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Posts Tagged ‘Potipoti’

Wall Street Chic

Wednesday, February 11th, 2009

Wall Street Chic by Josh Persky

You’ve just been bailed out. You and your buddies are getting hefty bonuses for basically losing billions of middle class pensioners’ dollars. Question: What do you wear to the Big Bonus Luncheon at 21? Do you go with the bespoke Kiton that screams “this cost $22, 500,” or do you sport a navy pinpoint Kenneth Cole that you scored on Overstock.com for $135 with free shipping? This moral question is not addressed by Josh Persky in this installment of “Wall Street Chic” but stay tuned.

The History of Mark to Market accounting Part 2 By Josh Persky

Historical-cost-based financial statements also allowed financial institutions to engage in “gains trading.”

In this situation management could opportunistically choose which assets to sell, or which liabilities to settle, in order to realize gains (or losses) in particular accounting periods. This afforded management a powerful income statement management tool.

In addition, for financial institutions short of capital, this created an incentive for the management to sell their well-performing assets in order to realize gains to boost their capital, but retain their poorly-performing assets (which had unrealized losses).
The change in the business environment during the 1980s also provides the backdrop that is necessary to understand the progress of fair value accounting. Historically, many financial institutions did not have dynamic risk management strategies and would rarely sell investments before their maturity. Deregulation of interest rates during this period caused a change in the strategies of financial institutions, and securities positions were traded more actively.

New financial instruments were created in response to changes in the market, such as deregulation, tax law changes, volatility, and other factors. U.S. GAAP for such changes in financial instruments was being developed on an issue-by-issue basis. For example, accounting literature issued included SFAS No. 52, Foreign Currency Translation, issued in 1981, which required fair value accounting for certain foreign exchange contracts through the income statement and SFAS No. 80, Accounting for Futures Contracts, issued in 1984, which required futures contracts that do not qualify for hedge accounting to be measured at fair value through income.

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Wall Street Chic

Thursday, January 29th, 2009

What to wear when doing an intense valuation of a medium sized closely held family run manufacturing business based in the midwest? It’s all about Cashmere this season…but Glamwire Financial Style Editor Josh Persky takes Cashmere to a new level with the following installment of Wall Street Chic!

THE HISTORY OF MARK TO MARKET ACCOUNTING…BY JOSH PERSKY

Prior to the development of mandatory accounting standards following the Great Depression, companies had significant latitude in selecting their own accounting practices and policies. There is evidence that the use of “current values” or “appraised values” for assets, and the recording of upward asset revaluations, were common in the early-twentieth century in the period prior to the Depression. During this period, balance sheets often included upward revaluations of long-term assets such as property, plant, equipment, and intangible assets.

For example, a survey of 208 large industrial firms between 1925 and 1934 revealed that 75% of the sample firms recorded upward or downward asset revaluations during this period, including 70 write-ups of property, plant, and equipment, seven write-ups of intangibles, and 43 write-ups of investments.

Further, prior to 1938, banking organizations were required for supervisory purposes to use market value accounting for their investment securities portfolios. Serious concerns on the part of the U.S. Treasury and the bank regulators over how this affected the banks’ financial performance and investment decisions led the agencies to abandon in that year the use of this accounting concept for supervisory purposes.

NEXT WEEK….PART TWO….AND HOW TO WEAR A CHIFFON ORGANZA TULLED ZAC POSEN BALL GOWN TO A LATE NIGHT CORPORATE RESTRUCTURING MEETING AT THE LIPSTICK BUILDING. ESSENTIAL TIPS FOR THE CHIC ACCOUNTING PROFESSIONAL ONLY RIGHT HERE….ON GLAMWIRE.

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Roumanian Model Watch: <BR>A New GLAMWIRE Feature With Our Friends At Chic TV

Friday, March 7th, 2008

Stay Tuned For Zac Time’ Great 15 -20 second interview with Chic.tv’s wonderful Joanne Prishwalko, who looks totally delighted to be interviewing this Roumanina gal.

Diane Molodvan, Jessica Stam, Chic tv, Richie From Totally Cool Magazine.

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Ciao! (Glamwire Hall of Fame #1)

Thursday, December 28th, 2006

Giorgio Armani was born July 11, 1934, in Piacenza, Italy. One of three children, Armani had his heart set on becoming a doctor. After graduating high school, a young Armani headed to medical school at the University of Bologna, but after 2 years he realized that medicine — specifically the sight of blood — was not for him.

With some previous experience in photography and a brief time in the military, Armani was hired as a window-dresser and then a buyer for La Rinescente; Milan’s largest department store. Armed with merchandising experience and a desire to design, Armani was then hired as an assistant designer for Nino Cerruti’s men’s clothing company, Hitman, for 6 years.

It was then time to take his work to a more independent level. Before the Armani line, as we know it today, was established, the man behind the eagle label worked as a freelance designer after having gained experience at Carutti and also Ungaro and Zegna.

In 1975, along with partner Sergio Galeotti, Armani founded his own men’s ready-to-wear line, while the women’s wear followed a year later. It took selling a Volkswagen to help finance the label, which has grown into the billion-dollar industry it is today.

By combining elegance with a sophisticated style, Armani succeeded by giving sports jackets a sportswear feel and making the tailoring less severe.

His design philosophy follows 3 golden rules: eliminate the superfluous, emphasize the comfortable, and acknowledge the elegance of the uncomplicated.

With more than 2000 stores worldwide and billions of dollars in annual sales, many adhere to Armani’s philosophy. It’s this success that explains why he has houses in Broni, Forte dei Marmi and Pantelleria in Italy, and St. Tropez in the French Riviera. When not in either of these homes, Armani is busy working at Armani’s head office, Via Borgonuovo, 21, 20121 Milan.

In addition to the multitude of awards, Armani’s 25 years in the industry were honored by New York’s Guggenheim Museum — and he’s the only designer whose work is displayed there.

Armani revolutionized fashion by changing the definition of men’s power suits, altering the way women dressed, and by proving that luxurious doesn’t mean uncomfortable and busy. Synonymous with understated chic, Armani and his eagle logo have soared through fashion history — and will probably remain there for years to come. Of yeah, check out GA’s own amazing After xmas sale: up to 70 percent off through January 3, ’07 at particapiating Armani Exhange boutiques!

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