Paul Emil Erdman (May 19, 1932 - April 23, 2007 in Sonoma County, California) was an American economist and banker who became known for writing novels based on monetary trends and international finance.
Sonoma County is a county in the U.S. state of California. As of the 2010 United States Census, its population was 483,878. Its county seat and largest city is Santa Rosa. It is to the north of Marin County and the south of Mendocino County. It is west of Napa County and Lake County.
The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.
International finance is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade.
Erdman was born in Stratford, Ontario, Canada, on 19 May 1932 to American parents. He graduated from Georgetown University's Edmund A. Walsh School of Foreign Service. He received his PhD from the University of Basel, Switzerland. In 1958 he worked as a financial analyst for the European Coal and Steel Community. Between 1959 and 1961, he worked as an economist at the Stanford Research Institute in Menlo Park, California.
Stratford is a city on the Avon River within Perth County in southwestern Ontario, Canada, with a population of 31,465 in 2016 in a land area of 28.28 square kilometres. Stratford is the seat of Perth County which was settled by English, Irish, Scottish and German immigrants, in almost equal numbers, starting in the 1820s but primarily in the 1830s and 1840s. Most became farmers, and even today, the area around Stratford is known for mixed farming, dairying and hog production.
Georgetown University is a private research university in the Georgetown neighborhood of Washington, D.C. Founded in 1789 as Georgetown College, the university has grown to comprise nine undergraduate and graduate schools, among which are the School of Foreign Service, School of Business, Medical School, and Law School. Located on a hill above the Potomac River, the school's main campus is identifiable by its flagship Healy Hall, a National Historic Landmark. Georgetown offers degree programs in forty-eight disciplines, enrolling an average of 7,500 undergraduate and 10,000 post-graduate students from more than 135 countries.
A Doctor of Philosophy is the highest university degree that is conferred after a course of study by universities in most English-speaking countries. PhDs are awarded for programs across the whole breadth of academic fields. As an earned research degree, those studying for a PhD are usually required to produce original research that expands the boundaries of knowledge, normally in the form of a thesis or dissertation, and defend their work against experts in the field. The completion of a PhD is often a requirement for employment as a university professor, researcher, or scientist in many fields. Individuals who have earned a Doctor of Philosophy degree may, in many jurisdictions, use the title Doctor or, in non-English-speaking countries, variants such as "Dr. phil." with their name, although the proper etiquette associated with this usage may also be subject to the professional ethics of their own scholarly field, culture, or society. Those who teach at universities or work in academic, educational, or research fields are usually addressed by this title "professionally and socially in a salutation or conversation." Alternatively, holders may use post-nominal letters such as "Ph.D.", "PhD", or "DPhil". It is, however, considered incorrect to use both the title and post-nominals at the same time.
Erdman returned to Switzerland where, in 1965, he founded and was the president of a Swiss bank - the Salik Bank. In 1969, the United California Bank in California bought a majority stake and renamed it the United California Bank in Basel.The bank collapsed after taking large losses speculating in the cocoa market. Erdman and other board members were accused of fraud and mismanagement. Erdman spent 10 months in solitary confinement without being charged before being released on a $133,000 bail bond in 1971. Erdman skipped out on the bail and flew to England, later returning to the United States. Several officers of the bank were convicted and served prison terms. Erdman was convicted and given a sentence of nine years in absentia .
First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company.
Speculation is the purchase of an asset with the hope that it will become more valuable in the near future. In finance, speculation is also the practice of engaging in risky financial transactions in an attempt to profit from short term fluctuations in the market value of a tradable financial instrument—rather than attempting to profit from the underlying financial attributes embodied in the instrument such as capital gains, dividends, or interest.
Absentia is Latin for absence. In absentia, a legal term, is Latin for "in the absence" or "while absent".
During his time in prison, Erdman occupied his time by writing fiction including the first 60 pages of his novel, The Billion Dollar Sure Thing .It received a 1974 Edgar Award from the Mystery Writers of America for Best First Novel and was published in the UK as The Billion Dollar Killing. His second novel, The Silver Bears (1974) was turned into a 1978 movie of nearly the same name, starring Michael Caine. His best-selling novels are credited with the invention of the "financial thriller" genre. Additionally, the information in The Swiss Account is credited with providing a basis for helping track down the assets of Jewish victims of the Holocaust.
