Opinion

This month marks the 101st year since the death of John Pierpont Morgan and recently the 2012 mini series “The Men Who Built America” was rerun. The series features a number of late 18th and early 20th century industrialists and financiers including Morgan.

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The typical underwriting arrangement involves the purchase of a security issue from a corporation by an investment banking firm or a group of such firms (called an underwriting syndicate), and the sale of the issue to the general investing public, institutional investors as well as wealthy individuals. This procedure is followed in the case of bond issues of corporations as well as for stock issues which are not required by law or by decision of the board of directors to be offered first to old shareholders.

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You may not know or care much about public notices, but you should. They are the legally required notices in newspapers and websites that identify government budget proposals, financial statements, minutes of meetings of the governing body, new ordinances and public hearing notices, some of which may result in a tax assessment to the benefiting properties.

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Investment banking is the process by which new securities are brought to market in order to raise capital for businesses. In a broad sense, investment banking embraces all the institutions by which capital formation takes place, including: (1) the transfer of ownership of a corporate entity through investment banks which are usually brokerage houses; (2) security substitution, such as is involved in the issuance of securities by investment companies; and (3) security management, or the decision as to where investors’ funds are to be placed.

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