Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than a unit of currency tomorrow. Finance measures the risks vs. profits and gives an indication of whether the investment is good or not. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.

Areas of finance[link]

Personal finance[link]

Questions in personal finance revolve around

• How can people protect themselves against unforeseen personal events, as well as those in the external economy?
• How can family assets best be transferred across generations (bequests and inheritance)?
• How does tax policy (tax subsidies or penalties) affect personal financial decisions?
• How does credit affect an individual's financial standing?
• How can one plan for a secure financial future in an environment of economic instability?

Personal financial decisions may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance, investing and saving for retirement.

Personal financial decisions may also involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are:^[1]

1. Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished.
2. Adequate protection: the analysis of how to protect a household from unforeseen risks. These risks can be divided into liability, property, death, disability, health and long term care. Some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning.
3. Tax planning: typically the income tax is the single largest expense in a household. Managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax. Typically, as one's income grows, a higher marginal rate of tax must be paid.^{[citation needed]} Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact.
4. Investment and accumulation goals: planning how to accumulate enough money for large purchases, and life events is what most people consider to be financial planning. Major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement.

   Achieving these goals requires projecting what they will cost, and when you need to withdraw funds. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which typically will subject the portfolio to a number of risks. Managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity. This asset allocation will prescribe a percentage allocation to be invested in stocks, bonds, cash and alternative investments. The allocation should also take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person.

5. Retirement planning is the process of understanding how much it costs to live at retirement, and coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plan include taking advantage of government allowed structures to manage tax liability including: individual (IRA) structures, or employer sponsored retirement plans.
6. Estate planning involves planning for the disposition of one's assets after death. Typically, there is a tax due to the state or federal government at your death. Avoiding these taxes means that more of your assets will be distributed to your heirs. You can leave your assets to family, friends or charitable groups.

Corporate finance[link]

Managerial or corporate finance is the task of providing the funds for a corporation's activities (for small business, this is referred to as SME finance). Corporate finance generally involves balancing risk and profitability, while attempting to maximize an entity's wealth and the value of its stock, and generically entails three interrelated decisions. In the first, "the investment decision", management must decide which "projects" (if any) to undertake. The discipline of capital budgeting is devoted to this question, and may employ standard business valuation techniques or even extend to real options valuation; see Financial modeling. The second, "the financing decision" relates to how these investments are to be funded: capital here is provided by shareholders, in the form of equity (privately or via an initial public offering), creditors, often in the form of bonds, and the firm's operations (cash flow). Short-term funding or working capital is mostly provided by banks extending a line of credit. The balance between these elements forms the company's capital structure. The third, "the dividend decision", requires management to determine whether any unappropriated profit is to be retained for future investment / operational requirements, or instead to be distributed to shareholders, and if so in what form. Short term financial management is often termed "working capital management", and relates to cash-, inventory- and debtors management. These areas often overlap with the firm's accounting function, however, financial accounting is more concerned with the reporting of historical financial information, while these financial decisions are directed toward the future of the firm.

Another business decision concerning finance is investment, or fund management. An investment is an acquisition of an asset in the hope that it will maintain or increase its value. In investment management – in choosing a portfolio – one has to decide what, how much and when to invest. To do this, a company must:

• Identify relevant objectives and constraints: institution or individual goals, time horizon, risk aversion and tax considerations;
• Identify the appropriate strategy: active versus passive hedging strategy
• Measure the portfolio performance

Financial management is duplicate with the financial function of the Accounting profession. However, financial accounting is more concerned with the reporting of historical financial information, while the financial decision is directed toward the future of the firm.

Financial risk management, an element of corporate finance, is the practice of creating and protecting economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. (Other risk types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc.) It focuses on when and how to hedge using financial instruments; in this sense it overlaps with financial engineering. Similar to general risk management, financial risk management requires identifying its sources, measuring it (see: Risk measure: Well known risk measures), and formulating plans to address these, and can be qualitative and quantitative. In the banking sector worldwide, the Basel Accords are generally adopted by internationally active banks for tracking, reporting and exposing operational, credit and market risks.

Financial services[link]

An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.

A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance) and by a wide variety of other organizations, including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments and methodologies, with consideration to their institutional setting.

Finance is one of the most important aspects of business management and includes decisions related to the use and acquisition of funds for the enterprise.

