But, in overseas locations, like we have water, like we have electricity, gases transported to individual households in terms of pipes, so that is actually is integral part of infrastructure and in many western countries. So, on any of these case we are going to take one item from the profit and loss statements, we are going to take one item from balance sheet. Painless Mezzanine Debt Finance tactics. Go Dong! Wait a moment. So, row number 25 gives the earnings before tax, and if you actually find for the first 2 years the earnings before tax is negative and it turns positive only from year 3 onwards. When the fund has reached a certain level of return, capital calls are issued and the borrowing is paid off. My close friend is an entertainment reporter. Why is he saying that now?! Exactly.
So, that all the risks that are otherwise, you know that we have talked about are mitigated. Investor misconceptions about liquidity and hedge funds, often a defensive asset class. In 2011 Oaktree partnered with Sabal Financial Group, a company focusing on the acquisition and valuation of portfolios of real estate loans. You have to judge that one case -- there are these economies of scope. It just happened. Aish, where is it?
Libra or Tula Raashi Improve your career. I mean there's blink! Because even here I almost admire the if I may use this old fashioned Marxist terms the ruling ideology, no. Romney was worried that the firm might be destroyed, but the crisis ebbed. In the short term yes, but of course, Judith's pointed out the fact that a lot of people saved the money.
This is where owner financing comes in. There is a witness. So we've got our 40% there. So, when you actually take a loan and from the time you actually receive the money, you have to start paying interest.
They lent to -- they only lent to members of the Federal Reserve system, which accounted for a third of the banks, so two-thirds of the banks had no financial lender of last resort. And if you â that was at the time of crisis. Someone was sort of giving us the Berocca while we were drinking the wine. The buyer is now the actual owner of the home. We will look at some different types of debt in this lecture and so this lecture is going to largely focused on Mezzanine or Sub-Ordinated Debt.
That's why they call it hard money, but I'm only going to pay it for four or five months. It's entitled to do so. And let's say when they sell them, they don't get $10 million for these assets. Convenient plans in a knockout post examined.
So, there is a very, very clear specification in terms of what the loan can actually be used for and there is very little description on the part, if SPV. WikiLeaks should not be used for cheap anti-Americanism. But if I have three or four different realtors, that they know what I'm always... and here's what, we said this before, you have to look every day. Public finances are in a very fragile state, and it's possible that the weakness of the euro might further contribute to the weakness of national economies.
Debt isn't the only kind of liability, but that's a pretty reasonable simplification for now. One, he'll pay. And like my neighbor on my left, I believe that the efforts to make a bailout fund are resting on a fundamentally wrong assumption which will lead economies into deeper trouble. These restrictions can include things like collateral, which require the firm to pledge an asset against the loan. Does the panel think that this is additive or negative for financial stability? Fiat money reformers believe there would have to be a substantial revolution in government to rest this power back from the banks.