The Financial Modernization Act: evolution or revolution?

The Gramm-Leach-Bliley Act (GLBA) removed the barriers that separated commercial banking from investment banking, merchant banking, and insurance activities. Did this legislation revolutionize the financial services industry by allowing Financial Holding Companies (FHCs) to exploit revenue efficiencies and cost economies, or did it merely formalize an evolutionary process of deregulation that was already well underway? Our evidence refutes the notion that the GLBA was a revolutionary event, at least in the short run. Using a combination of market and accounting data, we find that, to date, FHC status has had little effect on bank performance. We do find, however, limited evidence that FHCs that were Section 20 affiliates before passage of the GLBA were able to further exploit the synergies between investment banking and commercial banking.Gramm-Leach-Bliley Act ; Banking law - United States ; Bank holding companies

Design of a mixer for the thrust-vectoring system on the high-alpha research vehicle

One of the advanced control concepts being investigated on the High-Alpha Research Vehicle (HARV) is multi-axis thrust vectoring using an experimental thrust-vectoring (TV) system consisting of three hydraulically actuated vanes per engine. A mixer is used to translate the pitch-, roll-, and yaw-TV commands into the appropriate TV-vane commands for distribution to the vane actuators. A computer-aided optimization process was developed to perform the inversion of the thrust-vectoring effectiveness data for use by the mixer in performing this command translation. Using this process a new mixer was designed for the HARV and evaluated in simulation and flight. An important element of the Mixer is the priority logic, which determines priority among the pitch-, roll-, and yaw-TV commands

Privatizing Regulation: Whistleblowing and Bounty Hunting in the Financial Services Industries

Addresses use of whistleblowers and suggests private enforcement methodologies to supplement or supplant public enforcement activities in financial services under new law

Simulation model of the F/A-18 high angle-of-attack research vehicle utilized for the design of advanced control laws

The 'f18harv' six degree-of-freedom nonlinear batch simulation used to support research in advanced control laws and flight dynamics issues as part of NASA's High Alpha Technology Program is described in this report. This simulation models an F/A-18 airplane modified to incorporate a multi-axis thrust-vectoring system for augmented pitch and yaw control power and actuated forebody strakes for enhanced aerodynamic yaw control power. The modified configuration is known as the High Alpha Research Vehicle (HARV). The 'f18harv' simulation was an outgrowth of the 'f18bas' simulation which modeled the basic F/A-18 with a preliminary version of a thrust-vectoring system designed for the HARV. The preliminary version consisted of two thrust-vectoring vanes per engine nozzle compared with the three vanes per engine actually employed on the F/A-18 HARV. The modeled flight envelope is extensive in that the aerodynamic database covers an angle-of-attack range of -10 degrees to +90 degrees, sideslip range of -20 degrees to +20 degrees, a Mach Number range between 0.0 and 2.0, and an altitude range between 0 and 60,000 feet

The James Webb Space Telescope Mission

Twenty-six years ago a small committee report, building on earlier studies, expounded a compelling and poetic vision for the future of astronomy, calling for an infrared-optimized space telescope with an aperture of at least $4m$. With the support of their governments in the US, Europe, and Canada, 20,000 people realized that vision as the $6.5m$ James Webb Space Telescope. A generation of astronomers will celebrate their accomplishments for the life of the mission, potentially as long as 20 years, and beyond. This report and the scientific discoveries that follow are extended thank-you notes to the 20,000 team members. The telescope is working perfectly, with much better image quality than expected. In this and accompanying papers, we give a brief history, describe the observatory, outline its objectives and current observing program, and discuss the inventions and people who made it possible. We cite detailed reports on the design and the measured performance on orbit.Comment: Accepted by PASP for the special issue on The James Webb Space Telescope Overview, 29 pages, 4 figure

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead

The door is open, but banks are slow to enter insurance and investment arenas

Congress opened the door five years ago for banks to enter the insurance and investment arenas, but the expected rush has yet to occur. That's probably fine with critics, who feared that the return of universal banks would bring back Depression-like instability.Gramm-Leach-Bliley Act ; Banking law - United States ; Financial modernization

Privatizing Regulation: Whistleblowing and Bounty Hunting in the Financial Services Industries

Addresses use of whistleblowers and suggests private enforcement methodologies to supplement or supplant public enforcement activities in financial services under new law