In corporate finance, a company's capital structure is the total mix of financing methods it uses to raise funds. One method is debt financing, which includes bank loans and bond sales. Another method is equity financing - the sale of stock by a company to investors, the original shareholders of a share. Ownership of a share gives the shareholder certain contractual rights and powers, which typically include the right to receive declared dividends and to vote the proxy on important matters (e.g., board elections). The owners of both bonds and stock, may be institutional investors - financial institutions such as investment banks and pension funds — or private individuals, called private investors or retail investors.

Public finance[link]

Public finance describes finance as related to sovereign states and sub-national entities (states/provinces, counties, municipalities, etc.) and related public entities (e.g. school districts) or agencies. It is concerned with:

• Identification of required expenditure of a public sector entity
• Source(s) of that entity's revenue
• The budgeting process
• Debt issuance (municipal bonds) for public works projects

Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.^[2]

Capital[link]

Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service. (The capital has two types of resources Equity and Debt)

The deployment of capital is decided by the budget. This may include the objective of business, targets set, and results in financial terms, e.g., the target set for sale, resulting cost, growth, required investment to achieve the planned sales, and financing source for the investment.

A budget may be long term or short term. Long term budgets have a time horizon of 5–10 years giving a vision to the company; short term is an annual budget which is drawn to control and operate in that particular year.

Budgets will include proposed fixed asset requirements and how these expenditures will be financed. Capital budgets are often adjusted annually and should be part of a longer-term Capital Improvements Plan.

A cash budget is also required. The working capital requirements of a business are monitored at all times to ensure that there are sufficient funds available to meet short-term expenses.

The cash budget is basically a detailed plan that shows all expected sources and uses of cash. The cash budget has the following six main sections:

1. Beginning Cash Balance - contains the last period's closing cash balance.
2. Cash collections - includes all expected cash receipts (all sources of cash for the period considered, mainly sales)
3. Cash disbursements - lists all planned cash outflows for the period, excluding interest payments on short-term loans, which appear in the financing section. All expenses that do not affect cash flow are excluded from this list (e.g. depreciation, amortization, etc.)
4. Cash excess or deficiency - a function of the cash needs and cash available. Cash needs are determined by the total cash disbursements plus the minimum cash balance required by company policy. If total cash available is less than cash needs, a deficiency exists.
5. Financing - discloses the planned borrowings and repayments, including interest.
6. Ending Cash balance - simply reveals the planned ending cash balance.

Financial theory[link]

Financial economics[link]

Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure finance. It centres on decision making under uncertainty in the context of the financial markets, and the resultant economic and financial models. It essentially explores how rational investors would apply decision theory to the problem of investment. Here, the twin assumptions of rationality and market efficiency lead to modern portfolio theory (the CAPM), and to the Black Scholes theory for option valuation; it further studies phenomena and models where these assumptions do not hold, or are extended. "Financial economics", at least formally, also considers investment under "certainty" (Fisher separation theorem, "theory of investment value", Modigliani-Miller theorem) and hence also contributes to corporate finance theory. Financial Econometrics is the branch of Financial Economics that uses econometric techniques to parameterize the relationships suggested.

Although closely related, the disciplines of economics and finance are distinctive. The “economy” is a social institution that organizes a society’s production, distribution, and consumption of goods and services,” all of which must be financed.

Economists make a number of abstract assumptions for purposes of their analyses and predictions. They generally regard financial markets that function for the financial system as an efficient mechanism. Instead, financial markets are subject to human error and emotion.^[3] New research discloses the mischaracterization of investment safety and measures of financial products and markets so complex that their effects, especially under conditions of uncertainty, are impossible to predict. The study of finance is subsumed under economics as financial economics, but the scope, speed, power relations and practices of the financial system can uplift or cripple whole economies and the well-being of households, businesses and governing bodies within them—sometimes in a single day.

Financial mathematics[link]

Financial mathematics is a field of applied mathematics, concerned with financial markets. The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory. Generally, mathematical finance will derive, and extend, the mathematical or numerical models suggested by financial economics. In terms of practice, mathematical finance also overlaps heavily with the field of computational finance (also known as financial engineering). Arguably, these are largely synonymous, although the latter focuses on application, while the former focuses on modeling and derivation (see: Quantitative analyst). The field is largely focused on the modelling of derivatives, although other important subfields include insurance mathematics and quantitative portfolio problems. See Outline of finance: Mathematical tools; Outline of finance: Derivatives pricing.

