Indeed, it is precisely the same anti-regulation rhetoric used to justify the actions that landed us in our current economic mess, whether the issue was failing to rein in unsound mortgage lending, weakening bank capital standards, permitting banks into risky new activities, or banning regulation of over-the-counter derivatives.
"The pressure on management to waste cash flow through organisational slack or investment in unsound projects is often irresistible".By gearing up companies, private-equity groups withdraw managers' freedom to decide what to do with cashflow.
More than $200 million has been lost in unsound or illegal cooperatives that took their investors' money and bought luxurious properties, fleets of buses or just spirited it abroad.
In Unsound's case, that could be a church or a salt mine. .
Indeed, it's this tendency to transform into a bog which might explain why the Glastonbury model of giant-festival-on-a-farm may be in decline, in favour of those that combine various musical attractions with a chic city break: Sonar in Barcelona, Transmediales in Berlin, Unsound in Krakow.
If you want to explore a foreign city instead, try Off in Katowice, Unsound in Krakow or Sonar in Barcelona.
Originating as a small, underground festival in Krakow, Poland in 2003, Unsound has recently gained international attention for its innovative and experimental musicians, unique venues, and off-the-wall programming with events in New York, London, Adelaide, and this year, Toronto.
Founded in Krakow, Poland, in 2003, Unsound started its first New York festival — 11 days of events in Manhattan and Brooklyn, with a schedule (at unsound.pl/en) that includes concerts, films, panel discussions and D.J. parties — with a free event at Lincoln Center's new David Rubenstein Atrium on Thursday night.
After many years of service the annealing furnace was in an unsound state and renovated in a number of steps in three years time.
NEW YORK TIMES Detroit Manager Seeks to Freeze Pension Plan | Detroit's emergency manager wants to freeze the city's pension system for public workers, in light of evidence it was operated in an unsound manner for many years, contributing to the city's financial downfall.
Updated, 8 42 p.m. | Detroit's emergency manager wants to freeze the city's pension system for public workers in light of mounting evidence that it was operated in an unsound manner for many years, contributing to the city's downfall.
