A stalling tactic used by management to deter a company that is showing interest in taking them over. The company stalls in hopes that a more favorable company will take them over.
An offsetting change in a margin account, made over the trading day, that results in no overall change in the value of the account. When a same-day substitution is made, a margin call is not generated. A same-day substitution happens when a rise in the market value of one margin security is offset by an equal decline in another.
One of the worst corporate scandals of its time. It occurred when Allied Crude Vegetable Oil Company discovered that banks would make loans secured by its salad oil inventory. When the ships full of salad oil would arrive in the docks, inspectors would test it and confirm that the ship was full of salad oil. However, the company didn't remind anyone that oil floats on water. They had filled salad oil tanks with water and put a few feet of oil on top, fooling everyone. The company would even transfer oil to different tanks while taking inspectors out to lunch. In 1963, the scam was busted and over $175 million worth of salad oil was missing. Commodities trader and company founder Anthony De Angelis was convicted of fraud and conspiracy in the scandal and served seven years in prison. American Express took one of the biggest hits from the scandal, losing nearly $58 million and experiencing a 50% drop in AMEX stock as a result.
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. In effect, this gives the target company a "safe harbor." 3. An accounting method that avoids legal or tax regulations and allows for a simpler method (usually) of determining a tax consequence than those methods described by the precise language of the tax code. 1. In the first case, under SEC rules, safe-harbor provisions protect management from liability for making financial projections and forecasts made in good faith. 2. When trying to scare away sharks, it sometimes helps to stink up the water. 3. Here's an example of an accounting safe harbor: a firm is losing money and therefore cannot claim an investment credit, so it transfers this claim to a company that is profitable and can therefore claim the credit. Then the profitable company leases the asset back to the unprofitable company and passes on the tax savings.
Membership to the NYSE. Owning a seat on the NYSE enables one to trade on the floor of the exchange, as an agent either for someone else (floor broker) or for one’s own personal account (floor trader). The phrase "owning a seat on the exchange" originates in a time before 1871, until which the exchange operated in a 'call-market' fashion, which means stocks were traded individually. With this type of trading, each member would sit in an assigned seat and participate in the buying and selling of desired stocks as they were called for trading.
The hobby of collecting antique bonds, stocks and other financial instruments based on their esthetics and prominence in the financial world. This is very similar to collecting coins or stamps, but instead collectors buy old stock certificates.
A slang term used to describe a small amount of money that is considered to be inadequate for its intended purpose. A shoestring can be used in a number of idioms, such as: "The company financed that last project on a shoestring," or "Jim is living off of a shoestring budget." Although a shoestring budget is considered inadequate, it may just be enough for an individual to live on or for a company to profit from a project. For companies, a particular project's return on investment would be much greater, due to the lower initial cost.
A temporary restriction placed on the trading of index futures because of substantial intraday decreases in the underlying indexes. Shock absorbers are very similar to circuit breakers. However, these restrictions are more specific as they isolate a single index and are enacted at a tighter level. The shock absorbers restrict trading and provide a period of information and pricing absorption for the holders of index futures contracts.
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