Experimental finance[link]

Experimental finance aims to establish different market settings and environments to observe experimentally and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions, and attempt to discover new principles on which such theory can be extended. Research may proceed by conducting trading simulations or by establishing and studying the behaviour of people in artificial competitive market-like settings.

Behavioral finance[link]

Behavioral Finance studies how the psychology of investors or managers affects financial decisions and markets. Behavioral finance has grown over the last few decades to become central to finance.

Behavioral finance includes such topics as:

1. Empirical studies that demonstrate significant deviations from classical theories.
2. Models of how psychology affects trading and prices
3. Forecasting based on these methods.
4. Studies of experimental asset markets and use of models to forecast experiments.

A strand of behavioral finance has been dubbed Quantitative Behavioral Finance, which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. Some of this endeavor has been led by Gunduz Caginalp (Professor of Mathematics and Editor of Journal of Behavioral Finance during 2001-2004) and collaborators including Vernon Smith (2002 Nobel Laureate in Economics), David Porter, Don Balenovich, Vladimira Ilieva, Ahmet Duran). Studies by Jeff Madura, Ray Sturm and others have demonstrated significant behavioral effects in stocks and exchange traded funds. Among other topics, quantitative behavioral finance studies behavioral effects together with the non-classical assumption of the finiteness of assets.

Intangible asset finance[link]

Intangible asset finance is the area of finance that deals with intangible assets such as patents, trademarks, goodwill, reputation, etc.

Professional qualifications[link]

There are several related professional qualifications, that can lead to the field:

• Generalist Finance qualifications:
  • Degrees: Masters degree in Finance (MSF), Master of Financial Economics, Master of Finance & Control (MFC), Master Financial Manager (MFM), Master of Financial Administration (MFA)
  • Certifications: Chartered Financial Analyst (CFA), Certified Treasury Professional (CTP), Certified Valuation Analyst (CVA), Certified International Investment Analyst (CIIA), Financial Risk Manager (FRM), Association of Corporate Treasurers (ACT), Certified Market Analyst (CMA/FAD) Dual Designation, Corporate Finance Qualification (CF), Chartered Alternative Investment Analyst (CAIA)
• Quantitative Finance qualifications: Master of Financial Engineering (MSFE), Master of Quantitative Finance (MQF), Master of Computational Finance (MCF), Master of Financial Mathematics (MFM), Certificate in Quantitative Finance (CQF).
• Accountancy qualifications:
  • Qualified accountant: Chartered Accountant (ACA - UK certification / CA - certification in Commonwealth countries), Chartered Certified Accountant (ACCA, UK certification), Certified Public Accountant (CPA, US certification), ACMA/FCMA ( Associate/Fellow Chartered Management Accountant) from Chartered Institute of Management Accountant(CIMA), UK.
  • Non-statutory qualifications: Chartered Cost Accountant CCA Designation from AAFM
• Business qualifications: Master of Business Administration (MBA), Master of Management (MM), Master of Commerce (M.Comm), Master of Science in Management (MSM), Doctor of Business Administration (DBA)

See also[link]

• Outline of finance
• Financial crisis of 2007–2010

	Book: Finance
Wikipedia books are collections of articles that can be downloaded or ordered in print.

References[link]

External links[link]

Look up finance in Wiktionary, the free dictionary.

Wikiversity has learning materials about Finance

Wikisource has the text of the 1921 Collier's Encyclopedia article Finance.

• OECD work on financial markets Observation of UK Finance Market
• Wharton Finance Knowledge Project - aimed to offer free access to finance knowledge for students, teachers, and self-learners.
• Professor Aswath Damodaran (New York University Stern School of Business) - provides resources covering three areas in finance: corporate finance, valuation and investment management and syndicate finance.

