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最新個案
- A practical guide to SEC ï¬nancial reporting and disclosures for successful regulatory crowdfunding
- Quality shareholders versus transient investors: The alarming case of product recalls
- The Health Equity Accelerator at Boston Medical Center
- Monosha Biotech: Growth Challenges of a Social Enterprise Brand
- Assessing the Value of Unifying and De-duplicating Customer Data, Spreadsheet Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise, Data Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise
- Board Director Dilemmas: The Tradeoffs of Board Selection
- Barbie: Reviving a Cultural Icon at Mattel (Abridged)
- Happiness Capital: A Hundred-Year-Old Family Business's Quest to Create Happiness
The Fall of Banco Espirito Santo: Holy Spirit or Devil in Disguise?
內容大綱
In 2014, after nearly 150 years as one of Portugal's most wealthy and powerful families, the EspÃrito Santo family completely lost control of its empire, which included Banco EspÃrito Santo, Portugal's largest bank by market capitalization and second-largest private-sector bank in terms of assets, along with stakes in numerous financial, non-financial, privately held, and publicly traded companies. During the European financial crisis of 2010 to 2014, many of the family's companies required capital investment. To avoid family equity dilution, the family's patriarch, Ricardo EspÃrito Santo Silva Salgado, engaged in a creative money-go-round structure whereby Banco EspÃrito Santo would legally raise short-term commercial paper with high interest rates and sell them to third parties that were partially owned by the EspÃrito Santo family. These third parties then would sell that paper back to the bank's retail clients as safe investments similar to Portuguese deposits. The plan failed, and the house of cards that was the EspÃrito Santo empire collapsed. Students will consider whether Salgado and the board of Banco EspÃrito Santo acted appropriately or if they failed their fiduciary duties to the non-family shareholders of the bank.