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Mobil, which reported a 20% drop in foreign sales over two years, would have posted a 10% increase had it not switched to equity accounting for its European operations.
Though he does have those on his team, he's also hired staffers with backgrounds in computer science, private equity, accounting, management consulting – and even a former cloth trader in Mumbai's Mulji Jetha market.
The main reason for this, of course, was the collapse of the housing market, with home equity accounting for the lion's share of older Americans' net worth.
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"And you need to see cash build up in equity accounts.
He did so by liquidating his savings, selling stocks and borrowing against an equity account.
In global equity accounts, Fiduciary Trust has kept 55percentt abroad, 45percentt in North America, all year.
The prepaid-compensation account is now closed out, and there remains only $100 of paid-in capital in the equity accounts.
The second Joint venture with Apax Partners is Top Right Group (formerly Emap), where GMG equity accounts for 32.9%.
In the 1960s, shareholders' equity accounted for 30% of German companies' balance sheets; now the ratio is only 17%.
But for the ultrawealthy (defined as the top 1 percent), home equity accounts for only 9.4 percent of their wealth, with stocks accounting for 25.4 percent.
The economist Howard Archer of IHS Global Insight has calculated that the net injection of housing equity accounted for 2.4% of post-tax income in the third quarter of last year.
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