Jan Kees de Jager
Minister of Finance
Incumbent
Assumed office February 23, 2010
Prime Minister	Jan Peter Balkenende (2010) Mark Rutte (since 2010)
Preceded by	Wouter Bos
Member of the House of Representatives
In office June 17, 2010 – October 14, 2010
State Secretary for Finance
In office February 22, 2007 – February 23, 2010
Prime Minister	Jan Peter Balkenende
Preceded by	Joop Wijn
Succeeded by	Frans Weekers
Personal details
Born	Jan Cornelis de Jager (1969-02-10) February 10, 1969 (age 43) Kapelle, Netherlands
Nationality	Dutch
Political party	Christian Democratic Appeal
Residence	Rotterdam, Netherlands
Alma mater	Nyenrode Business University (BBA) Erasmus University Rotterdam (MSc, LL.M.)
Occupation	Politician Entrepreneur
Religion	Reformed Protestant
Website	Ministry of Finance

Jan Cornelis "Jan Kees" de Jager (born February 10, 1969) is a Dutch politician of the Christian Democratic Appeal (CDA). He is the Minister of Finance since February 23, 2010 in the Cabinet Rutte and in the Cabinet Balkenende IV.

He previously served as State Secretary for Finance from February 22, 2007 until February 23, 2010 in the Cabinet Balkenende IV and a Member of the House of Representatives from June 17, 2010 till October 14, 2010.

Biography[link]

Early life[link]

De Jager studied at the Nyenrode Business University where he received his BBA degree in 1990. Subsequently, he studied at the Erasmus University Rotterdam where he obtained an MSc degree in Economic sociology and Business economics in 1994. He also obtained an LL.M. degree at the same university in 1996.

In 1992, while still at university, De Jager founded IT company Spectra Vision. All business activities were handed over to ISM eCompany (Innovative Solutions in Media) in 1997, the company of which De Jager was CEO until his appointment to the cabinet on February 22, 2010.

Besides his work as managing partner of the Rotterdam internet ISM eCompany (which he co-founded in 1992), De Jager is socially involved in different activities. He was a member of the executive board of the Christian Democratic Appeal and organizations of various social and economic issues. For his contribution to the success of the company he worked and his efforts in various ICT and innovative ancillary, De Jager received the ICT Personality 2006 Award of interbranch ICT ~ Office.

Politics[link]

State Secretary for Finance[link]

Jan Kees de Jager at the 2008 G-20 Washington summit.

Jan Kees de Jager and author Harry Mulisch in 2010.

Jan Kees de Jager and Queen Beatrix of the Netherlands in 2011.

De Jager was from February 22, 2007 State Secretary for Finance in the Cabinet Balkenende IV. His portfolio was Fiscal Affairs, before his appointment Nova a late-evening current affairs programme made the news headlines when they found out that a company where De Jager was a shareholder that this company Codim appeared to have a delay in the payment of pension premiums to an insurance company. A real riot didn't happen; the premiums were still paid and De Jager was not a director of Codim when the gap was observed. He was director of Codim However, in the first half of 2006, a period in which the conscious premiums were not paid. In response to these reports; in Nova and the de Volkskrant, De Jager requested an investigation. The committee headed by Amandus Lundqvist reported its findings on June 28, 2007. There were "defects and teething problems" such as those in organizations may be present but not severe.

De Jager gave to his inauguration to want to specifically focus on the promotion of (innovative) entrepreneurship, greening the tax system and simplify the tax. In the two tax plans that De Jager presented to date, these themes still come back. According to De Jager social costs arising from environmental pollution in market prices should be reflected. This can be through taxes. The first tax plan that De Jager presented (Budget 2007) contained a lot of measures aimed at greening, such as the lower addition of 14% for highly efficient company cars, and the CO2 surcharge for very inefficient cars (slurptax). In steps the basis of the purchase tax on cars converted from list price to CO2 emissions. De Jager owered the tax burden in the corporate tax. The SME profit exemption and deduction starters were increased. De Jager has announced the SME profit exemption would further increase and the hours criterion for the SME profit exemption want to buy. This measure would also part-time and hybrid merchants have access to a portion of the business facilities. By increasing the limit on the quarterly return Tax entrepreneurs need to do less sales tax. The first-day notifications were abolished. De Jager has announced further significant simplifications to make the corporate tax, inheritance tax and the payroll tax. De Jager has made proposals for revision of the inheritance tax. The tariffs are reduced, exemptions for spouses and children go up and structures to circumvent the law to be addressed.

