A slang term for a young urban professional who cannot afford property. Yupcaps are individuals in their late twenties or early thirties with a post secondary educations and a well-paying jobs who are unable to purchase a property due to factors such as high real estate prices, limited personal savings and limited credit history, all of which can make it difficult to get approved for a mortgage. Yupcaps are a result of rising prices in the North American real estate market, where mortgages and affordable housing are difficult to obtain due to high housing prices. Despite having a steady stream of income in a good paying job, yupcaps often find it extremely difficult to purchase a home in the marketplace. These individuals often need to wait until they build up a larger down payment, purchase a home with another individual, or get help from their parents. Yupcaps' situation contrasts with that of their parents, who could more easily afford their first homes.
A class of self-made millionaires that live relatively modest lives. Instead of spending wealth on gaining luxurious items and living expensive lifestyles, these individuals prefer to make contributions to charitable causes and spend time with their families. The concept of social responsibility may have contributed to the emergence of this new class of wealthy individuals. All in all, these individuals can be a great benefit for society because they redistribute a vast amount of wealth for social good. However, it may be difficult to become a YAWN because it can be very tempting for wealthy young people to be drawn to more extravagant lifestyles.
A company that was once making a takeover attempt but ends up discussing a merger with the target company. The implication is that the company attempting the takeover has chickened out, deciding to discuss things instead of making an aggressive move.
A shorthand term for "the year 2000" commonly used to refer to a widespread computer programming shortcut that was expected to cause extensive havoc as the year changed from 1999 to 2000. Instead of allowing four digits for the year, many computer programs only allowed two digits (e.g., 99 instead of 1999). As a result, there was immense panic that computers would be unable to operate when the date descended from "99" to "00". While there were a few minor issues once January 1, 2000, arrived, there were no massive malfunctions. Some people attribute the smooth transition to the major efforts undertaken by businesseses and government organizations to correct the Y2K bug in advance. Others say that the problem was overstated to begin with and wouldn't have caused significant problems no matter what.
Formerly known as WorldCom, now known as MCI, this U.S.-based telecommunications company was at one time the second-largest long distance phone company in the U.S. Today, it is perhaps best known for a massive accounting scandal that led to the company filing for bankruptcy protection in 2002. WorldCom executives effectively fudged the company's accounting numbers, inflating the company's assets by around $12 billion dollars. The swift bankruptcy that followed led to massive losses for investors. WorldCom's bankruptcy filing in 2002 was the largest such filing in U.S. history. The WorldCom scandal is regarded as one of the worst corporate crimes in history, and several former executives involved in the fraud faced criminal charges for their involvement. Most notably, company founder and former CEO Bernard Ebbers was sentenced to 25 years in prison, and former CFO Scott Sullivan received a five-year jail sentence, which would have been longer had he not pleaded guilty and testified against Ebbers. Under the bankruptcy reorganization agreement, the company paid $750 million to the Securities & Exchange Commission in cash and stock in the new MCI, which was intended to be paid to wronged investors.
A report by the International Monetary Fund (IMF) that contains analysis and projections of the integral elements of the IMF's surveillance of economic developments and policies in its member countries, and of the developments in the global financial markets and economic system. The World Economic Outlook (WEO) is usually prepared twice a year and is used in meetings of the International Monetary and Financial Committee. The WEO presents the IMF's analysis and projections of global economic developments and classifies their analysis by region and stage of economic development. This report is the main instrument of disseminating the findings and analysis of their global surveillance activities to the world.
A bank or financial institution with negative net worth. Although zombie banks typically have a net worth below zero, they continue to operate as a result of government backings or bailouts that allow these banks to meet debt obligations and avoid bankruptcy. Zombie banks often have a large amount of nonperforming assets on their balance sheets which make future earnings very unpredictable. Watch: The Curse Of Zombie Banks The term was first coined in 1987 to explain the savings and loan crisis which led to a large number of financial institutions declaring bankruptcy. Quite often, when a bank is deemed a zombie bank, customers will flood the institution in a bank run, only worsening the situation. This was seen during the financial crisis of 2008-2009 in which a large number of national and regional banks became insolvent and forced the U.S. government to issue a bailout package to keep the financial sector afloat.
A company owned by Barry Minkow in the 1980s. Through such means as forgery and theft, Minkow appeared to be building a multimillion dollar corporation. ZZZZ Best went public in December of 1986, eventually reaching a market capitalization of over US$200 million. ZZZZ Best began as a carpet cleaning company, started by Minkow in his parents' garage. He was a high school sophomore at the time! A few years later, ZZZZ Best began to specialize in insurance restoration business. Minkow was eventually convicted of fraud and sentenced to 25 years in prison. He served just over seven years.
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