the owners of Gitano Group Inc. in 1988. Jones Apparel Group acquired the rights to Gloria Vanderbilt jeans in 2002. Gloria Vanderbilt herself became an icon thanks to the numerous portrait shots. Among the famous photographers were Cecil Beaton, Gordon Parks, Horst P. Horst, Gianni Penat, Jeff Riedel, Paul Schutzer, Thomas Iannaccone, Ron Galella and Jack Robinson. Fraud trial In the 1980s, Vanderbilt accused her former partners in GV Ltd. and her lawyer of fraud. After a lengthy trial (during which time the lawyer died), Vanderbilt won and was awarded nearly $1.7 million, but the money was never recovered. She was also awarded $300,000 by the New York City Bar Association. Vanderbilt also owed millions of dollars in back taxes, since the lawyer had never paid the IRS, and she was forced to sell her Southampton, New York, and Upper East Side homes. Art Vanderbilt studied art at the Art Students League of New York. She became known for her artwork, with one-woman exhibitions held of her oil paintings, watercolors, and pastels. Her first exhibition was held in 1948. This artwork was adapted and licensed, starting about 1968, by Hallmark Cards and by Bloomcraft (a textile manufacturer), and Vanderbilt began designing specifically for linen, pottery, and glassware. In 2001, Vanderbilt returned to art and opened her first art exhibition, "Dream Boxes", at the Southern Vermont Arts Center in Manchester; it was a critical success. She launched another exhibition of 35 paintings at the Arts Center in 2007. Two years later, Vanderbilt returned to the Arts Center as a panelist at its Annual Fall Show Exhibition, signing copies of her latest novel, Obsession: An Erotic Tale. When Vanderbilt celebrated her 90th birthday on February 20, 2014, a collection of her drawings, paintings and collages was placed on display in the 1stdibs Gallery at New York Design Center in New York City, in an exhibit called "The Left Hand Is The Dreamer". Writings Vanderbilt wrote two books on art and home decor, four volumes of memoirs, three novels, and a singular collection of short stories, The Things We Fear Most. She was also a regular contributor to The New York Times, Vanity Fair and Elle. In November 2010, Vanderbilt was the subject of a new book chronicling her life, The World of Gloria Vanderbilt, written by Wendy Goodman, New York magazine's design editor. The book, published by Abrams Books, featured many previously unreleased photographs. In January 2017, HarperCollins Publishers released a book coauthored by Vanderbilt and her son Anderson Cooper, The Rainbow Comes and Goes: A Mother and Son on Life, Love, and Loss. The book was described by its publisher as "{a} touching and intimate correspondence between Anderson Cooper and his mother, Gloria Vanderbilt, offering timeless wisdom and a revealing glimpse into their lives". Nothing Left Unsaid documentary On April 9, 2016, HBO premiered Nothing Left Unsaid: Gloria Vanderbilt & Anderson Cooper, a two-hour documentary produced and directed by Liz Garbus. It features a series of conversations between the mother and son, covering her life and family history in the public eye. Personal life Marriages In 1941, aged 17, Vanderbilt went to Hollywood, where she became the second wife of Pat DiCicco, an agent for actors and an alleged mobster. They divorced in 1945 and had no children together. She later alleged that DiCicco was an abusive husband who called her "Fatsy Roo" and beat her. "He would take my head and bang it against the wall," Vanderbilt said, "I had black eyes." In April 1945, within weeks of divorcing DiCicco, Vanderbilt married conductor Leopold Stokowski, who was 42 years her senior. He had three daughters by his previous marriages to Olga Samaroff, an American concert pianist, and Evangeline Love Brewster Johnson, a Johnson & Johnson heiress. She was his third and last wife. The marriage ended in divorce in October 1955 and produced two sons: Leopold Stanislaus "Stan" Stokowski (born August 22, 1950), and Christopher Stokowski (born January 31, 1952). Vanderbilt's third husband was the director Sidney Lumet. She was the second of his four wives. They were married on August 28, 1956, and divorced in August 1963. They had no children together. Vanderbilt's fourth marriage was to author Wyatt Emory Cooper, on December 24, 1963. The marriage, which lasted 15 years, ended with his death in 1978 while he was undergoing open-heart surgery. They had two sons: Carter Vanderbilt Cooper (January 27, 1965 – July 22, 1988), who died by suicide at age 23 by jumping to his death from the family's 14th-floor apartment, and Anderson Hays Cooper (born June 3, 1967), a CNN news anchor. Relationships Vanderbilt maintained a romantic relationship with photographer and filmmaker Gordon Parks for many years until his death in 2006. Other relationships included Marlon Brando, Frank Sinatra, Howard Hughes and Roald Dahl. Vanderbilt was very close friends with fashion designer Diane von Fürstenberg. While appearing as a guest on her son Anderson Cooper's television talk show, Anderson on September 19, 2011, Vanderbilt referred to comedian and actress Kathy Griffin as her "fantasy daughter". Truman Capote was speculated to have modeled the character of Holly Golightly in Breakfast at Tiffany's on Vanderbilt, but others say it was based on her friend Carol Grace. Religious beliefs Vanderbilt was baptized into the Episcopal Church as an infant, but was raised a Roman Catholic and received the Catholic Sacrament of Confirmation. She was particularly fascinated with St. Thérèse of Lisieux. Although religious in her youth, she was not a practicing Catholic in her later years. Death and burial Vanderbilt died at her home in Manhattan on June 17, 2019, aged 95, of stomach cancer. While she was rumored to be worth $200 million, upon her death Vanderbilt left son Anderson her estate, which was worth approximately $1.5 million. Works Art and home decor References Citations
Clive Peeters	[ "Consumer electronics retailers of Australia", "Retail companies established in 1973", "Retail companies disestablished in 2011", "Defunct retail companies of Australia", "1973 establishments in Australia", "2011 disestablishments in Australia" ]	683	5,939	Clive Peeters was an Australian electrical, computers, kitchens and whitegoods retailer with stores in Victoria, Queensland, New South Wales and Tasmania. Under the original owners, the first stores opened in Melbourne in 1973 and Brisbane in 2001. In 2005, Clive Peeters bought the Rick Hart chain of retail stores in Western Australia, however the stores continue to trade under the Rick Hart name. Clive Peeters stores carried more than 140 brands and over 20,000 individual models. Certain locations were acquired by Harvey Norman (The Derni Group) in July 2010, who will continue to operate both retailers independent of their other major retail brands, Harvey Norman, Joyce Mayne and Domayne. Internal fraud In 2009 it was discovered that the Clive Peeters payroll manager, Sonya Denise Causer, had defrauded the company by falsely inflating the company payroll expense and then using her company online banking access to transfer the difference between the actual and reported expense to bank accounts she controlled. Causer had stolen over A$20 million during the period November 2007 to June 2009 and used the money to purchase 43 properties and 3 cars. The company took civil action to have Causers' assets transferred to Clive Peeters. Administration Clive Peeters shares ceased trading in the Australian Securities Exchange on Wednesday, 19 May 2010, after the company brought in McGrathNicol as voluntary administrators to try and sell off the business. New management Nik Papa was appointed General Manager in July 2010. Papa had previously been a Harvey Norman franchisee. On 11 August 2011, Harvey Norman Executive Chairman Gerry Harvey announced that the Clive Peeters brand was "stuffed" and tainted beyond repair, admitting that it was a bad business decision for Harvey Norman to take over Clive Peeters in the first place. As a result, 13 Clive Peeters stores and 5 Rick Hart stores will be converted to Harvey Norman stores (with the exception of two stores, which will be converted to Joyce Mayne stores), with the remaining four Clive Peeters stores and three Rick Hart stores being closed down and sold off, because of proximity to existing Harvey Norman stores in those areas.
Kazakhstan Deposit Insurance Fund	[ "1999 establishments in Kazakhstan", "Bank regulation", "Deposit insurance", "Non-profit organizations based in Kazakhstan", "Financial services companies established in 1999" ]	806	5,922	Kazakhstan Deposit Insurance Fund (KDIF) is a non-profit organization that guarantees deposits of individuals (including individual entrepreneurs) and placed with second-tier banks of the Republic of Kazakhstan. The basic objective of the mandatory deposit insurance system is to maintain stability of the financial system in the Republic of Kazakhstan, including strengthening public confidence in the Kazakhstani banking system via reimbursing depositors in the event of a deposit insurance system member bank failure. The governing laws and regulations are laws of the Republic of Kazakhstan “On banks and banking activity” (1995) and Law of the Republic of Kazakhstan “On mandatory insurance of deposits placed with the second-tier banks of the Republic of Kazakhstan” (2006). KDIF was established in 1999. The Sole Shareholder and the founding organization of the KDIF is National Bank of the Republic of Kazakhstan. Deposit Insurance System In accordance with the Deposit Insurance Law of 2006, the deposit insurance system has the following features: - Compulsory membership for banks that hold licenses for cash transactions and opening and maintenance of bank accounts of individuals, - Transparency, - Mitigation of risks associated with operations, - Accumulative basis of generation of the special reserve fund for payouts. Mission, Mandate and Powers Mission of KDIF is to maintain public confidence in Kazakhstani financial system and its stability as one of the financial safety net organizations by insuring deposits of individuals and encouraging member banks to conduct their operations with prudence and responsibility. The strategic objectives are: - Sound corporate governance - Operational preparedness for bank failures - Enhanced public awareness of the National deposit insurance system - Continuing professional development opportunities for staff. The key functions of the Fund are: - to reimburse depositors in the event of forced liquidation of a member bank, - to maintain and publish a to-date register of member banks, - investment management, - to accumulate special reserve for payouts, - to select the agent bank for payouts, - to act as a party of temporary administration of a bank in conservatorship or in period of withdrawal of the licenses for banking operations, - to act as a party of the liquidation commission and the creditor committee as long as the claim of the Fund has been unsettled, and other civil functions. Scope of Coverage and Maximum Coverage Limit In Kazakhstan, membership in deposit insurance system is compulsory for those banks which hold license for cash transactions and opening and maintenance of bank accounts of individuals, except for Islamic banks;. As of August 2019, 26 out of total 28 banks are members of deposit insurance system. The scope of coverage are bank accounts of individuals and individual entrepreneurs of all types with resident banks in the Republic of Kazakhstan in any currency. On the per-depositor-per-bank basis, the maximum deposit coverage limit for all deposits and bank accounts of individuals shall amount to: savings deposits in the national currency: 15 million tenge, other deposits in the national currency: 10 million tenge, deposits in any foreign currency: 5 million tenge (in equivalent, at the currency exchange rate established as of the date of the enactment of the court's decision on the member-bank's forced liquidation). Should a depositor have 2 or more deposits allocated with one and the same bank in both national and in foreign currency, this depositor shall be reimbursed in the total amount up to 15 million tenge. The Reimbursement Cases As of August 2019, there have been 7 cases of bank failures and reimbursing depositors in Kazakhstan. Payouts to depositors of the banks has amounted to approximately 76 billion Kazakhstan tenge. International cooperation KDIF has maintained membership in the International Association of Deposit Insurers since 2003.