De Jager took (due to the sudden death of the father of Prime Minister Jan Peter Balkenende) unexpected part in the 2008 G-20 Washington summit on financial crisis in Washington on 15 and 16 november 2008. De Jager would actually participate as acting Minister of Finance in the program of the Finance ministers. After consultation with the White House was decided that De Jager (currently the highest representative of the government in Washington) could participate in the summit as head of government. De Jager advocated by the Dutch contribution to the need to improve monitoring in a more prominent role of the IMF and World Bank, countering perverse incentives such as bonuses based solely on short-term profits, and the need for global free trade

Minister of Finance[link]

On February 23, 2010 following the resignation of Wouter Bos, and with him all the Labour Party members from the Cabinet Balkenende IV, De Jager became Minister of Finance. He worked on the 2011 budget and on October 14, 2010 De Jager remaind as minister in the Cabinet Rutte; with Frans Weekers as State Secretary. On February 26, 2012 former Minister of Finance Onno Ruding, told in the program Eva Jinek on Sunday to have regular contact with De Jager on specific topics.

Personal[link]

In an interview with Dutch morning newspaper De Telegraaf, De Jager said that he is in a relationship with a man.^[1]

References[link]

External links[link]

• (Dutch) Mr.Drs. J.C. (Jan Kees) de Jager (Parlement & Politiek)

Wikimedia Commons has media related to: Jan Kees de Jager

This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (May 2010)

The Basics
The Basics at the Oxford Art Factory, 2010
Background information
Origin	Melbourne, Australia
Genres	Rock
Years active	2002–present
Labels	Independent, Albert Records
Associated acts	Gotye, Down Hills Home, Dog With Wheels, Blood Red Bird
Website	The Basics Official Website
Members
Wally De Backer Kris Schroeder Tim Heath
Past members
Michael Hubbard
Notable instruments
Lead guitar, drums, bass guitar.

The Basics ( /ˈbæzɪtʃ/ BAZZ-ich) are a three-piece band from Melbourne, Australia, formed by Wally De Backer and Kris Schroeder in 2002. Their style has been described as anything from 'indie-pop' to 'rock'n'roll' to 'pop-rock', though their records show they span a wide range of genres, including reggae, ska, country, and electro-pop. They are "recognised as one of Australia's hardest-working bands".^[1]

With close to 1000 shows in their ten-year career, their live performances are well-known for their sense of humour and energy.^[2]

Formation[link]

The Basics were formed after Kris met Wally at a party in Melbourne.^[3] The event was to see off the young aspiring producer, who was about to depart for Los Angeles, and together with a number of musician friends, the two jammed on some blues-rock standards. Later that night, they bonded over a mutual love of The Beatles, 70s and 80s cartoon theme songs and old Sierra adventure games.

Initially, they played around Melbourne as an acoustic guitar/drums combo, starting at The Opposition in Frankston and the House of Fools in Footscray, where in late 2002 they met Michael Hubbard and later invited him to join them on electric guitar.^[4] Though lacking any real experience with the instrument, Kris willingly purchased his first bass guitar, and the trio was born. During this time, the group start performing songs with more complicated three-part harmony.

During late 2002 and early 2003, The Basics recorded and released an album called Get Back through MGM Distribution. They began what was to become regular tours of the East and West coasts of Australia.

2004-2005: Current lineup[link]

Tim Heath joined the group in June 2004, after Michael decided to pursue his solo career, which has included being one half of Down Hills Home.^[4] Tim was reportedly the only person to reply to an advertisement in Melbourne's Beat Magazine looking for a new guitarist. Tim apparently answered the advertisement - which said the applicant "must have a love of 50s and 60s rock'n'roll" - thinking that he would be meeting "a couple of old guys to play with on the weekends over some beers". They soon recorded For Girls Like You.

The Basics in 2005 continued to tour and play small festivals, and after releasing For Girls Like You through MGM Distribution, they departed for a national tour of Australia, which lasted for two months and took them to every Australian state and territory. Stuart Padbury, a young Melbourne sound engineer, joined them on much of this tour. On returning, the band began demonstrating songs for a new album.

