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“It was in the economic interest of a few people to bring a big case with sensational headlines and then drag it out until they could take advantage of the revolving door to the private sector,” Angelo told MarketWatch in an interview. The Yorkville case was the seventh brought by the SEC using a “black box” algorithm called Aberrational Performance Inquiry. The API tool was developed jointly beginning in 2009 by the SEC’s division of enforcement, its office of compliance, inspections and examinations, and its division of risk, strategy and financial innovation. It was designed to make sure they spotted the next Bernie Madoff, that is, an investment fund producing results that were too good to be anything but the product of fraud. Bruce Karpati and Robert Kaplan, co-chiefs of the SEC enforcement division’s asset management unit, took a bow in December 2011 in the press release for the first API cases. “The extraordinary returns reported by these advisers and portfolio managers were, in most cases, too good to be true. In other cases, outlier returns were a telltale sign that something else was amiss,” they were quoted. A spokeswoman for Karpati, now the chief compliance officer for private equity firm KKR, told MarketWatch he declined comment on the case. Kaplan, now in private practice at the law firm Debevoise, did not respond to a request for comment. “I had to let 40 people go but the SEC lawyer who called me a fraud, Bruce Karpati?
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Some Chinese Travel Agencies Resume Package Tours to Korea Some Chinese travel agencies have started selling cheap package tours to Korea again. The Chinese government in March imposed an unofficial boycott on Korean goods and services, including so-called "zero-dollar" tours that were a significant cash cow for low-end tourist businesses here. Their resumption offers hope that the matter can be resolved as the two countries work towards easing tensions sparked by the deployment of a Terminal High-Altitude Area Defense battery from the U.S. in southwestern Korea. But big travel agencies in Beijing and Shanghai still offer no package tours to Korea. Chinese tourists wait outside a duty-free shop in Seoul in March last year. According to industry watchers, one travel agency in an eastern coastal city in China began selling group tour packages to Korea on Tuesday. They are ferry rather than plane trips and cost between 1,480 to 2,480 yuan (W250,000 to W420,000) per person (US$1=W1,127). The agency is selling the package tour on its website, but it is difficult to search for the agency on the web, so they only appeal to customers in the know. One industry source said, "We have been seeing some travel agencies in small towns starting to resume tour packages to Korea in July, but there are no signs that the big agencies are changing, so we can't jump to conclusions yet and the Chinese government may well slam on the brakes again."
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Planes, Trains, Automobiles, Oh My! Travel Overwhelming? Use This Advice!
Travel is a great way to learn more and expand your horizons. However, it does have its downsides, so make sure you carefully plan your trip and be ready for any potential situation. The following tips will help you begin to prepare.
Try your best to get an aisle seat on the plane. The window seat provides a view, while the aisle seat lets you have access that is unrestricted to overhead baggage and bathroom access.
If you are traveling through a smaller airport, check their website to see every airline that they service. One of the main reasons for this is charter flights, which often service flights through smaller airports but aren't listed. You can find some sweet deals this way.
If you are traveling in a foreign country, be careful of the taxis you choose to ride. If you simply could not get a recommendation and have to grab a vehicle immediately, all legitimate services should have some form of driver Identification and company license available in plain view on the dash. Anyone can place a "TAXI" sign atop their vehicle, which means you can be in danger.
Join a price watcher for travel. Some websites will watch prices for you. If a hotel or airfare drops by your designated amount, you'll get an email alert to notify you of the change. This helps you avoid the hassle of daily checks.
If you can't leave your pet at home, try finding a trip that lets you bring them. Bringing pets on vacation is growing in popularity. These include cat spas, dog daycare centers and pet-friendly cruises. Ask about your pets first before you make the booking.
When you get into your hotel room, check your alarm. Some travelers find themselves awakened at three or four in the morning by alarm clocks that the previous occupant of the room set. Turn off the alarm or set it to the time you want it on.
For added security when you are going to stay in a hotel, make sure you bring along a door stopper. This will add to the level of security that you have. If the door doesn't have a chain or deadbolt aside from its main lock, try placing one wedged door stop under your door before bed.
Check the websites of your airline to get the best deal. Sometimes they have the best price.
When traveling, you might want to bring something of home along. But don't take too much. List all the ones you typically use each day and that you really need. Only take along the necessities and what's important.
Give your bellhop and maid a nice tip. The typical tip is a dollar per bag of luggage and anywhere from two to five dollars per day for housekeeping. This will help ensure that you maintain a good relationship during your stay.
Traveling can be very exciting. As is the case with most things in life, careful planning enhances your travel experience. If you're going to be traveling soon, use what you've just learned to ensure that your next trip is a glorious one.