Government final consumption expenditure	[ "Macroeconomic indicators", "National accounts", "Expenditure" ]	385	3,819	Government final consumption expenditure (GFCE) is an aggregate transaction amount on a country's national income accounts representing government expenditure on goods and services that are used for the direct satisfaction of individual needs (individual consumption) or collective needs of members of the community (collective consumption). It consists of the value of the goods and services produced by the government itself other than own-account capital formation and sales and of purchases by the government of goods and services produced by market producers that are supplied to households – without any transformation – as in kind (for more detail, see, for example, Lequiller and Blades (2014) Data Data on government final consumption expenditure shed light on the involvement of governments in providing goods and services for the direct needs of the population. A high government share in the provision of individual consumption goods and services is often found in countries known as welfare states. This may be illustrated by looking at data for the European Union (downloadable from Eurostat's database providing figures on ): Approximately one quarter of the economy-wide final consumption expenditure in the European Union of 27 member states is made by governments; countries with relatively large government shares in final consumption expenditure are Denmark, Luxembourg, the Netherlands, Finland and Sweden (around one-third of their final consumption expenditure). 60% of the governments' final consumption expenditure in the European Union of 27 member states is individual consumption; the largest shares of individual consumption in government final consumption expenditure are observed for Sweden (more than 70%). These findings mirror the importance of social transfers in kind in European countries, where the share of household final consumption expenditure in actual final consumption of the households is often less than 80%. See also Final consumption expenditure Household final consumption expenditure Government spending
Robert Kraft	[ "1941 births", "Living people", "American billionaires", "American chief executives of professional sports organizations", "American corporate directors", "American financiers", "American manufacturing businesspeople", "American media executives", "American people of Canadian descent", "American philanthropists", "American businesspeople in real estate", "American soccer chairmen and investors", "Boston College people", "Boston Uprising", "Brookline High School alumni", "Businesspeople from Boston", "Carnegie Hall Medal of Excellence winners", "Columbia College (New York) alumni", "Columbia University people", "Fellows of the American Academy of Arts and Sciences", "Harvard Business School alumni", "Jewish American sports executives and administrators", "Kraft family", "Major League Soccer executives", "Major League Soccer owners", "New England Patriots executives", "New England Patriots owners", "New England Revolution", "Businesspeople from Brookline, Massachusetts", "People named in the Paradise Papers", "Activists against antisemitism", "Anti-BDS activists", "Opposition to antisemitism in the United States", "American Zionists", "Jews from Massachusetts", "World TeamTennis owners" ]	7,111	74,721	Robert Kenneth Kraft (born June 5, 1941) is an American billionaire businessman. He is the chairman and chief executive officer (CEO) of the Kraft Group, a diversified holding company with assets in paper and packaging, sports and entertainment, real estate development, and a private equity portfolio. Since 1994, Kraft has owned the New England Patriots of the National Football League (NFL). He also owns the New England Revolution of Major League Soccer (MLS), which he founded in 1996. In 2017, he founded the Boston Uprising, an Overwatch League esports team that competed from 2017 until its disbandment in January 2024. As of July 2024, he has an estimated net worth of US$11.1 billion according to Forbes. Early life and education Kraft was born in Brookline, Massachusetts, the son of Sarah Bryna (Webber) and Harry Kraft, a dress manufacturer in Boston's Chinatown. His mother was born in Halifax, Nova Scotia; his father was a lay leader at Congregation Kehillath Israel in Brookline and wanted his son to become a rabbi. The Krafts were a Modern Orthodox Jewish family. Robert attended the Edward Devotion School and graduated from Brookline High School. As a child, he sold newspapers outside of Braves Field in Boston. During high school, Kraft was unable to participate in most sports because it interfered with his after-school Hebrew studies and observance of the Sabbath. Kraft attended Columbia University on an academic scholarship and he served as class president. He played tennis and safety on the school's freshman and lightweight football teams. During that time, Kraft also lived in Carman Hall. He met Myra Hiatt at a delicatessen in Boston's Back Bay in 1962, and they married in June 1963. Kraft graduated from Columbia that same year, and he received an MBA from Harvard Business School in 1965. Kraft was elected chairman of the Newton Democratic City Committee when he was 27. Kraft considered running against Representative Philip J. Philbin in 1970 but chose not to, citing the loss of privacy and strain on his family that politics would have caused. Kraft was further discouraged from entering politics by the 1970 suicide of his friend State Representative H. James Shea Jr. Business career Kraft began his professional career with the Rand-Whitney Group, a Worcester-based packaging company run by his father-in-law Jacob Hiatt. In 1968, he gained control of the company through a leveraged buyout. Kraft remains the chairman. In 1972, he founded International Forest Products, a trader of physical paper commodities. The two combined companies make up the largest privately held paper and packaging companies in the United States. Kraft has stated that he started the company out of a hunch that the increase in international communications and transportation would lead to an expansion of global trade in the late twentieth century. International Forest Products became a top 100 US exporter/importer in 1997 and in 2001 was ranked No. 7 on the Journal of Commerce's list in that category. Kraft said of the business in 1991 that, "We do things for a number of companies, including Avon, Kodak, cosmetics companies, candies, toys." The company produced both corrugated and folding cartons, which he stated, "are used to package everything from the Patriot missile, to mints, to Estee Lauder, Indiana Glass and Polaroid." Kraft acquired interests in other areas, and ultimately formed the Kraft Group as an umbrella for them in 1998. Kraft was an investor in New England Television Corp., which gained control of the channel 7 license for Boston in 1982, and he became a director of the board a year later, after the newly licensed station, WNEV-TV, signed on, replacing the former WNAC-TV. In 1986, Kraft was named president of the corporation. In 1991, Kraft exercised his option to sell his shares for an estimated $25 million. Sports ownership Boston Lobsters In 1974, Kraft, Harold Bayne, Herbert Hoffman, Bob Mades, and Paul Slater purchased the Boston Lobsters of World TeamTennis (WTT). The group spent heavily to lure a number of top players, including Martina Navratilova, and the Lobsters became one of the best teams in WTT. Following the 1978 season, Kraft announced that the franchise would fold. The league itself folded soon thereafter. After the Lobsters folded, Kraft was also mentioned as a bidder for the Boston Red Sox and the Boston Celtics. New England Patriots Kraft has been a New England Patriots fan since their American Football League days and had been a season ticket holder since 1971 when the team moved to Schaefer Stadium. In 1985, he bought a 10-year option on Foxboro Raceway, a horse track adjacent to the stadium, and the purchase prevented Patriots owner Billy Sullivan from holding non-Patriot events at the stadium while races were being held. Kraft took advantage of the fact that the Sullivans owned the stadium but not the surrounding land, and it was the beginning of a quest to buy the stadium and the Patriots. Sullivan's family was reeling from a series of bad investments, principally The Jackson Five 1984 Victory Tour, for which they had to pledge Sullivan Stadium as collateral. Those problems ultimately forced Sullivan to sell controlling interest of the team in 1988, while the stadium lapsed into bankruptcy. In 1988, Kraft outbid several competitors to buy the stadium out of bankruptcy court from Sullivan for $22 million. The stadium was considered to be outdated and nearly worthless, but the purchase included the stadium's lease to the Patriots which ran through 2001. Kraft placed a bid on the Patriots franchise as well, but he lost the bidding to Victor Kiam. Sullivan and Kiam then tried to move the team to Jacksonville, but Kraft refused to let them break the lease. Kiam was nearly brought down by bad investments of his own and was forced to sell the Patriots to James Orthwein in 1992. In 1994, Orthwein offered Kraft $75 million to buy out the remainder of the team's lease at Foxboro Stadium so he could move it to St. Louis, but Kraft turned it down. Orthwein was no longer interested in operating the team in New England and decided to sell it. However, due to terms in the operating covenant, any potential buyer would have to negotiate with Kraft. With this in mind, Kraft launched what amounted to a hostile takeover, offering $172 million for an outright purchase. Future St. Louis/Los Angeles Rams owner Stan Kroenke offered more money ($200 million) with intent to move to St. Louis. However, Orthwein would have not only been saddled with all relocation expenses, but any legal expenses from breaking the lease. When Kraft let it be known that he would go to court to enforce the covenant and force Kroenke to stay in Foxboro, Orthwein was in an untenable position. He had little choice but to accept Kraft's offer, the highest ever made for an NFL team at the time. Kraft said that his passion for the Patriots led him to "break every one of my financial rules" in his pursuit of the team. Indeed, Kraft still believes he "overpaid" for the franchise. Kraft still keeps a Victory Tour poster in his office as a reminder of what set in motion the events that allowed him to buy the Patriots. Following the NFL's approval of the sale, the Patriots sold out their entire 1994 season, the first full sell-out in franchise history. Every Patriots home game–preseason, regular season, and playoffs–has been sold out ever since. In 2023, the Patriots were one of the most valuable franchises in the NFL, estimated