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During a Congressional Committee hearing at which Goldman Sachs CEO Lloyd Blankfein testified, Senator David Pryor of Arkansas asked Blankfein, "Why would clients believe in Goldman Sachs?" Blankfein replied that Goldman Sachs was acting as a market maker for the Abacus CDOs and that a market maker shouldn't be responsible for determining whether the securities it buys and sells are appropriate for every investor: "The markets couldn't work if you had to make sure it was good for them."
a. What is a market maker?
b. Does a market maker have different responsibilities than a financial firm that is providing investment advice for clients?
c. Do you agree with Blankfein that "the markets couldn't work if [market makers] had to make sure it was good for [investors]"? Briefly explain.
Find the z-score for which 99% of the distribution's area lies between -z and z.
Determine the true statement regarding stock bonus plans and ESOPs.
1) If the stock currently sells for $65, what is your best estimate of the company's cost of equity capital using the arithmetic average growth rate in dividends? 2) What if you use the geometric average growth rate?
Explain the disadvantages of using financial performance indicators alone to assess performance. Explain TWO non-financial performance measures, each from a different perspective of the Balanced Scorecard, which TSH could use to measure the perform..
Suppose that a share of Microsoft had a closing price yesterday of $90, but new information was announced after the market closed that caused a revision in the forecast of the price next year to go to $120.
Stock R has a beta of 1.5, Stock S has a beta of 0.75, the expected rate of return on an average stock is 13 percent, and the risk-free rate of return is 7 percent. By how much does the required return on the riskier stock exceed the required return ..
It needs to spend $10 million on new fixed assets and $16 million to increase its current assets, and it expected its accounts payable to increase by $2 million and its accruals to increase by $4 million. What is its free cash flow (FCF)?
What is the value of your portfolio? What happens to the value of your portfolio if the yield to maturity on the bonds rises by one percentage point?
A firm will pay a $1.50 dividend at the end of year one (D1), has a stock price of $60 (P0), and a constant growth rate (g) of 8 percent. (a) Compute the required rate of return (Ke).
In early 2007, at 65 years old, Bennett Hughes was ready to retire. To do so, he would have to sell the Nashville, Tennessee-based live event and concert production company, Bennett Hughes Productions, LLC (henceforth BHP), that he had founded..
a) When the price of luxury cars increases, the number of luxury cars purchased increases. b) The percentage change in the price of luxury cars is less than the percentage change in the quantity demanded. c) If average family incomes fall, sales of l..
Suppose the Robinson Company had a cost of goods sold of $1,000,000 in 2010 and $1,200,000 in 2011.
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