Sosa

This event is about Baruch’s convocation event which took place the day before classes started. It was an exciting introductory event which illustrated multiple aspects from the classroom environment to the thrill of rock climbing in the plaza.  The convocation was meant mainly for freshman because it was primarily informative about the college itself.  Students were split up into their block groups. They met their freshman seminar teachers and interacted with one another.  Afterwards, they were sent to the main gym to watch an interesting magic show about hypnosis.  The fun continued into the plaza where students enjoyed a nice barbecue and met with different clubs.  It was a great event which started off the school year for incoming students.

This article discusses the financial struggle that JPMorgan is facing.  C.E.O. Jamie Dimon must face the obstacles so to get past one of them, he made a phone call to attorney Mr. Holder, to resurge a settlement agreement involving $13 billion.  Mr. Dimon claimed that he was willing to increase JPMorgan’s to settle an array of state and federal investigations into the bank’s sale of troubled mortgage securities right before the financial crisis.  Mr. Holder and Mr. DImon couldn’t reach initially reach an agreement until a $13 billion dollar deal was reached.

This article discussed Mr. Dimon’s struggle to reach an agreement in order to save his company from investigation until he made a crucial phone call to attorney Mr. Holder.

http://www.nytimes.com/2013/10/20/opinion/sunday/europes-slow-progress-on-banking-reform.html?gwh=1A21D737C10ACCC99E5A553E30586A4C

The article discusses the financial struggle involving the European banking system. It discusses how the finance minsters agreed to give the European Central Bank authority over large banks in countries that use Euro as their currency. And how by doing so it provides more reliability in the investors and depositors when they are banking.

The article also tells us that 49.6% of the 19 million people were unemployed for over 12 months. Describing how the economy of Europe cannot thrive without a successful banking system.

http://www.nytimes.com/2013/10/19/business/international/hsbc-to-appeal-2-46-billion-judgment.html?ref=economy

This article describes HSBC’s appeal to a lawsuit that claims that it violated federal safeties law. The shareholder’s lawsuit claimed that Household International, which is now HSBC Finance Corporation, misled investors about its quality of loans and its accounting between 1999 and 2002. This lawsuit has going on for eleven years and is noted in HSBC’s corporate filing. The articles also explains how there are around 45,000 plaintiffs involved with the case. Resulting in over 20,000 claims made in the lawsuit against HSBC.

http://www.nytimes.com/2013/09/14/your-money/financing-start-up-dreams-with-retirement-savings.html?pagewanted=2&_r=0

After being tired and annoyed of working in the same field, many people look for other ways to make profit. In this New York Times article, three women have changed their lives by using their retirement funds to gain other means of ownership. Knowing that someone can start off a business by using their retirement money is a huge benefit. By changing the 401(k) to retirement plans called “rollovers as business startups” or ROBS, you can invest in companies. However, it is not as simple as it seems. Because of the Internal Revenue Service, it is much harder to be part of a business off of the retirement savings. The IRS are much stricter with the rules of transferring the 401(k) to ROBS. If things are not done correctly, your whole retirement plan can be taken away! Carol J Ventura says “They’re not illegal, but the I.R.S. is saying that they have to be perfectly put in place. They’re very complicated.”  Although this seems to very risky and complicated, there are many benefits through buying shares in operating companies. There are also consultants that you can go and seek advice and help from. Mr. Nelssen said that at his firm’s 8,500 only 50 were audit but had no action happening against them. By changing the 401(k) to ROBS, you can either gain advantage by owning business and shares or be in a great dilemma and have your whole retirement savings vanish. The risks are high, and many seem to go for it!

http://www.nytimes.com/2013/10/14/business/international/global-finance-leaders-look-at-a-shift-in-rates-of-growth.html?_r=0

This article basically talks about meetings where many committees and organizations have come together to discuss on the future of the world’s finance. In other words, with the upper class continuing to grow and middle classes continuing to slow down, there is a need for a future plan to rebalance. In many poor countries maintaining a balance between classes still remains a major problem and struggle. In fact, Fund officials discussed and looked into this mater in depth, concluding that emerging countries need to focus more upon the increase in demand and strengthening government finances. Economically well countries also believe that since they are doing well, they should have more representation towards the help to rebalance the world. Although many expected the world to flourish through economic boom in the middle economies over the recent years, this had not been the case. In fact there have been a decline in the middle class finances.  However, others warned and argued that rich countries are gaining power by cheap money which is also at the same time firing back at them. Anton Siluanov, Russia’s finance minister says “This growth is taking place against the backdrop of unprecedented monetary stimulation. In effect, we are witnessing a return to the old model of growth based on low interest rates and rapid credit expansion, which led to the global financial crisis in the first place.” In other words, relying on cheap money for a substantial growth and balance in economy will only make matters worse.

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