by Forbes to be worth $7 billion. In 1998, Kraft considered moving the Patriots to Hartford, Connecticut, based on an offer that the state of Connecticut would finance a new stadium, but he terminated the deal just before it became binding to instead build a new stadium in Foxborough with Massachusetts infrastructure funding. In 2002, Kraft financed a $350-million stadium for the Patriots initially called CMGI Field but renamed Gillette Stadium. In 2007, he began to develop the land around Gillette Stadium, creating a $375-million open-air shopping and entertainment center called Patriot Place. The development included "The Hall at Patriot Place presented by Raytheon," a multi-story museum and hall of fame attached to the stadium, and the "CBS Scene," a CBS-themed restaurant. On January 27, 2000, Kraft traded a first round draft pick to the New York Jets for the rights to hire Bill Belichick as head coach. The trade was met with criticism at the time, but proved to be successful after Belichick led the Patriots to win six Super Bowl championships, nine conference championships, and 16 division titles. In 2000, the Patriots drafted quarterback Tom Brady in the sixth round, who would be the team's starter from 2001 to 2019. The relationship between Kraft, Belichick, and Brady has been credited with producing one of the most successful sports dynasties in football, although in later years the personal relationship between the three grew strained. Under Kraft's ownership, the Patriots experienced sustained success for the first time in franchise history. While they appeared in Super Bowl XX under the Sullivans, this was one of only six playoff appearances in 34 years. Indeed, that Super Bowl season saw only the second playoff victory in franchise history. However, the Patriots have made the playoffs 21 times in Kraft's 27 years as owner. They have won 19 AFC East titles, including all but three since 2001 and 11 in a row from 2009 to 2019. The Patriots represented the AFC in the Super Bowl in 1996 (lost), 2001 (won), 2003 (won), 2004 (won), 2007 (lost), 2011 (lost), 2014 (won), 2016 (won), 2017 (lost) and 2018 (won). After having never won more than 11 games prior to Kraft's arrival, the Patriots have won at least 12 games 14 times, including finishing the 2007 regular season undefeated before losing to the New York Giants in Super Bowl XLII. Indianapolis Colts center Jeff Saturday, referring to Kraft's role in helping to settle the NFL lockout before the 2011 season, said "He [Kraft] is a man who helped us save football." In 2005, during a visit to Saint Petersburg, Kraft gave Russian President Vladimir Putin his third Super Bowl ring. Kraft released a statement some days after the visit claiming that it was a gift out of "respect and admiration" for the Russian people and Putin's leadership. Kraft later said that he did not originally intend to give the ring as a gift and that his statement had been issued under pressure from the White House after Putin had kept the ring. The ring is on display with state gifts at the Kremlin. Former Patriot Ryan O'Callaghan wrote in his book that Kraft supported him when he publicly came out as gay in 2017. According to O'Callaghan, Kraft invited him to a reception and said, "What you did took a lot of courage. I'm so proud of you" and that he would be "forever a Patriot." In 1996, Kraft founded the New England Revolution, a charter member of Major League Soccer which began playing alongside the Patriots at Foxboro Stadium. Kraft also owned the San Jose Clash (later San Jose Earthquakes) from 1998 to 2000. In November 2005, Kraft met with Rick Parry, the chief executive of English Premier League team Liverpool. Kraft was rumored to be interested in investing money into the 2004–05 Champions League winners. He told BBC Radio 5 Live: "Liverpool is a great brand and it's something our family respects a lot. We're always interested in opportunities and growing, so you never know what can happen." However, the club was eventually sold to American duo George Gillett and Tom Hicks. Liverpool is now owned by Fenway Sports Group, owners of fellow Boston-based sport team the Boston Red Sox. In October 2017, Kraft said that he was "still intrigued" by the possibility of buying a Premier League football club, but that he was concerned about the lack of a salary cap in British football. In 2017, Kraft was named the Honorary Chairman of the board of directors for the successful joint Canadian-Mexican-American bid for the 2026 FIFA World Cup. In 2019, Kraft hired Bruce Arena as head coach and sporting director of the New England Revolution. In 2020, the team had their first playoff win in six years. Esports Blizzard Entertainment announced in July 2017 that Kraft bought ownership in the Boston Uprising, one of the first seven teams for the professional esports Overwatch League. They played in Season 1 of the Overwatch League. Preseason for the league began December 6, 2017, and the regular season started on January 10, 2018. Boston Uprising finished third in the Overwatch League's inaugural season. Philanthropy The Krafts have donated hundreds of millions of dollars to philanthropic work including education, child- and women-related issues, healthcare, youth sports and American and Israeli causes. Among the institutions the Krafts have supported are Columbia University, Harvard Business School, Brandeis University, the College of the Holy Cross, Boston College, Tufts University, Yeshiva University, the Belmont Hill School, and the Boys & Girls Clubs of Boston. In 1989, Myra and Robert Kraft launched the Passport to Israel Fund, in collaboration with Combined Jewish Philanthropies of Greater Boston (CJP), to help parents send their teenage children to Israel. One of their most distinctive projects is supporting American Football Israel, including Kraft Family Stadium in Jerusalem and the Kraft Family Israel Football League. In 1990, Kraft, his wife, and his father-in-law funded a joint professorship between Brandeis University and the College of the Holy Cross, forming the Kraft-Hiatt endowed chairs in comparative religion – the first inter-religious endowed chairs in the United States. In 2000, Kraft donated $11.5 million to construct the Columbia/Barnard Hillel which is made of the same white stone used in Jerusalem. In 2007, after a $5 million payment to Columbia's intercollegiate athletics program, the playing field at Columbia's Lawrence A. Wien Stadium at the Baker Field Athletics Complex was named Robert K. Kraft Field. In 2011, the Krafts pledged $20 million to Partners HealthCare to launch the Kraft Family National Center for Leadership and Training in Community Health, an initiative designed to improve access to quality healthcare at community health centers throughout New England. The Krafts supported the Dana–Farber Cancer Institute in Boston. Following the Boston Marathon bombing in 2013, Kraft announced he would match up to $100,000 in donations made for the victims through the New England Patriots Charitable Foundation. In 2017, Kraft announced a contribution of $6 million to build the first regulation-size American football field in Israel. In June 2017, Kraft, along with several NFL Hall of Famers, traveled to Israel for the grand opening of the new Kraft Family Sports Campus. He has led additional "Touchdown in Israel" trips to Israel, with Patriots and Hall of Famers, since that 2017 trip. That same year, Kraft funded a new van as part of the Kraft Center for Community Health at Massachusetts General Hospital in order to help combat the opioid crisis in Boston. The vans allow those with opioid addiction to seek health services in their own neighborhoods. In 2018, Kraft donated $10 million to Combined Jewish Philanthropies of Greater Boston for the renovation of its headquarters in downtown Boston. In 2019, Kraft, along with Chelsea Football Club owner Roman Abramovich, hosted a soccer match between the New England Revolution and Chelsea F.C., called Final Whistle on Hate, to raise money to combat antisemitism. The match raised an estimated $4 million, with Kraft personally contributing $1 million toward the fund. In June 2019, Kraft received Israel's Genesis Prize. While at the event in Jerusalem, Kraft pledged $20 million to establish a foundation that will fight antisemitism and combat the Boycott, Divestment, and Sanctions (BDS) movement against Israel. The next month, he pledged $100,000 to the families of seven motorcyclists killed in a crash the month before. Kraft donated $20,000 and attended the memorial in Worcester to honor fallen firefighter Christopher Roy on the one-year anniversary of his death. Kraft teamed with recording artists Jay-Z and Meek Mill, as well as Michael G. Rubin, the executive chairman of Fanatics, among others to announce a foundation of criminal justice reform called REFORM Alliance. In coordination with the REFORM Alliance, Kraft invited more than 50 children (ages 5–17) to fly on the Patriots' team charter to attend the Patriots game against the Buffalo Bills at Gillette Stadium. The children attending the game each had parents who have been incarcerated for technical probation violations. As of 2019, Kraft had led 27 missions to Israel. In 2020, Kraft partnered with Chinese company Tencent to purchase 1.2 million N95 masks to donate to medical workers in New York and Massachusetts to help combat the coronavirus pandemic, sending the Patriots' private team plane to China to pick up the supplies. Kraft initially negotiated for 1.7 million masks, but only 1.2 million fit on board. They were allowed three hours on the ground in China at Shenzhen Bao'an International Airport. The plane was used to deliver 500,000 vaccines to El Salvador in May 2021. Using the Patriots truck, they distributed 300,000 masks in New York City, 900,000 masks in Massachusetts and 100,000 in Rhode Island. In May 2020, Kraft put his Super Bowl LI ring up for auction with proceeds designated to help feed those facing food insecurity as a result of the COVID-19 pandemic. Kraft lent the Patriots team plane to the University of Rhode Island Rams football team in October 2021 after the team's charter flight fell through. He covered all costs despite the URI Rams expecting to pay expenses through the team's budget. In April 2022, Harvard Business School announced the creation of the Robert K. Kraft Family Fellowship Fund, committing $24 million to benefit potential students with limited means to attend HBS. On October 30, 2022, the Foundation to Combat Antisemitism (FCAS), which was founded by Kraft, sponsored an ad encouraging people to denounce hate against Jewish people. The ad aired during NFL games and was titled ”Stand Up to Jewish Hate.” This action came in response to antisemitic comments made by Kanye West and later Kyrie Irving. Kraft invested $25 million in the "Stand Up to