Download Byleveld: Dossier of a Serial Sleuth by Hanlie Retief PDF

By Hanlie Retief

Piet Byleveld is an excellent detective. Honoured by way of the foreign Police organization as one of many most sensible 3 detectives on this planet, he has assisted the FBI, Scotland backyard, the Canadian police and Mossad with their serial-killing investigations. however it is in South Africa the place he perfected his process, fixing the various nation s most renowned circumstances and catching a few of the international s most deadly killers. during this publication, journalist Hanlie Retief, who had particular entry to Byleveld's dossiers, writes in regards to the infamous serial-killer situations and different murders Byleveld solved. She weaves into it the tale of Byleveld's personal lifestyles. The ebook comprises full-color pictures from police documents all through. it truly is amazing detective paintings advised in a punchy, hard-hitting kind.

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Sample text

But in 2009, in the wake of the financial crisis, he was getting fed up. He was becoming irritated by the smug jibes that he and his finance colleagues were receiving about the failure of their discipline and its contribution to the global financial crisis. He was particularly incensed at the suggestion that it was the emphasis of finance on shareholder value which was the root cause of the problem and that, by proselytizing this evil doctrine, he and his colleagues were instructing their students in the ways of the devil.

If the investment turns out badly, then they will lose the lot—a minus 100 per cent return. So their expected return is minus 50 per cent, exactly equal to the shareholders’ gain, which is no surprise because this is pure ‘wealth transfer’, as it is termed—a simple expropriation of creditors for the benefit of shareholders. Put the world in the hands of shareholders and that is exactly what will happen—they will transfer as much wealth as they can from creditors to themselves. Creditors protect themselves as best they can through contracts which impose restrictions on what companies can do with their money (covenants) and grant them rights over the assets of corporations that default on their loans (collateral).

This turns the normal ethical argument on its head. It is not, as commonly asserted, the workers or the customers who are the exploited party; it is the shareholders. They are the people who commit their capital: once it is subscribed, it is permanent and cannot be withdrawn. The moral obligation to uphold the interests of shareholders therefore derives from their unusual degree of exposure to the corporation. This is not to say that directors of corporations will entirely ignore the welfare of others.

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