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There are somewhere over 1 million retained asset accounts.
The article goes on to identify three firms that collectively manage over a million retained asset accounts.
Contrary to what the article suggests--and regardless of what you think about our wars--the retained asset account story has almost nothing to do with soldiers.
But that's precisely the reason behind retained asset accounts: it saves you from dealing with the complex emotional reality of a check received around the same time as the funeral of the person whose death caused you to get the money.
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In 2001, the groups together contributed $47 million to the parks and retained assets totaling about $200 million.
After he learned that the payouts stayed in Prudential's general fund, Mr. Wurtz said, he asked Prudential how much money the insurance company made from these accounts and how many dollars it held in retained assets.
So banks indulged in "regulatory arbitrage": they disposed of risks for which Basel 1 required more capital than the market did, such as credit-card debt or residential mortgages; and they retained assets for which the market demanded more capital than the regulators did.
To retain assets that can judge their own market value so finely, firms need intensely creative compensation strategies.
The credit crisis had arrived in Japan and the country's financial regulator ordered Lehman's local subsidiary to retain assets in the country.
Instead, there will be staggered payments that depend on FRM's ability to retain assets as the firms merge over the next three years.
"In my view, this is a scheme to defraud by inducing the policyholder's beneficiary to let the life insurance company retain assets they're not entitled to.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com