Jewish Hate" campaign which launched through the foundation in March 2023 to raise awareness concerning antisemitism found online. The foundation's executive director indicated that ads would air during the NFL draft, NBA and NHL playoffs as well as by social media influencers. In April 2024, during the Columbia University pro-Palestinian campus protests and occupations during the Gaza War, Kraft stopped funding Columbia University because of its treatment of Jewish students and staff, citing "virulent hate." Personal life In June 1963, Kraft married Myra Nathalie Hiatt, a 1964 graduate of Brandeis University and the daughter of the late Worcester, Massachusetts, businessman and philanthropist Jacob Hiatt. She died on July 20, 2011, of ovarian cancer, at the age of 68. The Krafts were members of Temple Emanuel in Newton, Massachusetts. A patch bearing Kraft's initials (MHK) appeared on the Patriots' uniform jersey throughout the 2011 season. The couple had four sons: Jonathan A. Kraft, Daniel A. Kraft, Joshua M. Kraft, and David H. Kraft. In June 2012, Kraft began dating actress Ricki Noel Lander, who was 38 years his junior. In July 2012, Kraft assisted Lander in creating an audition video for a role in The Internship. The lines in the script were sexual in nature, and Kraft released a statement in which he stated that he regretted that the audition tape was made public. Lander and Kraft broke up in 2018. In 2017, Kraft donated $1 million for Trump's inauguration day celebrations. In 2020, NBA coach Gregg Popovich called Kraft "hypocritical" for supporting Trump while claiming to advocate for social justice. In 2019, Kraft was among 25 people facing first-degree misdemeanor charges for soliciting prostitution at a day spa. His attorney electronically entered a not-guilty plea, and later submitted a court filing where Kraft waived arraignment, pled not guilty to all charges and requested a jury trial. A memo filed by Kraft's attorneys revealed that hidden cameras had been installed when investigators entered the facility under the guise of suspected human trafficking. A Palm Beach County judge ruled that prosecutors could not use the videos in their case, citing privacy concerns. A Florida appeals court also ruled that Kraft's constitutional rights were violated, and all the charges were dropped. US District Judge Rodolfo Ruiz ordered the videos to be destroyed. In early 2022, his engagement to Dana Blumberg was announced by Tommy Hilfiger at the inaugural amfAR Gala Palm Beach event. They married in New York City in October 2022. Awards and honors NFL Six-time Super Bowl champion (as the owner of the Patriots: XXXVI, XXXVIII, XXXIX, XLIX, LI, LIII) George Halas Award (2012) NCAA Theodore Roosevelt Award (2006) John Jay Award from Columbia University (1987) Alexander Hamilton Medal from Columbia University (2004) Columbia University football field renamed Robert K. Kraft Field. Honorary doctorate in humane letters (2015) from Yeshiva University. MLS New England Revolution (as the owner): 2021 Supporters Shield, 2007 U.S. Open Cup, 2008 North American SuperLiga Organizational Inducted into the American Academy of Arts and Sciences (2011). Carnegie Hall Medal of Excellence (2013) Genesis Prize (2019)
Frederick Zetteler	[ "1812 births", "1896 deaths", "Dutch emigrants to the United States", "Businesspeople from Rotterdam", "Politicians from Madison, Wisconsin", "Politicians from Milwaukee", "Businesspeople from Milwaukee", "Democratic Party members of the Wisconsin State Assembly", "Businesspeople from Madison, Wisconsin", "19th-century American businesspeople", "19th-century members of the Wisconsin Legislature" ]	628	4,859	Frederick Tobias Zetteler (February 11, 1812 – August 19, 1896) was an American real estate developer, pioneer, and politician. Born in Rotterdam, Netherlands, Zetteler was the son of a royal tailor. On March 5, 1841 he married Sarah Jacoba (Smith) Fagg, a widow who was a Vlissingen native from a prominent local family of English and Dutch ancestry, who had managed the family business for two years after the death of her husband, Captain John Fagg. After Zetteler's second bankruptcy the family came to the United States, taking passage at Antwerp on a sailing ship that landed them at New York City. They proceeded to Albany, New York and thence by canals and the Great Lakes to Milwaukee, landing July 3, 1848, and there they settled down on a farm. In 1853 Zetteler moved the family to Madison, Wisconsin and opened a general store. The mother and children ran the store and Zetteler worked for official offices of the State, including the Secretary of State of Wisconsin and the State Register of Deeds. He became a notary public in 1855. In 1858, a fire destroyed all of the family's property, and Zetteler returned to Milwaukee and went into the real estate business as a developer. He served as a justice of the peace, a notary public, and was a deputy United States Marshal. In 1863 Zetteler was elected to serve as a Democrat in the 6th Milwaukee County district (the 6th and 9th wards of the City of Milwaukee) of the Wisconsin State Assembly, succeeding fellow Democrat Adam Pœrtner (or Poertner). He was assigned to the standing committee on engrossed bills. He was succeeded in the 1865 term by Jacob Oberman, another Democrat. In 1867, he was elected as a delegate to the convention which revised the city charter of Milwaukee. In 1874, Zetteler was elected to the Assembly (again as a Democrat), this time from the 9th Milwaukee County district (9th and 10th wards), with 922 votes, against 675 for Republican Andrew Keye. In this second term, he served simultaneously with his stepson Peter Fagg, who represented the 2nd Milwaukee County district. He was not a candidate for re-election, and was succeeded by George H. Walther of the Reform Party (to which Peter Fagg belonged).
Institutionalization process	[ "1970s in Cuba", "1980s in Cuba", "1970s in economic history", "1980s in economic history", "Cold War history of Cuba", "Economy of Cuba", "Fidel Castro" ]	2,632	25,258	The institutionalization process, sometimes more formally referred to as the "process of institutionalization", or the "institutionalization of the Cuban Revolution", was a series of political reforms, typically identified by historians as to have taken place between 1976 and 1985, although sometimes identified as having begun in 1970. This process was proceeded by a period of government that was directly managed by Fidel Castro without much input from other officials, which had been status-quo since the conclusion of the Cuban Revolution. The institutionalization process was also proceeded by a deepening of Cuba-Soviet relations in the early 1970s, which had soured before in the 1960s. Institutionalization was kickstarted by the first official congress of the Communist Party of Cuba in December 1975. The meeting approved the development of a "System of Direction for Economic Planning" (SDPE), which was modeled on soviet economic planning and prioritized profit making. The implementation of the SDPE took ten years. In 1976, a new constitution was also approved. The constitution was modeled off the Soviet system, and introduced the National Assembly of People's Power as the institution of indirect representation in government. Scholars Emily J. Kirk, Anna Clayfield, Isabel Story, have commented that the "institutionalization" periodization is hazy. While the adoption of a new constitution in 1976 is considered a hallmark of the "institutionalization" phase, there is no universally accepted date range as to when the "institutionalization" phase truly began, and when it truly ended. What is clear is that the "institutionalization" phase was generally concluded to have ended by the Rectification process in 1986. Background Provisional government of Cuba After the Triumph of the Revolution, Castro held de facto veto power during the process of establishing a provisional government. This de facto power came from his position as commander-in-chief of the rebel army. Political positions in the first two years after the Cuban Revolution were extremely fluid, and poorly defined in legal terms. It was often loyalty that was the determining factor in being appointed to a government position. On April 9, 1959, Fidel Castro announced that elections would be delayed for fifteen months, utilizing the legitimizing slogan: "revolution first, elections later". On May Day of 1960, Fidel Castro cancelled all future elections, under the guise that citizens legitimized his rule by defending his government, thus elections were unnecessary. In July 1961, Castro officially merged the 26th of July Movement, the Popular Socialist Party, and a smaller third party, to form one group called the Integrated Revolutionary Organization. In December 1961, Castro declared that he was personally a Marxist–Leninist. Relations with the Soviet Union By the mid-1960s, Cuba's relationship with the Soviet Union became increasingly strained. Castro refused to sign the Treaty on the Non-Proliferation of Nuclear Weapons, declaring it a Soviet-US attempt to dominate the Third World. Diverting from Soviet doctrine, Castro suggested that Cuba could evolve straight to pure communism rather than gradually progress through various stages of socialism. In turn, the Soviet-loyalist Aníbal Escalante began organizing a government network of opposition to Castro, though in January 1968, he and his supporters were arrested for allegedly passing state secrets to Moscow. Recognising Cuba's economic dependence on the Soviets, Castro relented to Brezhnev's pressure to be obedient, and in August 1968 he denounced the leaders of the Prague Spring and praised the Warsaw Pact invasion of Czechoslovakia. Economy of Cuba A political campaign titled "the Revolutionary Offensive" began in Cuba in 1968, to nationalize all remaining private small businesses, which at the time totaled to be about 58,000 small enterprises. The campaign would spur industrialization in Cuba and focus the economy on sugar production, specifically to a deadline for an annual sugar harvest of 10 million tons by 1970. The economic focus on sugar production involved international volunteers and the mobilization of workers from all sectors of the Cuban economy. The ten million ton harvest goal was not reached. Other sectors of the Cuban economy were neglected when large amounts of urban labor mobilized to the countryside. The demise of the 1970 zafra was seen as an economic embarrassment, and encouraged Castro to begin decentralizing economic command, and building formal institutions. The Revolutionary Offensive and 1970 zafra were constructed with a Guevarist economic philosophy, after their demise, soviet economic philosophy appeared more pragmatic to Castro. History Early institutionalization Seeking Soviet help, from 1970 to 1972 Soviet economists re-organized Cuba's economy, founding the Cuban-Soviet Commission of Economic, Scientific and Technical Collaboration, while Soviet premier Alexei Kosygin visited in October 1971. In 1970, the political bureau of the Communist Party of Cuba held a meeting to initiate a series of studies as to how to build state institutions. This process of study was accelerated in 1972, and by the end of the year the Council of Ministers was restructured with a new Executive Committee. In July 1972, Cuba joined the Council for Mutual Economic Assistance (Comecon), an economic organization of socialist states, although this further limited Cuba's economy to agricultural production. In 1973 the judicial system was made subservient to executive decision-making. In 1974, early plans were put in place to form a new municipal government system. This system was tested in the Matanzas province, and eventually became the National Assembly of People's Power. On October 24, 1974, a constitutional commission was established to draft a new constitution. Drafts of the constitution were passed around workplaces and civil societies. After popular debate and critique, a final draft was passed to the Communist Party for approval. The Communist Party of Cuba for the first time allowed for its members to vote on leadership, in 1975. Despite this electoral reform, average Cubans were still not allowed to join the party. Membership was exclusive, and intended for politically exemplary people identified by the party. 