2006-2009: Touring and soundtracks[link]

In 2006, The Basics began recording what was to become known as Stand Out/Fit In. Taking several months, it was not completed until the end of the year, despite intentions to have it released in June. Instead, they held a successful 'album preview', where each of the tracks was demonstrated in 'rough form' accompanied by a music video for each (produced by Melbourne photographic artist James Bryans). The band also talked about the origins of the songs. This event brought a lot of attention to the band for the idea's originality. They pre-released a radio single 'Just Hold On' from the album. The band were invited to play the hugely popular Homebake Festival in Sydney, where they received a great response, after being introduced onto the stage by a short stocky Asian guy with big calves ("one of the highlights" wrote The Daily Telegraph).

In 2007, the band departed on a tri-state residency which saw them play Melbourne, Sydney and Brisbane every week for the month of April - a bold move which brought further attention to the band for its original idea.^[5] Riding on the wave of this tour, Schroeder, De Backer and Heath departed on their first overseas tour which saw them performing 26 shows around Japan, Norway and the United Kingdom.^[6] They also toured twice more up the East Coast, one of which was with popular Japanese band The Bawdies. Their song 'Rattle My Chain' was used in a series of commercials for Volvo Australia. The song 'Hey There!' featured in the British film The Bank Job - starring Jason Statham - and was used as the backing for a February 2007 short film directed by Tim Longhurst called The Rip. Their song 'Better' was featured in a surfing documentary about the invention of the shortboard in 1967.

In 2008, the band appeared on Australia's Channel 9 for Australia Day celebrations, performing two of their songs - 'Just Hold On' and 'Hey There!' - to an estimated audience of 2 million. Securing an Australian Government grant, they embarked on a two-month tour of Australia, specifically targeting "culturally underprivileged groups" in rural and regional schoolchildren and Indigenous communities. The programme had them holding masterclasses and performing alongside Indigenous groups in the remote Northern Territory and Queensland.^[7][8] Their initiative also had them raising money for the charity Lifeline^{[disambiguation needed ]}, their contribution to which was recognised with a plaque at the end of the tour. Season two of Californication starring David Duchovny featured their cover of the classic 'Have Love, Will Travel', most famously covered by 'The Sonics'.

In 2009, The Basics for the first time enjoyed the support of Australian radio network Triple J, which had reportedly snubbed the band's previous material.^[9] The singles 'With This Ship' and 'Like A Brother' were added to the station's playlist, and momentum carried The Basics overseas for a second tour of the United Kingdom and Norway, and also a series of shows in Dublin, Ireland. They were joined by the longtime front-of-house engineer Stuart Padbury, who had been mixing them since 2005. The band was often seen in the Grafton Street Mall in Dublin, busking to promote their concerts there. Their second show in Oslo, Norway, saw the band perform with Hot Tub, one of the members of the Norwegian boy band "Boyzvoice", in his first performance for several years. Season Eight of Scrubs featured the song 'Lookin' Over My Shoulder'.

Despite all this promise, the band's album Keep Your Friends Close - produced and part-recorded by Peter Cobbin at London's Abbey Road Studios - though enjoying many favourable reviews,^{[10][11][12][13]} failed to impress Richard Kingsmill, music director of Triple J. This effectively ended the band's apparent upward spiral and the resulting album launch tour was reportedly "trying".

2010: Hiatus and live album[link]

In 2010, following the band's fourth stint at the Tamworth Country Music Festival, and the recording of a yet-unreleased live album, an indefinite hiatus was announced on the band's websites. This was in part due to the impending release of a new album produced by Wally for his Gotye project, and also to reported tensions within the band following the previous year's disappointments.

However, this hiatus was soon broken with a two-month residency at the Northcote Social Club in Melbourne, which saw an apparent return to form.^[14] The band's EP "Wait For You" enjoys airplay on Triple J.^[15] The Basics also played a one-off show at Sydney's Oxford Art Factory.^[16]

On 20 August 2010, The Basics released their fourth LP /ðəˈbæzɪtʃ/, available free and exclusively from their website for digital download^[17]. The band had reportedly moved to expand their listenership through this free giveaway, though 300 "Deluxe" CD/vinyl versions have been printed. /ðəˈbæzɪtʃ/ was recorded at the Northcote Social Club on 6 February, "in front of a live studio audience", and like the previous record, was mixed by Peter Cobbin at Abbey Road Studios. Technically a self-titled album, the phonetics spell out the accurate pronunciation of the band’s name. Kris Schroeder: "For years we’ve worked at bringing our live energy into the studio and thus far it’s been a bit hit-and-miss. Our trick this time was to pull a switcheroo and bring the studio to us instead; the result is the best and closest to us we’ve sounded yet."

