Ultimately, they believed, the buying and selling of sexual services would become a freely undertaken transaction, in which the state would only be involved as a regulator and tax-collector.
A presentation in June 1999 to the board by the chief financial officer at the time, John Gibbons, informed members twice that the company was "undertaking transactions to smooth the time pattern of net interest income".
Later, Deutsche Bank of Germany and Nomura of Japan undertook transactions with previous management at Monte dei Paschi that helped it conceal losses of 730 million euros, raising further questions about the conduct of investment banks.
"We checked our rights and felt comfortable under Indiana law that we could undertake this transaction," he continued.
The obvious example from finance is the option, which gives the buyer the right, but not the obligation, to undertake a transaction at an agreed price.
"The Anschutz Company has the highest confidence in AEG's potential and its management, and will only undertake a transaction that reflects this confidence".
Futures contracts represent an agreement between two parties to undertake a transaction at some agreed future date at a price agreed now.
Gaining much needed cash and operating efficiency are prime incentives for municipalities to undertake such transactions.
The derivatives market is huge, unregulated and opaque because participants undertake the transactions privately and don't record them in a central market.
A prominent Iraqi businessman told me that Iranian-backed agents regularly use the Iraqi banking system to undertake fraudulent transactions that allow them to sell Iraqi currency at a huge profit.
Even now, a year and a half after Lehman's collapse, major banks still undertake such transactions with businesses whose names, like Hudson Castle's, are rarely mentioned outside of footnotes in financial statements, if at all.