1976 constitution The first congress of the Communist Party of Cuba which met in December 1975, approved the new constitution. The constitution was ratified on February 24, 1976. According to scholar Carmelo Mesa-Lago, the constitution was 32% based on the Soviet constitution of 1936, and 36% was based on the Cuban constitution of 1940. The constitution established the National Assembly of People's Power as the democratic forum of law-making. While members of the body are elected, only one political party is legal (the Communist Party of Cuba), and candidates can only campaign on biographies, without presenting political opinions. Economic policy Beginning with the first Communist Party congress in 1975, the economy was to be managed by the System of Direction for Economic Planning (SDPE). This was done with the goal of boosting "revolutionary consciousness" among the workers, and maximizing efficiency. The SDPE recognized the law of value, financial transactions amongst state enterprises, defined taxes, and interest rates. All economic function was done to maximize profits, and successful managers were allowed to retain portions of profits. Self-employment was legalized in 1978. "Mercados Libres Campesinos" were started in 1980 to alleviate economic bottleneck. They were markets where private farmers and home gardeners could sell their surplus produce directly to consumers, instead of to the state. Their creation was authorized by Decree No. 66 of the Council of State. A series of economic reforms in Cuba, officially titled the "Rectification of Errors and Negative Tendencies", began in 1986, and lasted until 1992. The reforms were aimed at eliminating private businesses, trade markets, which had been introduced into the Cuba, during the 1970s. The new reforms aimed to nationalize more of the economy and eliminate material incentives for extra labor, instead relying on moral enthusiasm alone. Castro often justified this return to moral incentives by mentioning the moral incentives championed by Che Guevara, and often alluded to Guevarism when promoting reforms. Historiography Style of government The historian Lillian Guerra claims that the politics of Fidel Castro's provisional government are best described as a "grassroots dictatorship". The government from 1959-1968 was illiberal, and enabled by mass participation in government programs, and a mass enthusiasm for the removal of civil liberties. According to Guerra, the "grassroots dictatorship" of the provisional government eventually morphed into a "total state" that assumed the right to direct every detail of citizens' lives. All claims of hegemonic mass support for the Cuban government became inaccurate and cosmetic by the 1980s. Political researcher Yanina Welp has contended that the drafting of the 1976 constitution was not a truly democratic process, since participation in drafting and revising was restricted by the government. Welp claims that any illusions to a democratic process at the time were a "smokescreen" for the Cuban government, which is more akin to a hybrid regime. Some scholars like Peter Roman, Nino Pagliccia, and Loreen Collin have written books concluding that the system that developed after the 1976 constitution, particularly with the National Assembly of People's Power, is a highly participatory democracy. Julio Cesar Guache offers a critical view of the "democracy" that developed, and argued it is informally controlled by the Committees for the Defense of the Revolution, who vet candidates. Samuel Farber argues that the National Assembly of People's Power is legally prohibited form political debate, and that real decision-making power still lied with the Castro brothers as heads of the Communist Party of Cuba. Farber mentions that the Communist Party often passes legislation without any consideration from the National Assembly of People's Power. The sovietization thesis is a historiographical model proposed by scholars like political scientist Piero Gleijeses, and economist Carmelo Mesa-Lago. The sovietization thesis defines Cuba's political developments, and military actions, in the 1970s, completely in relation to the Soviet Union. The thesis proposes that Cuba's economic dependence on the Soviet Union, encouraged the Cuban government to model itself after the Soviet Union, and for the Cuban military to follow Soviet whims. According to Mesa-Lago, the sovietization of Cuba, reduced Cuba to a state subordinate to the Soviet Union, akin to how Batista's Cuba was subordinate to the United States. Historian Anna Clayfield argues that Soviet influence does not wholly explain the political developments in Cuba in the 1970s. Clayfield argues that the Cuban intervention in Angola represented a clear break from Soviet foreign policy, and the constant promotion of national poet Jose Marti in Cuban media, represented a distinctly Cuban approach to culture, meaning Cuban culture did not become completely sovietized. See also 1973 Soviet economic reform Grey years Soviet-type economic planning
Veris Residential	[ "1994 initial public offerings", "Companies based in Jersey City, New Jersey", "Companies listed on the New York Stock Exchange", "Real estate companies established in 1997", "Real estate investment trusts of the United States", "Residential real estate" ]	1,908	21,009	Veris Residential, Inc. is a real estate investment trust headquartered in Jersey City, New Jersey, investing primarily in multifamily real estate in New Jersey and Boston. As of February 21, 2024, it owned or had interests in 22 apartment complexes, as well as a substantial land bank. With the exception of a few properties in New York and Massachusetts, the majority of the properties are in New Jersey. The company was formerly known as Mack-Cali Realty Corporation. Investments Notable investments owned by the company include: The BLVD Collection, three skyscrapers including the 17th tallest building in Jersey City. When it was completed in 2003, it was the tallest residential building in New Jersey. It is now ranked 26th on the list of tallest buildings in Jersey City. Jersey City Urby broke ground on January 15, 2014, with joint venture partner Ironstate Development Company to consist of 3 towers of 69 stories each containing 763 apartments, or 2,359 apartments in total. The first tower, Urby Harborside 1, was topped off in September 2015. Haus25 History The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz. In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey. In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey. During the 1970s and 1980s, Cali Associates capitalized on increasing population and commerce in New Jersey by building 2.2 million square feet of class A office space. In August 1994, Cali Associates became a public company through an initial public offering of stock, and it changed its name to Cali Realty Corporation, under a management headed by Brant Cali, John R. Cali, and Thomas A. Rizk. In 1997, Cali Realty acquired the Robert Martin Company for $211 million in cash and 1,401,225 operating-partnership units, then valued at $44 million, and the assumption of $185 million of debt. The transaction added 65 properties and 4.1 million square feet to its portfolio, mostly in Westchester County, New York, and Connecticut. In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million. In December 1997, Cali Realty Corporation completed a $1.2 billion merger with Patriot American Office Group and the Mack Company (founded by H. Bert Mack and operated by his four sons: Earle I. Mack, William L. Mack, Fredric H. Mack, and David S. Mack). The company changed its named to Mack-Cali Realty Corporation. At the time, this merger was the largest real estate investment trust transaction. Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer (CEO) in 1999. In 2004, he became president of the company in addition to its CEO. In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%. It also bought properties in Washington D.C. and Maryland and properties in the Southwest. In 2006, the company acquired the Gale Company, a private real estate firm headquartered in New Jersey that owned 2.8 million-square-foot of office buildings. In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million. It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013. In 2013, the company sold 19 Skyline Drive for $17.5 million. In November 2014, Roseland opened Portside at East Pier in East Boston. The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018. In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer. The same year, the company moved its headquarters to Jersey City. In June 2020, the company reconstituted its board of directors, electing MaryAnne Gilmartin as chair. Gilmartin also served as Interim Chief Executive Officer prior to the appointment of Mahbod Nia as permanent CEO in March 2021. Nia has served on the company's board since June 2020. Concurrently, Gilmartin stepped down as chair and was replaced by former Lead Independent Director Tammy K. Jones. In December 2021, the company changed its name to Veris Residential, Inc, reflecting a pivot from office to multifamily residential buildings. In April 2023, the company completed the sale of Harborside 1,2, & 3 in Jersey City for $420 million USD, and in 2024 they sold their final office property, completing the shift to residential buildings.
