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<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif"><FONT face=Arial size=2>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> John Fullerton <jfullerton@capitalinstitute.org><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> Robert Searle <dharao4@yahoo.co.uk> <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Tuesday, 29 November 2011, 0:30<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> The Wisdom of Melville<BR></FONT><WBR>
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<div><FONT face=calibri color=#111111 size=5><B>The Wisdom of Melville</B></FONT></div>
<div><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">"If your banker breaks, you snap." - Herman Melville, Moby Dick</SPAN></div>
<div><FONT face=calibri color=#333333 size=2>During the summer between the day I resigned from JPMorgan after eighteen years, and the horror of witnessing 9-11 up close and personal, I joined a couple of friends on their fifty foot sailboat in an attempt to sail across the Atlantic Ocean. What better time to read Moby Dick, I thought. <BR><BR>One thousand miles into the journey, about a third of the way to England, we were struck by a humpback whale, destroying our rudder and leaving us floundering on the Atlantic."<BR><BR>Read more at the <FONT style="FONT-SIZE: small; FONT-FAMILY: calibri; TEXT-DECORATION: none"><A style="FONT-SIZE: small; COLOR: rgb(89,135,198); FONT-FAMILY: calibri; TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=641&qid=55556" target=_blank rel=nofollow>Future of Finance Blog</A><FONT class=yiv249091890Apple-style-span color=#333333>.</FONT></FONT><FONT
class=yiv249091890Apple-style-span color=#5987c6 size=2><BR></FONT></FONT></div><BR> </TD></TR>
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<div><B style="FONT-SIZE: x-large; COLOR: rgb(17,17,17); FONT-FAMILY: calibri">Profit-making Over Charity?</B></div><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">Last Friday, a New York Times article on program-related investing highlighted the $10 million equity stake the Gates Foundation took in Liquidia Technologies. Some in the foundation world are concerned that the investment blurred the lines between profit-making and charity. We and our Braintrust advisor Stephen Viederman say foundations should blur those lines as long as they use their endowment assets to do so. We would argue that foundations should use all of the tools available to them to meet their mission and purpose: grants, program-related investments and, most powerfully, their endowment assets.</SPAN><BR>
<div><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">Read more about how foundations should invest their endowments </SPAN><A style="FONT-SIZE: small; FONT-FAMILY: calibri; TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=626&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>here</A><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">.</SPAN></div>
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<div><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: x-large; COLOR: rgb(17,17,17); FONT-FAMILY: calibri"><B>Financial Transactions Tax: Update <BR></B></SPAN></div>
<div style="RIGHT: auto"><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">In the past month, a number of high-profile individuals have joined the international call for a Financial Transaction Tax. Former Vice President Al Gore, British Hedge Fund Magnate David Harding, Philanthropist and Business Leader Bill Gates, and American Political Activist Ralph Nader have all boldly stood up for the tax.<BR><BR>Nader's support for the tax was most publicly expressed on the opinion page of the Wall Street Journal in a piece titled "<A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=627&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>Time for a Tax On Speculation</A>." In the piece, he cited Capital Institute as one of the leading voices supporting the tax and used an argument made in John Fullerton's blog post "<A
style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=628&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>Why We Need a Financial Transactions Tax</A>." A number of leading bloggers, including <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=629&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>Angry Bear</A> and <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=630&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>A Taxing Matter</A> picked up on this reference and covered the Capital Institute portion of Nader's op-ed.<BR><BR>We are proud to have impacted the debate by influencing a number of these voices. We will continue to provide critical commentary on the FTT and make arguments rooted in
complexity theory, a deep understanding of how financial systems function, and the connection our financial decisions have to the real economy and the natural world. <VAR id=yui-ie-cursor></VAR></SPAN></div>
<div style="RIGHT: auto"><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: 13px; COLOR: rgb(51,51,51); FONT-FAMILY: calibri">Read all of John's FTT blog entries <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=631&qid=55556" target=_blank rel=nofollow></VAR></VAR></VAR></VAR></VAR></VAR></FONT><FONT color=#5987c6>h<VAR id=yui-ie-cursor>e<VAR id=yui-ie-cursor>r<VAR id=yui-ie-cursor><VAR id=yui-ie-cursor><VAR id=yui-ie-cursor><VAR id=yui-ie-cursor>e</A>.<VAR id=yui-ie-cursor></VAR><VAR id=yui-ie-cursor></VAR></SPAN></div></TD>
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<div><FONT face=calibri color=#eeeeee size=3><B>What We're Reading </B></FONT><BR><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><BR>Carla Sequist wrote a fascinating piece this week on the striking similarities between Jon Corzine's as CEO of MF Global (and Wall Street titans in general)</SPAN><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"> and Captain Ahab. She calls on Wall Street to learn the critical lessons of humility, prudence, and cooperation.</SPAN></div>
<div><FONT class=yiv249091890Apple-style-span face=calibri color=#cccccc size=2><A style="FONT-SIZE: small; FONT-FAMILY: calibri; TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=632&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>Brush Up On Your Melville</A></FONT></div>
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<div><FONT face=calibri color=#eeeeee size=3><B>Quote of the Week </B></FONT><BR><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><BR>"Today's free-marketers need to re-learn the wisdom of Adam Smith, Friedrich Hayek, and Milton Friedman, whom they praise but don't read."</SPAN><BR style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><BR>Jeffrey Sachs, </SPAN><A style="FONT-SIZE: small; FONT-FAMILY: calibri; TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=633&qid=55556" target=_blank rel=nofollow></FONT><FONT color=#5987c6>Fairness and the Occupy Movement Revisited</A><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"> </SPAN></div>
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<div><FONT face=calibri color=#cccccc size=2><FONT size=+0><FONT face=calibri color=#eeeeee size=3><B>Comment of the Week </B></FONT><BR></FONT></FONT></div>
<div><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri">"It is such a relief and delight to read 'A National Strategic Narrative' from the perspective of a Chinese student in the U.S., in a time when China-bashing is (again) the new fashion in Washington. I have always believed that the competition between US and China is not a zero sum game, just as the competition in the ecosystem keeps all parties adaptive and healthy."</SPAN><BR style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><BR style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri"><SPAN class=yiv249091890Apple-style-span style="FONT-SIZE: small; COLOR: rgb(204,204,204); FONT-FAMILY: calibri">-Zilong Wang, </SPAN><A style="FONT-SIZE: small; FONT-FAMILY: calibri; TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=634&qid=55556"
target=_blank rel=nofollow></FONT><FONT color=#5987c6>The Joint Chiefs of Staff and OWS... Who Knew?</A></div>
<div><FONT face=calibri color=#cccccc size=2><FONT size=+0><FONT face=calibri color=#cccccc size=2><BR><FONT size=+0></FONT></FONT></FONT></FONT></div>
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