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It will raise "permanent equity".
But there was also a genuine need for permanent equity as capital requirements rose and as investment banks moved deeper into capital-intensive businesses such as market-making and trading.
Broad public ownership offered managers a reasonably priced source of more or less permanent equity capital that could buffer the company against adversity in a way debt could not.
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But there have been permanent moustaches in Equity before: Peter Bowles, until recently.
But that left him in the dicey position of having to find new sources of permanent financing or equity to pay off the short-term debt.
Permanent councils on equity and diversity have been established, more women are earning tenure, and salaries for women on the faculty have risen.
Market timing often gets a bad rap, but hopefully my prior columns on the topic demonstrated that it is possible for those who want to maintain prolonged and near-permanent exposure to equities to pursue the practice sensibly and to protect themselves successfully from devastating bear markets (see "Market Timing Models That Work" and "Market Timing Without Ever Leaving The Market").
Historically, people have viewed increases in home equity as more permanent than increases in stock market wealth because they know the latter is more volatile.
Yet these same voices insist that, in the name of equity, any new permanent members should have the same veto powers as the original five.
Permanent tax increases on private equity, venture capital and real estate in exchange for a short-term spending patch does not come close to solving our country's fiscal situation.
Ms. Akkerman rotates exhibits in the lobby at 125 Maiden Lane four times a year and oversees temporary and permanent exhibits in other Time Equities buildings in New York and across the country, including the company's headquarters at 55 Fifth Avenue.
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