Beau Rivage (Mississippi)	[ "Buildings and structures in Biloxi, Mississippi", "Casinos in Mississippi", "Skyscraper hotels in Mississippi", "Resorts in Mississippi", "Casinos completed in 1999", "Hotel buildings completed in 1999", "Towers in Mississippi", "Skyscrapers in Mississippi", "MGM Resorts International", "1999 establishments in Mississippi", "Steve Wynn", "Casino hotels in Mississippi" ]	724	6,377	Beau Rivage is a waterfront casino resort in Biloxi, Mississippi, USA. It is owned by Vici Properties and operated by MGM Resorts International. The Beau Rivage hotel is the tallest building in Mississippi. The term 'Beau Rivage' is French for 'beautiful shore'; the original, well-known hotels of that name are the Beau-Rivage Geneva and Beau-Rivage Palace, both in Francophone Switzerland. The name of Beau Rivage was originally meant for the Bellagio casino resort on the Las Vegas Strip, however, developer Steve Wynn of Mirage Resorts changed Beau Rivage into Bellagio, and reserved this name for his new waterfront casino in Biloxi. The Beau Rivage, with 1,740 rooms, opened in March 1999. At that time of its opening, it was the largest hotel/casino in the United States outside of Nevada. The casino was located on a series of floating barges as required by local law confining all casinos to mobile marine vessels at the time of the resort's construction. The hotel, restaurants, parking garage, and associated facilities were constructed on land. The height of the 29-floor hotel-casino is . Beau Rivage was seriously damaged by the storm surge caused by Hurricane Katrina on August 29, 2005, and was rebuilt by W.G. Yates & Sons Construction (the contractor that originally built it) and more than 50 subcontractors. Beau Rivage Resort & Casino re-opened its entire resort August 29, 2006 — the one-year anniversary of Hurricane Katrina. Although the hotel tower survived relatively unscathed, the casino barge was significantly damaged. Beau Rivage was one of the few still recognizable buildings remaining on Biloxi's coast. In the weeks following Hurricane Katrina and in the wake of the catastrophic damage to the coast's casinos in the hurricane, the Mississippi state legislature changed its laws regarding the placement of casinos. Instead of having to be on barges on the water, casinos may now be built on land as long as they are within of the shore. In November 2006, the resort opened a new Tom Fazio-designed championship golf course named Fallen Oak. In 2009 there were news reports that Beau Rivage's parent company MGM Mirage had hired investment firm Morgan Stanley to assist the company in finding possible buyers for the Biloxi property and its cousin the MGM Grand Detroit. The Beau Rivage and MGM Grand Detroit were considered to be MGM Mirage's top performing properties and if sold could fetch a total of $1–$2 billion which then would be used to lower MGM Mirage's debt load. In the event, no sale happened. Ownership of the Beau Rivage, along with many other MGM properties, was transferred to MGM Growth Properties in 2016, while MGM Resorts continued to operate it under a lease agreement. Vici Properties acquired MGM Growth, including the Beau Rivage, in 2022. See also List of tallest buildings by U.S. state List of integrated resorts
Carlos Palanca (born 1844)	[ "1844 births", "1901 deaths", "Filipino people of Chinese descent", "People from Xiamen", "19th-century Filipino businesspeople", "Filipino diplomats", "19th-century Chinese diplomats", "Chinese emigrants to the Philippines", "Businesspeople from Fujian", "Chinese businesspeople" ]	1,606	13,436	Carlos Palanca y Lim (Tan Quien Sien) (1844–1901) (Hokkien ), also known as Tan Chuey Leong (Hokkien ) or Tan Chueco (Hokkien ), was a late 19th century local Sangley Chinese community leader, government official, diplomat, legal mediator, lawyer and businessman in the Philippines then part of the Spanish East indies of the Spanish Empire. During the latter part of the Spanish colonial era in the islands he served three times (1875-1877, 1885, and 1894) as the Gobernadorcillo de los Sangleyes or Capitan Chino (Chinese Captain) or cabecilla (leader) in Binondo, Manila and two times as interim headman. He was also the first acting consul general of Qing China to Spanish Philippines from July 28, 1898 to January 1899. Early life Carlos Palanca y Lim was born on June 6, 1844, named in Hokkien (later romanized in Spanish Philippines as "Tan Quien Sien") in Tong'an (), Amoy, Fukien, Qing China. His mother was named Lim Chia. He first came to the Philippines in 1856 when he was twelve years old as an apprentice in a draper business by his relative. Initially he was poor and uneducated, but he later taught himself how to read and write, such as Spanish and Classical Chinese. Later, he converted to Roman Catholicism in the 1860s and adopted his non-Chinese name from an influential padrino (godfather), Spanish Diplomat and Field Marshal Carlos Palanca y Gutiérrez of the Spanish colonial army. Years later, he would become a successful businessman and an established political figure in the local Chinese community of Binondo, Manila. He lived at a house and owned a store in Calle Rosario (modern Quintin Paredes St.) of Binondo, Manila. In nearby Calle San Fernando (modern San Fernando St.), he would report to work as Gobernadorcillo de los Sangleyes or Capitan Chino in the Tribunal de los Sangleyes (Chinese Tribunal), the Communidad de Chinos, and the Gremio de Chinos (Chinese Guild). Carlos Palanca had one son, Engracio Palanca Tan Kang () and a daughter, Alejandra Palanca, who would later marry Emiliano Boncan, scion of another powerful Hokkien merchant family, who in turn intermarried with leading mestizo families, like the Limjaps. As an affluent businessman and Chinese community leader, he along with Lim Ong donated land for the Manila Chinese Cemetery and financed the construction of the Chong Hock Tong Temple built in 1878 there, the oldest surviving Chinese temple in Manila, Philippines, with syncretic features of Buddhism, Taoism, ancestral veneration, and Christianity. During the late 19th century, Chinese migrants to the Philippines were required to gain appropriate documentation from the Spanish consulate in Amoy (Xiamen) first before settling in the Philippines. As early as the 1880s, Carlos along with other Chinese cabecillas (community leaders) petitioned Beijing under Qing China and the Spanish authorities of the Philippines to set up a Qing consulate in Manila instead, especially for the protection of the economic and physical well-being of Chinese migrants and expatriates. At some point, he would later also have Carlos Palanca Tan Guin Lay as a protégé. In 1891, Carlos Palanca along with his son, Engracio, and Mariano Velasco Chua Cheng-co financed the establishment of the Chinese General Hospital, the oldest hospital for the Chinese community in the Philippines. It was also in this same year that José Rizal's second novel, El Filibusterismo (1891), was released, where it describes a certain character known as Quiroga the Chinaman. In Rizal's Chinese Overcoat, Alfonso Ang asserts that the character Quiroga in José Rizal's novel El Filibusterismo was based on Palanca. Wilson (2004) also asserts this, that Rizal portrayed the character of Quiroga the Chinaman as a tacky and duplicitous opportunist, as a form of critique on Carlos Palanca's political and economic influence. Quiroga is portrayed just like Carlos Palanca where he is dressed as a mandarin bureaucrat with a blue-tasseled cap, advocating to open a Chinese consulate in Manila with himself as consul general. Later in 1898, Carlos Palanca's son, Engracio, would later serve as the first official consul general of Qing China to Spanish Philippines, appointed on July 28, 1898 and approved for service in September 1898, and arriving by January 1899, due to some delays on approval by the changing acting Spanish Governor-Generals during the Philippine Revolution, which from July 28, 1898 to January 1899, Carlos Palanca Tan Quien Sien acted instead as the de-facto acting consul general. His son's tenure would be cut short though due to the change in political control from the Spanish authorities to the Americans after the Philippine Revolution on 1899 and complaints to the American authorities from Cantonese, British, and German merchants that Carlos had previously made enemies of. Also due to the recent death of Carlos' wife around 1899, his son decided to step down as consul-general by March 1899 to observe a period of mourning. By April 15, 1899 though, his son would instead help the Communidad de Chinos found the Anglo-Chinese School (modern-day Tiong Se Academy), the first and oldest Chinese Filipino school in the Philippines, offering foreign language, math, science, and the Confucian classics. Later, his son would instead act as the Chinese consul general in Havana, Cuba during its US military rule, but then would return again by 1900 in Manila to serve as interim consul during US military rule of the Philippines. Death Carlos Palanca y Lim (Tan Quien-Sien) would later pass away in September 1901 at the age of 57 years old, passing his role to other cabecillas (community leader). Legacy Carlos Palanca Tan Guin Lay, a successful influential Chinese Filipino businessman during the American colonial era, would ascribe him as his godfather using his name too and later started the La Tondeña Distillery, Inc. by 1902 in Manila, which later became part of San Miguel Corporation (SMC) and was renamed as Ginebra San Miguel in 2003. For Carlos Palanca (Tan Quien-Sien's) legacy, streets were named after him and a memorial and statue of himself were made displayed in the Manila Chinese Cemetery, primarily at the Chong Hock Tong Temple, in the same land he had donated for the cemetery and temple's founding.
Disposable income	[ "Personal taxes", "Household income", "Family economics", "National accounts" ]	872	8,884	Disposable income is total personal income minus current taxes on income. In national accounting, personal income minus personal current taxes equals disposable personal income or household disposable income. Subtracting personal outlays (which includes the major category of personal [or private] consumption expenditure) yields personal (or, private) savings, hence the income left after paying away all the taxes is referred to as disposable income. Restated, consumption expenditure plus savings equals disposable income after accounting for transfers such as payments to children in school or elderly parents' living and care arrangements. The marginal propensity to consume (MPC) is the fraction of a change in disposable income that is consumed. For example, if disposable income rises by $100, and $65 of that $100 is consumed, the MPC is 65%. Restated, the marginal propensity to save is 35%. For the purposes of calculating the amount of income subject to garnishments, United States' federal law defines disposable income as an individual's compensation (including salary, overtime, bonuses, commission, and paid leave) after the deduction of health insurance premiums and any amounts required to be deducted by law. Amounts required to be deducted by law include federal, state, and local taxes, state unemployment and disability taxes, social security taxes, and other garnishments or levies, but does not include such deductions as voluntary retirement contributions and transportation deductions. Those deductions would be made only after calculating the amount of the garnishment or levy. The definition of disposable income varies for the purpose of state and local garnishments and levies. The consumer leverage ratio is the expression of the ratio of total household debt to disposable income. Meanings of disposable income Disposable income can be understood as: National disposable income of a country: The national income minus current transfers (current taxes on income, wealth etc., social contributions, social benefits and other current transfers), plus current transfers receivable by resident units from the rest of the world. Disposable personal (or family/household) income: The income that individuals or households have for their spending. Discretionary income Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. Expenses that persist with zero income are termed autonomous consumption. Discretionary income is the amount of an individual's income available for spending after the essentials have been taken care of: The term "disposable income" is often incorrectly used to denote discretionary income. For example, people commonly refer to disposable income as the amount of "play money" left to spend or save. In the national accounts The system of national accounts defined the concept of disposable income for all institutional sectors of the economy. For corporations it is equal to profit retained, and for the government it is equal to taxes + income received from public corporation. The sum of disposable income across all institutional sectors is called the national disposable income. See also List of countries by disposable income List of countries by GNI per capita growth