Melbourne thespian and Dog With Wheels bassist David Bramble - friends with Heath from university days - has occasionally joined the band on tour, playing keys, often while sporting a large moustache. Other guests have included Jake Mason (saxophone), also of Cookin' on 3 Burners and The Bamboos^{[disambiguation needed ]}, Gideon Brazil (saxophone, flute), Simon Imrei (guitar and vocals) and Monty MacKenzie (saxophone).

Covers have often made an appearance from various sources: to date, some of the bands covered have been Cream, The Kinks, The Rolling Stones, The Police, Neil Young, Bob Dylan, New Kids on the Block, Richard Berry, Sonny Curtis and The Crickets, JJ Cale, Harry Nilsson, Bill Scott, Ryan Adams and The Coasters (via The Beatles for their cover of Three Cool Cats).

Members[link]

Current

• Wally De Backer - drums, vocals (2002-present)
• Kris Schroeder - bass, vocals (2002-present)
• Tim Heath - guitar, vocals (2004-present)

Former

• Michael Hubbard - guitar, vocals (2002-2004)

Discography[link]

Albums[link]

• Get Back (15 January 2004)
• Stand Out/Fit In (5 May 2007)
• Keep Your Friends Close (25 September 2009)
• /ðəˈbæzɪtʃ/ (20 August 2010)

EP[link]

• For Girls Like You (11 July 2005)
• Lookin' Over My Shoulder (10 February 2007)
• Like A Brother (5 June 2009)
• Wait For You (21 May 2010)

Singles[link]

• Call It Rhythm & Blues (20 August 2004)
• Just Hold On
• With This Ship (22 February 2009)

Upcoming projects[link]

The band is taking a three year hiatus, with an announced return to the stage together in early 2014. Wally De Backer launched Making Mirrors under his Gotye act in August 2011, Tim Heath will be touring and recording with Blood Red Bird, and Kris Schroeder recorded a solo EP titled, Patience in the Face of Control, before leaving Australia to work with the Red Cross in Kenya for a two year sabbatical.

References[link]

External links[link]

• Official Website
• Myspace Website

Rick Snyder
48th Governor of Michigan
Incumbent
Assumed office January 1, 2011
Lieutenant	Brian Calley
Preceded by	Jennifer Granholm
Personal details
Born	Richard Dale Snyder (1958-08-19) August 19, 1958 (age 53) Battle Creek, Michigan
Political party	Republican Party
Spouse(s)	Sue Snyder
Children	Jeff Melissa Kelsey
Residence	Ann Arbor, MI (private) Michigan Governor's Mansion Lansing, Michigan (public)
Alma mater	University of Michigan (B.G.S./M.B.A./J.D.)
Profession	Executive chairman Venture capitalist
Religion	Presbyterian[1]
Signature	Rick Snyder's signature
Website	Official website

Richard Dale "Rick" Snyder^[2] (born August 19, 1958) is an American business executive, venture capitalist, and Governor of Michigan. A member of the Republican Party, he assumed office as the 48th governor of Michigan on January 1, 2011. From 2005 to 2007, Snyder served as the chairman of the board of Gateway, Inc., based in Irvine, California. Previous to his election as governor, he was chairman of the board, chief executive officer, and co-founder of Ann Arbor, Michigan-based venture capital firm Ardesta LLC.^[3] Snyder has been mentioned as a possible pick to be the Republican Party candidate for Vice President of the United States in 2012.^[4][5][6][7] Snyder's business executive background and positive style have been cited as assets, with his accomplishments seen as strengthening the case for electing Mitt Romney as President.^{[8][9][10][11]}

Early life, education, and family[link]

Snyder was born in Battle Creek, Michigan, the son of Helen Louella "Pody" and Dale F. Snyder.^[12] Snyder earned his B.G.S., M.B.A., and J.D. from the University of Michigan by age 23.^[13] When he was 16, he took a business class at Kellogg Community College on weekends. By his senior year of high school, Snyder earned 23 college credits.^[14] Snyder visited the admissions office of the University of Michigan in November 1975 and spoke with the admissions director, who recommended that Snyder attend Michigan and create his own degree.^[15]