The Edgar Allan Poe Awards, named after Edgar Allan Poe, are presented every year by the Mystery Writers of America, based in New York City. They honor the best in mystery fiction, non-fiction, television, film, and theater published or produced in the previous year.
Mystery Writers of America (MWA) is an organization of mystery and crime writers, based in New York City.
Sir Michael Caine, is an English actor, producer and author. He has appeared in more than 130 films in a career spanning 70 years and is considered a British film icon. Known for his cockney accent, Caine was born in South London.
Erdman also regularly wrote financial columns for Marketwatch. He was a leading expert in the international economics field and published non-fictional works, such as Tug of War, which set out his views on exchange rates and the international financial system.
In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114.
Erdman was married to Helly Boeglin and they had two daughters. After the collapse of the Swiss bank, they moved to England and subsequently California. He maintained a Northern California residence from 1973 and lived in Healdsburg, California. Erdman died from cancer at his ranch in Healdsburg on 23 April 2007.
California is a state in the Pacific Region of the United States. With 39.6 million residents, California is the most populous U.S. state and the third-largest by area. The state capital is Sacramento. The Greater Los Angeles Area and the San Francisco Bay Area are the nation's second- and fifth-most populous urban regions, with 18.7 million and 9.7 million residents respectively. Los Angeles is California's most populous city, and the country's second-most populous, after New York City. California also has the nation's most populous county, Los Angeles County, and its largest county by area, San Bernardino County. The City and County of San Francisco is both the country's second-most densely populated major city after New York City and the fifth-most densely populated county, behind only four of the five New York City boroughs.
Healdsburg is a city located in Sonoma County, in California's Wine Country. As of the 2010 United States Census, the city had a population of 11,254. Healdsburg is a small tourist-oriented town in northern Sonoma County. Due to its three most important wine-producing regions, Healdsburg has been continuously awarded one of the top 10 small towns in America and is home to three of the top wineries in the United States.
Cancer is a group of diseases involving abnormal cell growth with the potential to invade or spread to other parts of the body. These contrast with benign tumors, which do not spread. Possible signs and symptoms include a lump, abnormal bleeding, prolonged cough, unexplained weight loss, and a change in bowel movements. While these symptoms may indicate cancer, they can also have other causes. Over 100 types of cancers affect humans.
The Bank for International Settlements (BIS) is an international financial institution owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
Banco Ambrosiano was an Italian bank that collapsed in 1982. At the center of the bank's failure was its chairman, Roberto Calvi, and his membership in the illegal former Masonic Lodge Propaganda Due. The Institute for the Works of Religion, commonly known as the Vatican Bank, was Banco Ambrosiano's main shareholder. The Vatican Bank was also accused of funneling covert United States funds to the Polish trade union Solidarity and to the Contras through Banco Ambrosiano.
Banking in Switzerland began in the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering, banking is seen as emblematic of Switzerland. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Started as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks.
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. The Swiss National Bank (SNB) issues banknotes and the federal mint Swissmint issues coins.
Joseph YAM Chi-kwong, GBM, GBS, CBE, JP is a Hong Kong statistician, economist and civil servant. He was the first Chief Executive of the Hong Kong Monetary Authority, Hong Kong's de facto central bank, holding the position for 16 years. In 2011 Yam was elected to a member of the board of directors of the Swiss Bank UBS AG. In 2014, following UBS AG's restructuring, he was appointed to the board of directors of the UBS Group AG and served in the position till May 2017. He has been a member of the Corporate Culture and Responsibility Committee and the Risk Committee of the UBS Group AG since 2011 and a non-official member of the Executive Council of Hong Kong since 2017.
The Central Bank of Malaysia is the Malaysian central bank. Established on 26 January 1959 as Central Bank of Malaya, its main purpose is to issue currency, act as banker and adviser to the Government of Malaysia and regulate the country's financial institutions, credit system and monetary policy. Its headquarters is located in Kuala Lumpur, the federal capital of Malaysia.
A bailout is a colloquial term for the provision of financial help to a corporation or country which otherwise would be on the brink of failure or bankruptcy.
Josef Tošovský is a Czech economist and former governor of Czech National Bank. From 16 December 1997 to 17 July 1998 he was the Prime Minister of the Czech Republic in a caretaker government.