Medical underwriting	[ "Health insurance in the United States", "Actuarial science", "Life insurance", "Underwriting" ]	2,173	19,560	Medical underwriting is a health insurance term referring to the use of medical or health information in the evaluation of an applicant for coverage, typically for life or health insurance. As part of the underwriting process, an individual's health information may be used in making two decisions: whether to offer or deny coverage and what premium rate to set for the policy. The two most common methods of medical underwriting are known as moratorium underwriting, a relatively simple process, and full medical underwriting, a more in-depth analysis of a client's health information. The use of medical underwriting may be restricted by law in certain insurance markets. If allowed, the criteria used should be objective, clearly related to the likely cost of providing coverage, practical to administer, consistent with applicable law, and designed to protect the long-term viability of the insurance system. It is the process in which an underwriter considers the health conditions of the person who is applying for the insurance, keeping in mind certain factors like health condition, age, nature of work, and geographical zone. After looking at all the factors, an underwriter suggests whether a policy should be given to the person and at what price, or premium. Health insurance Underwriting is the process that a health insurer uses to weigh potential health risks in its pool of insured people against potential costs of providing coverage. To search the medical underwriting, an insurer asks people who apply for coverage (typically people applying for individual or family coverage) about pre-existing medical conditions. In most US states, insurance companies are allowed to ask questions about a person's medical history to decide whom to offer coverage, whom to deny and if additional charges should apply to individually-purchased coverage. While most discussions of medical underwriting in health insurance are about medical expense insurance, similar considerations apply for other forms of individually-purchased health insurance, such as disability income and longterm care insurance. Purpose From the insurers' point of view, medical underwriting is necessary to prevent people from purchasing health insurance coverage only when they are sick, pregnant or need medical care. Adverse selection is a system that attracts high-users and discourages low-users from participating. Proponents of underwriting believe that if given the ability to purchase coverage without regard for pre-existing medical conditions (no underwriting), people would wait to purchase health insurance until they got sick or needed medical care. Waiting to obtain health insurance coverage until one needs coverage then creates a pool of insureds with "high use," which then increases the premiums that insurance companies must charge to pay for the claims incurred. In turn, high premiums further discourage healthy people from obtaining coverage, particularly when they realize that they will be able to obtain coverage when they need medical care. Effects Proponents of medical underwriting thus argue that it ensures that individual health insurance premiums are kept as low as possible. Critics of medical underwriting believe that it unfairly prevents people with relatively minor and treatable pre-existing conditions from obtaining health insurance. Diseases that can make an individual uninsurable include serious conditions, such as arthritis, cancer, and heart disease but also such common ailments as acne, being 20 lb. over or under the ideal weight, and old sports injuries. An estimated 5 million of those without health insurance are considered "uninsurable" because of pre-existing conditions. One large industry survey, from 2004, found that roughly 13% of those who applied for individual health insurance were denied coverage after undergoing medical underwriting. Declination rates increased significantly with age, rising from 5% for individuals 18 and under to just under a third for individuals to 64. The same study found that among those who received offers for coverage, 76% received offers at standard rates 22% were quoted higher rates. The frequency of increased premiums also increased with age so for applicants over 40, roughly half were affected by medical underwriting, either in the form of denial or increased premiums. The study did not address how many applicants offered coverage at higher premiums decided to decline the policy. A study conducted by the Commonwealth Fund in 2001 found that, among those 19 to 64 who sought individual health insurance during the previous three years, the majority found it expensive, and less than a third ended up purchasing insurance. However, the study did not distinguish between consumers who were quoted increased rates by medical underwriting and those who qualified for standard or preferred premiums. Measuring the percentage of applicants who were denied coverage does not capture any effect that occurs before an application is submitted. If individuals with serious health conditions never apply because they expect that they will be denied coverage, they will not show up in the declination rate. Conversely, if they apply with multiple insurers in hopes of finding one that will issue them a policy, they will be overrepresented in the declination rate. The 2001 Commonwealth Fund study found that a majority of adults reported that it was at least somewhat difficult to find an affordable health insurance policy. Among adults over 30, the percentage reporting difficulty did not vary significantly by age. Those with health problems were somewhat more likely to report having difficulty obtaining affordable health insurance (77% versus 64% of those in good health). Some American states have made medical underwriting illegal as a prerequisite for health coverage, which means anyone who asks for health insurance and pays for it will get it. States that have outlawed medical underwriting include New York, New Jersey, Maine, Massachusetts, and Vermont, which also have the highest premiums for individual health insurance. Renewals Prior to the passage of the Affordable Care Act in 2010, health insurance was primarily regulated by the states. Some states mandated individual health insurance policies as "guaranteed renewable:" once a policy had been issued, the policyholder could keep it forever regardless of medical conditions as long as the required premiums were paid. There had been instances in which insurers increased premiums at annual renewals based on an individual's claim history or changes in their health status. That was possible when coverage was marketed to individuals by discretionary group trusts, escaping some states' rules governing the individual health insurance market. The insurer that was first identified by The Wall Street Journal as reunderwriting policyholders has since publicly stated it will discontinue the practice. However, in most cases, an insurer's ability to "re-underwrite" an existing guaranteed renewable policy is limited by contract provisions and the Affordable Care Act (previously by state law). Even so, premiums fluctuated significantly for existing policies if the average health of the policyholders with a particular product deteriorated, as often happened when rising premiums drove healthier individuals (who were able to buy other policies on more favorable terms) out of the product, leaving those who were relatively less healthy. One factor that drove that is the increase in costs, as individuals who initially pass underwriting develop health problems. In general, claim costs rose significantly over the first five years that an individual health insurance policy is in force. Several solutions were proposed for the "closed block" problem, including requiring insurers to "pre-fund" for cost increases over the lifetime of a product, providing cross-subsidies between blocks of products by pooling products across durations, providing cross-subsidies by placing limits on the allowed variation in premiums between products, or creating state-sponsored risk pools for individuals trapped in a closed block. The American Academy of Actuaries performed a study of the proposed solutions for the National Association of Insurance Commissioners and modeled the likely impact of each. All of the solutions would increase the initial cost of a new policy and reduce cost increases over time. Rescissions Insurers have the right to cancel individually purchased insurance if the insurer finds that the applicant provided incomplete or inaccurate information on the application, thereby affecting the medical underwriting process. The practice, called rescission, protects insurers from intentional fraud and affects only about 1% of individual policyholders but appears to be on the increase. Rescission practices by several large insurers have attracted media attention, class-action lawsuits, and regulatory attention in several states. In 2007, California passed legislation to tighten the rules governing rescissions. In December 2007, a California appeals court ruled that a health insurer could not rescind coverage without showing that either the policyholder willfully misrepresented health or that the insurer had investigated the application before issuing coverage. Life insurance underwriting A distinction between underwriting of individually purchased life insurance and the underwriting of health insurance is generally recognized in US state-specific regulation of insurance. The general legal posture is for states to view life insurance as less of a necessity than health coverage. Moratorium underwriting Moratorium underwriting is an alternative method of health insurance which primarily allows for applicants to receive cover without disclosing their entire medical history. Instead, individuals will typically have any pre-existing medical conditions excluded if those have developed within the past five years. If related symptoms occur within a set period of time, then this will affect the final policy. Moratorium underwriting is, therefore, best suited for healthy individuals who don't foresee any medical difficulties developing. Full medical underwriting (FMU) Full medical underwriting requires that applicants disclose their entire medical histories to the insurer. This then allows the insurer to provide the applicants with lists of specific exclusions based on their disclosed pre-existing medical conditions. See also Body mass index (BMI) Rohrer's index Underwriting, Medical
Jeronis de Soysa	[ "Gate Mudaliyars", "Sri Lankan planters", "Sri Lankan bankers", "Sri Lankan philanthropists", "Sinhalese people", "Sri Lankan medical doctors", "Sri Lankan educational theorists", "Sri Lankan businesspeople", "Planters from British Ceylon", "Sri Lankan Christians", "Sri Lankan Buddhists", "Sri Lankan farmers", "De Soysa family", "Ayurveda", "1797 births", "1860 deaths", "People from Moratuwa", "People from Kandy", "Businesspeople from Colombo", "19th-century philanthropists", "19th-century British businesspeople" ]	2,425	21,132	Gate Mudaliyar Jeronis de Soysa (19 April 1797 – 28 May 1862) was a pioneering Ceylonese entrepreneur and philanthropist. He was a pioneer coffee planter and an industrialist who became the wealthiest Ceylonese of the 19th century by establishing the largest native commercial enterprise of the era. He was instrumental in the establishment of the first Ceylonese bank and is often referred to as a father of private enterprise in British Ceylon. He was the first Mudaliyar to be elevated in recognition of his philanthropy. Early life Jeronis de Soysa was born on 19 April 1797 at Moratuwa. He was the second son of Warusahennadige Joseph Soysa (Jose Rala), an Ayurveda practitioner and Kurukulasuriya Senadige Francisca Peiris. He had seven brothers and three sisters and was affectionately known as Babaseñor. Both his father and grandfather Bastian Soysa and earlier ancestors; Don Francisco, Juan and Manual Soysa Muhandiram were salt and grain merchants having interests in the transportation, boat building and the agricultural sectors. Their ancestor was the lay custodian of the Devinuwara Temple, Matara at the time of its destruction by the Portuguese in 1587. De Soysa's parents originally wanted him to become a Buddhist monk and sent him to the Palliyagodella Temple Rawatawatta Moratuwa for studies. He excelled in the Ayurvedic system of medicine, the Sinhala language and Astrology. He became an Ayurvedic practitioner and possessed a charming personality. De Soysa married Francesca Coorey, daughter of Mututantrige Bastian Cooray and Kurukulasuriya Senadige Justina Pieris in 1833. Mututantrige Sebastian Coorey, an ancestor of Francesca had built the Rawatawatte Dutch Chapel in 1675. Trade and Industry De Soysa inherited a small fortune from his uncles Daniel Peiris and Hendrick Peiris III, who were ship owners with Yatra building yards at Oruwella, Panadura and Grandpass, Colombo. He invested this in expanding the trading network between the Maritime and Kandyan Provinces with the assistance of his brothers. In 1820 he established himself as a general merchant in Kandy, becoming one of the first Sinhalese to do so. He introduced cart transportation between the seaports