Recently I called a store to find out if it had a specific item in
stock. “Oh yes,” the sales clerk replied, “We have it, but we
can’t quote the price over the phone — you’ll have to come into
the store to find out the price.”
So I went to the store. Not only didn’t the store have what I was
looking for, but the sales clerk tried to sell me a completely different
product than the one I came in for. There is nothing worse than
knowing that your time is being wasted.
When it is recollected how much has been written to describe the Settlement of New South Wales, it seems
necessary if not to offer an apology, yet to assign a reason, for an additional publication.
The Author embarked in the fleet which sailed to found the establishment at Botany Bay. He shortly after
published a Narrative of the Proceedings and State of the Colony, brought up to the beginning of July, 1788,
which was well received, and passed through three editions.
Financial institutions are increasingly measuring and managing
the risk from credit exposures at the portfolio level,
in addition to the transaction level. This change in perspective
has occurred for a number of reasons. First is the
recognition that the traditional binary classification of
credits into “good” credits and “bad” credits is not sufficient—
a precondition for managing credit risk at the portfolio
level is the recognition that all credits can potentially
become “bad” over time given a particular economic scenario.