Basel I is the round of deliberations by central bankers from around the world, and in 1988, the Basel Committee on Banking Supervision (BCBS) in Basel, Switzerland, published a set of minimum capital requirements for banks. This is also known as the 1988 Basel Accord, and was enforced by law in the Group of Ten (G-10) countries in 1992. A new set of rules known as Basel II was later developed with the intent to supersede the Basel I accords. However they were criticized by some for allowing banks to take on additional types of risk, which was considered part of the cause of the US subprime financial crisis that started in 2008. In fact, bank regulators in the United States took the position of requiring a bank to follow the set of rules giving the more conservative approach for the bank. Because of this it was anticipated that only the few very largest US banks would operate under the Basel II rules, the others being regulated under the Basel I framework. Basel III was developed in response to the financial crisis; it does not supersede either Basel I or II, but focuses on different issues primarily related to the risk of a bank run.
Jaime Caruana is a Spanish economist. He served as the General Manager of the Bank for International Settlements from 1 April 2009 to 30 November 2017. He was also the Governor of the Bank of Spain from July 2000 to July 2006.
Herstatt Bank was a privately owned bank in the German city of Cologne. It went bankrupt on 26 June 1974 in a famous incident illustrating settlement risk in international finance.
Sebastián Edwards is a Chilean economist, professor, speaker, and consultant. He is currently the Henry Ford II Professor of International Business Economics at the UCLA Anderson School of Management at the University of California, Los Angeles (UCLA). From 1993 until April 1996, he was the Chief Economist for the Latin America and Caribbean Region of the World Bank. He is also a research associate of the National Bureau of Economic Research (NBER), a member of the advisory board of Transnational Research Corporation and co-chairman of the Inter American Seminar on Economics (IASE). He is the Past President of the Latin American and Caribbean Economic Association (LACEA), an international professional association of economists with academic interests in Latin America and the Caribbean region. He was a member of the Scientific Advisory Council of the Kiel Institute of World Economics, Kiel-Germany. He is a member of California Governor Arnold Schwarzenegger's Council of Economic Advisors.
Adam LeBor is a British author, journalist, writing coach and editorial trainer. Born in London in 1961, LeBor has worked as a foreign correspondent since 1991. He covered the collapse of Communism and the Yugoslav wars for The Independent and The Times and has worked in more than thirty countries. He currently contributes to the Economist, the Financial Times, the New York Times, Monocle and numerous other publications. He works as an editorial trainer and writing coach at the Financial Times, Citywire, Monocle and several financial institutions including the European Bank for Reconstruction and Development. He teaches creative writing, focusing on the thriller genre, for the Arvon Foundation.
Ernst Beyeler was a Swiss art dealer and collector, who became "Europe’s pre-eminent dealer in modern art", according to The New York Times, and "the greatest art dealer since the war", according to The Daily Telegraph. In 1982, he and his wife founded the Beyeler Foundation to show his private collection, which on his death was valued at US$1.85 billion.
Inside Job is a 2010 American documentary film, directed by Charles Ferguson, about the late-2000s financial crisis. Ferguson, who began researching in 2008, says the film is about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption". In five parts, the film explores how changes in the policy environment and banking practices helped create the financial crisis.
Financial thriller is a subgenre of thriller fiction in which the financial system and economy play a major role. The novel The Financier (1912) by Theodore Dreiser displays elements of a financial thriller. Paul Erdman helped popularize the modern financial thriller, with The Billion Dollar Sure Thing (1973). The former president of a Swiss bank, he penned the novel while in jail awaiting trial on fraud charges related to speculating in the cocoa market.
The Libor scandal was a series of fraudulent actions connected to the Libor and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange, which took over running the Libor in January 2014.
Our Kind of Traitor is a 2016 British spy thriller film directed by Susanna White and written by Hossein Amini, adapted from John le Carré's novel of the same name. Starring Ewan McGregor, Naomie Harris, Stellan Skarsgård, Damian Lewis, and Alicia von Rittberg, the film was released in the United Kingdom on 13 May 2016 by Lionsgate.
The Bank J. Safra Sarasin Ltd is a Swiss private bank, founded in 1841 and headquartered in Basel. It is currently owned by the Brazilian Safra Group, and was formed in its present state in 2013, when Safra Group acquired Bank Sarasin & Co. Ltd, merging it with its Bank Jacob Safra Switzerland subsidiary.