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"It's a legitimate capital expenditure that really has created an asset that didn't exist before".
The question of the lines of business and whether traditional commercial banking and the legitimate capital market operations of banks for their clients in the real world, whether that is essentially a different business from the virtual world businesses of the manufacturer trading of risk.
If official immigration checks were set up on the western side of the wall, the Allies fear that East Germany would be able to claim that this action would confirm East Germany's claim that East Berlin is the legitimate capital of a sovereign state and that its border with West Berlin would be an international frontier, instead of simply a part of a city under four-power control.
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S.E.C. officials say that they grant the waivers to keep stock and bond markets open to companies with legitimate capital-raising needs.
A spokesman for Charlie McCreevy, Europe's internal-market commissioner, warned the Dutch authorities not to interfere with legitimate capital-market activity.Far from selling bits of itself, ABN AMRO still looks prepared to buy.
Industrial companies have long chopped and changed their portfolios of businesses in step with prevailing conditions; banks have been slow to adopt the same strategy.When TCI made its call last month, Nout Wellink, governor of the Dutch central bank, rushed to the defence of ABN AMRO only to be slapped down by the European Commission for interfering with legitimate capital-market activity.
Nout Wellink, the Dutch central-bank governor, sprang to ABN Amro's defence but was warned in no uncertain terms by Brussels not to interfere with legitimate capital-market activity.After that the knives were out for the Dutch bank and Rijkman Groenink, its chief executive who has presided over seven years of poor returns to shareholders.
"They are taking the position that they will regulate some stocks out of existence and then the problem will go away, but that interferes with legitimate capital-raising functions of the market," says one market maker in Bulletin Board and Pink Sheets stocks.
Already, we've seen new enthusiasm for an equity-based crowdfunding model for start-ups and that will only intensify in the wake of the JOBS Act, which officially turns crowdfunding into a legitimate venture capital alternative.
Both systems could be financed by a new progressive flat tax code that would eliminate all tax havens, loopholes, deductions, and carried interest (legitimate business capital investments would be expensed in accordance with IRS schedules and/or an increase in FICA).
In Britain, beneficiaries of the legacy of empire began to resurrect that legacy as a powerful and legitimate form of capital.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com