and the plantations which had till then been carried out on foot and was able to dominate the industry till the building of the railway. Meanwhile, de Soysa also became famous as Babasingha Vedamahatmaya, a sought-after Ayurvedic physician in Kandy and was reputed to have saved the lives of numerous plantation Tamils. De Soysa's business prospered and he received several government supply contracts, including one that involved in the construction of the Colombo-Kandy road. These investments enabled him to accumulate the large capital necessary to rent the franchising for the supply of arrack. Later, he curtailed his investment in the distillery and tavern industry. In 1836 de Soysa bid for the Diyatalawa kanda 'Kings Garden-Rajmal Uyana' in Hanguranketha (against British planters such as George Bird) at the request of the administrative officer of the region that had been appointed by king Sri Vikrama Rajasinha. This was an overgrown coffee (flower) estate previously used by the Kandyan kings as a country retreat. He also purchased many of the cinnamon estates that were previously owned by the Dutch administration in Moratuwa, Ratmalana, Dambuwa and Katunayake, citronella plantations in Ahangama and coconut plantations throughout the island. His land holdings in Colombo consisted of several estates that stretched between Galle Face and Panadura. The De Soysa and Peiris family established the first Ceylonese-owned bank, the Bank of Kandy at Dalada Weediya and Pettah, Colombo in 1839 & 1860, at a time when European owned banks were reluctant to extend credit to the Ceylonese and the high interest rates of the Nattukkottai Chettiars. De Soysa was also reputed for his treatment of employees and had relied to a greater extent on the low country population. He played a significant role in improving agriculture and the infrastructure in the Kandyan province and the coastal districts. Agriculture and infrastructure De Soya's agricultural properties in the up-country were mostly in the Hanguranketha, Haragama and Talatuoya areas which were then thick jungle with no roads. He took the lead and with an improvised measuring stick demarcated the areas to be cleared for road and tank building. He had a network of roads built and supplemented the village infrastructure by building reservoirs for irrigating paddy fields and chena cultivations. The large scale road building projects of de Soysa include the road from Mailapitiya to Hanguranketha and Haragama and the road from Haragama to Kolongaha and Maha Oya in the Central Province. He also had the Polgasowita-Mattegoda-Delgahakanda roads of Salpiti Korale constructed. In 1839 he constructed the road from Galle road to Kospalankissa and several roads in Chilaw district. The roads from Telawela to Katubedda and Mampe, the Angulana road to Kuda-Kalapuwa and the Uyana road were also constructed in the Western Province. De Soysa was also an avid builder of tanks and reservoirs. In 1848 he rebuilt the ancient Malulla tank (Maloluwawe) at Hanguranketa. The Gonagama, Talatuoya, Naranvila, Kandewela and Gonawatte tanks and dams of the Central Province and the Moratuwa-Ratmalana tank in his home town are noteworthy. He also facilitated irrigation works at Kandewela and gifted land to the poor residents of Gonagama and Hanguranketa for cultivation. De Soysa also built the Tibotuwawewatte Ambalama in Haragama and the sprawling rest house and gardens at Moratuwa for public use. As a result of the medical and financial assistance given to the landslide victims of Kadugannawa, de Soysa's caravans were safeguarded by Saradiel, the Robin Hood of Ceylon. De Soysa had also met Puran Appu, a hero of the Matale Rebellion, who had on occasion disguised himself as a carter in spying missions to Kandy. Religious and educational work On his land stood the ancient temple; Pothgul Viharaya of Hanguranketha, which was in a state of collapse. After rebuilding and renovating the temple he nominated the Ven. Attadassi Thero as its Chief Incumbent and gifted the surrounding lands to the Temple. De Soysa also built a Chaitya in Moratuwa to enshrine the ashes of his teacher Ven. Meddegama Thero. He built and financed a free primary school and facilitated an Oriental Library in Hanguranketa. He empowered the traditional Gam Sabhas, established a Legal Aid Society, a library and an association for social reform (Sadarana Sarana Samagama) in Moratuwa. Towards the end of his life, de Soysa embraced Christianity in appreciation of the blessings and recognition that had been bestowed on him. To commemorate this event the Mudaliyar decided to build the Holy Emmanuel Church. On 27 December 1857, Bishop James Chapman laid the cornerstone of the church, designed by Thomas Skinner. On 27 December 1860, the Holy Emmanuel Church was consecrated by Dr. James Chapman, the first Bishop of Colombo and the event was attended by the Governor Charles Justin MacCarthy. His brother Mudaliyer Susew de Soysa (1809-1881) gifted an estate opposite the Mount Lavinia Hotel for its maintenance and a part of it was later transferred to relocate S. Thomas' College. Death Jeronis de Soysa Dharmagunawardane Vipulajayasuriya Karunaratne Dissanayake died at the age of 65 on 28 May 1862. He was buried in the Holy Emmanuel Church, engraved as per his wishes using the Sinhala script. Legacy De Soysa, often referred to as a father of private enterprise was the pioneer native entrepreneur, philanthropist and social reformer who played the role of a path-finder. He died, leaving Charles de Soysa, aged 26, entrusted with the management of an estate worth millions. His infrastructure and tank building projects were commendable, considering the fact that it came after the abolition of the traditional rajakriya system of free compulsory labour and the devastation caused following the Kandyan convention. In 1853, de Soysa was appointed Gate Mudaliyar by the Governor George William Anderson. He was the first native headman to be appointed for public benefactions as opposed to government service. See also Coffee production in Sri Lanka Jeronis
Alison Evans	[ "Living people", "Alumni of the University of Sussex", "Academics of the University of Sussex", "World Bank people", "British economists", "British women economists", "Year of birth missing (living people)", "Place of birth missing (living people)", "British officials of the United Nations" ]	276	2,466	Alison Evans is a British economist. She is director general of Independent Evaluation Group at the World Bank Group since January 2019. Before her current role, Evans was the Chief Commissioner of the UK's Independent Commission for Aid Impact (ICAI) based in London, England, where she led the evolution of that organization's scrutiny mandate. Prior to joining ICAI, she was executive director of the Overseas Development Institute (ODI) in the United Kingdom. For six years, Evans was a senior economist at the World Bank, and a member of the team producing the World Development Report 1997, as well as a senior evaluation specialist in the World Bank Operations Evaluation Department (former name for the Independent Evaluation Group). She earned a Ph.D. in development studies from the University of Sussex and a master's degree in economics and politics from the University of Cambridge. Evans has served as a trustee on multiple boards, including Oxford Policy Management, BBC Media Action, The Christian Michelsen Institute (CMI), The Baring Foundation and Social Finance UK.
Saudi Investment Company	[ "Bin Laden family", "Conglomerate companies of Saudi Arabia", "Companies based in Geneva", "Financial services companies established in 1980", "Swiss companies established in 1980", "Saudi Arabian companies established in 1980" ]	309	2,716	The Saudi Investment Company (SICO), headquartered Geneva, Switzerland, and founded on May 19, 1980, represents the worldwide interests of the Saudi Binladin Group. Overview The Geneva-based SICO is the parent house for the group's international financial activities and investments, with branches in London and Curaçao. The Curaçao branch, established in 1984, manages the bin Laden group's partnership with the American Daniels Realty Corporation (Duspic), part of the Fluor Corporation conglomerate. It is partly through the bin Ladens' influence that the Fluor group was one of the major recipients of reconstruction contracts in Kuwait. Personnel The company is chaired by Yeslam bin Laden, a half-brother of the more infamous Osama bin Laden. Board members include Beatrice Dufour (a sister-in-law of Yeslam), the noted Swiss lawyer Baudoin Dunant, Charles Rochat and Tilouine el Hanafi. Included among SICO's more notable business partners is the Pakistani businessman Akberali Moawalla, who, on December 5, 2001, came under the scrutiny of French investigative authorities for his role in a €241 million transfer made to Pakistan in 2000 from an account belonging to a company called Cambridge, an SBG subsidiary, that was opened at Deutsche Bank in Geneva, according to the Le Monde. U.S. authorities were aware of the existence of those funds, which they believe were transferred into an account belonging jointly to Osama bin Laden and someone of Pakistani nationality, according to the French paper.
Startup.com	[ "2001 films", "American business films", "American documentary films", "Artisan Entertainment films", "Documentary films about business", "Documentary films about the Internet", "2001 documentary films", "2001 independent films", "Dot-com bubble", "Films directed by Jehane Noujaim", "2000s English-language films", "2000s American films", "Films about companies", "English-language documentary films", "English-language independent films", "Films directed by Chris Hegedus" ]	760	6,964	Startup.com is a 2001 American documentary film directed by Jehane Noujaim and Chris Hegedus. D. A. Pennebaker served as a producer on the film. It follows the dot-com start-up govWorks.com, which raised $60 million in funding from Hearst Interactive Media, KKR, the New York Investment Fund, and Sapient. The startup did not survive, but it became a reference for lessons learned, as it was the subject of a 2001 documentary that follows govWorks founders Kaleil Isaza Tuzman and Tom Herman from 1999 to 2000, as the Internet bubble was bursting. The film had its world premiere at the Sundance Film Festival on January 21, 2001. It was released on May 11, 2001, by Artisan Entertainment. Production The film was produced by D. A. Pennebaker, and was directed by Chris Hegedus and Jehane Noujaim. Noujaim had been Kaleil Tuzman's Harvard classmate and began filming Tuzman as he quit his job at Goldman Sachs, to begin govWorks with his high school friend Tom Herman. Noujaim contacted Hegedus and Pennebaker for help in financing the project. The film was distributed by Artisan Entertainment (which was later acquired by Lions Gate Entertainment). The film was shot in digital video. The filmmakers shot for over two years, and were editing the more than 400 hours of video and film right up to their Sundance Film Festival premiere in early 2001. They re-edited the last few minutes of the film just prior to its May 2001 theatrical release. Since the film's release, Herman and Tuzman worked together again at Recognition Group and JumpTV. Critical response Startup.com received positive reviews from film critics. On Rotten Tomatoes it holds a 93% approval rating, based on 94 reviews, with an average rating of 7.55/10. The site's critical consensus reads, "Startup.com is more than just a look at the rise and fall of the new economy. At its center is a friendship being tested to the limit, and that's what makes it worth viewing." On Metacritic, the film has a score of 75 out of 100, based on reviews from 32 critics, indicating "generally favorable reviews". David Rooney of Variety called it a "timely, topical film, which goes beyond its potentially dry diet of facts to incorporate the juicy human drama of Machiavellian manipulations, ambition, torn loyalties and crushing betrayal." See also e-Dreams Startup company Venture capital

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This dataset comprises Wikipedia articles focused on financial and economic topics, systematically curated using Wikipedia's native category system. The collection process involved identifying Wikipedia categories directly related to money, finance, business, and monetary systems, then filtering articles based on their categorical overlap with these financial domains. The current dataset contains only articles that appear in three or more of these finance-related Wikipedia categories, creating a high-confidence corpus of content with demonstrated relevance across multiple financial dimensions. By leveraging Wikipedia's community-driven categorization structure—where articles are assigned to categories through collaborative editorial processes—this filtering approach ensures that the selected articles have been independently validated by multiple editors as belonging to finance-related topic areas, resulting in a concentrated collection of authoritative content on financial and economic subjects.

The information is limited to the content in the English Wikipedia.

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