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Home > Art, Film & Photography > Terra-Gruppen: Terra Securities Scandal, Terra Securities, Grong Sparebank, Terra Markets, Verran Sparebank, Knut Anders Opstad, Harald Norberg
Terra-Gruppen: Terra Securities Scandal, Terra Securities, Grong Sparebank, Terra Markets, Verran Sparebank, Knut Anders Opstad, Harald Norberg

Terra-Gruppen: Terra Securities Scandal, Terra Securities, Grong Sparebank, Terra Markets, Verran Sparebank, Knut Anders Opstad, Harald Norberg


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About the Book

Chapters: Terra Securities Scandal, Terra Securities, Grong Sparebank, Terra Markets, Verran Sparebank, Knut Anders Opstad, Harald Norberg, Ola Sundt Ravnestad, Gabriel Block-Watne, Stein Ole Larsen, Svein Erik Nordang, Odd Arne Pedersen. Source: Wikipedia. Pages: 43. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: The Terra Securities scandal was a scandal that became public in November 2007. It involved highly speculative investments by eight municipalities of Norway in various hedge funds in the United States bond market. The funds were sold by Terra Securities to the municipalities, while the products were delivered by Citigroup. The municipalities involved were Narvik, Rana, Hattfjelldal and Hemnes in Nordland, Vik and Bremanger in Sogn og Fjordane, Haugesund in Rogaland, and Kvinesdal in Vest-Agder, all large producers of hydroelectricity. The investments were very complicated in nature. They were geared, and they involved high risk through a small upside but a very large downside. Terra Securities, now bankrupt, was a subsidiary of Terra Markets, which is owned 66.73% by Terra-Gruppen, an alliance and co-branding company owned by 78 local savings banks in Norway. The remaining 33.27% was owned by the management of the company. Citigroup is the world's largest bank, based in the United States. In 2001, Vik municipality found a loophole in the Municipality Act and invested borrowed money in the stock market, by first investing and then seeking permission later. This utilization of the loophole was confirmed by the Norwegian Ministry of Local Government and Regional Development in 2002, because the money borrowed was secured in future income. Vik had borrowed NOK 70 million through DnB Markets based on annual payments of NOK 10M, secured through income from hydroelectric power produc...More: http: //booksllc.net/?id=1445025


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Product Details
  • ISBN-13: 9781156871195
  • Publisher: Books LLC
  • Publisher Imprint: Books LLC
  • Height: 152 mm
  • No of Pages: 44
  • Spine Width: 3 mm
  • Weight: 77 gr
  • ISBN-10: 1156871190
  • Publisher Date: 15 Sep 2010
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Sub Title: Terra Securities Scandal, Terra Securities, Grong Sparebank, Terra Markets, Verran Sparebank, Knut Anders Opstad, Harald Norberg
  • Width: 229 mm


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