Snyder also served as an adjunct assistant professor of accounting at the University of Michigan. He resides in Ann Arbor with his wife Sue and their three children and has a vacation home near Gun Lake.^[16][17] The couple were married in 1987 at Cherry Hill Presbyterian Church in Dearborn.^[1] Snyder has acknowledged his faith as a Presbyterian.^[1]

Career in business[link]

Early in his career, Snyder gained experience in business finance. Eventually, he would serve as a high tech industry executive chairman of the board. He also co-founded a venture capital company and served as its chairman and chief executive officer prior to his election as governor of Michigan in 2010. Snyder was employed with Coopers & Lybrand, from 1982 to 1991, beginning in the tax department of the Detroit office. Snyder was named partner in 1988. In 1989, Snyder was named partner-in-charge of the mergers and acquisitions practice in the Chicago office.^[18]

Snyder joined the computer company Gateway, based in Irvine, California, in 1991 as the executive vice president and was named president and chief operating officer in January 1996, a position he held until leaving the company as an employee in August 1997.^[19]

In 1997, Snyder returned to Ann Arbor to found Avalon Investments Inc., a venture capital company with a $100 million fund, along with the co-founder of Gateway, Ted Waitt. Snyder was president and chief executive officer of Avalon from 1997 to 2000. He then co-founded Ardesta, an investment firm, in 2000, becoming chairman and chief executive officer.

From 2005 to 2007, Snyder served as the chairman of the board of Gateway. During 2006, Snyder served as interim chief executive officer while a search for a permanent replacement was made. His tenure on the Gateway board ran from 1991 to 2007 until Gateway was sold to Acer Inc. Snyder has stated he did not vote for outsourcing while he was a Gateway board director and he worked to bring jobs to America as the interim CEO of Gateway.^[20]

Ardesta LLC was founded by Snyder^[21] and three co-founders in 2000 and has invested in 20 start-up companies to date. Snyder also serves on the boards of the U.S. National Historic Landmark Henry Ford Museum and Greenfield Village, the Michigan chapter of the Nature Conservancy, and several boards associated with the University of Michigan.

Michigan gubernatorial election, 2010[link]

Snyder joined Mike Bouchard, the sheriff of Oakland County, state Senator Tom George, Peter Hoekstra, an influential member of Congress from western Michigan, and Michigan Attorney General Mike Cox as candidates for the Republican gubernatorial nomination. Bill Ford Jr., Chairman of the Ford Motor Company, endorsed Snyder for the Republican nomination for governor.^[22][23]

Snyder campaigned as pro-life, pro-Second Amendment, and pro-family, with a focus on helping the economy.^[13] Snyder's campaign emphasized his experience in growing business and creating jobs in the private sector, while his opponents were mainly career politicians.^[24] Snyder is pro-life and favors standard exceptions on abortion for rape, incest, and saving the life of the mother (he signed legislation banning partial birth abortion in October 2011); he opposes federal funding of abortions; he would not ban embryonic stem cell research; he supports upholding traditional marriage, but would allow civil unions.^[25][26]

On August 3, 2010, Snyder won the primary to secure the Republican nomination with a plurality of 36 percent.^[27] In the general election on November 2, 2010, Snyder faced Democratic gubernatorial nominee Virg Bernero, the mayor of Lansing, and three minor party candidates. Snyder, demonstrating cross over appeal, won with 58 percent of the vote.^[28] With Snyder's election in 2010, Republicans gained a majority in the Michigan House and increased the Republican majority held in the Michigan Senate.

Governor of Michigan[link]

Governor Snyder takes the oath from Michigan Supreme Court Chief Justice Marilyn Kelly

Snyder (far right) with (from left to right) United States Deputy Secretary of State Thomas R. Nides, United States Ambassador to Canada David Jacobson, Canadian Minister of State for Science and Technology Gary Goodyear, Governor General of Canada David Johnston, and Canada 2020 Chair Don Newman at the US-Canada Partnership: Enhancing the Innovation Ecosystem conference at the Château Laurier in Ottawa, Ontario, November 2, 2011

Snyder was inaugurated as Governor on January 1, 2011 at the Capitol in Lansing. His first executive order as governor was to divide the Department of Natural Resources and Environment into two distinct departments as they were a few years ago: the Department of Natural Resources and the Department of Environmental Quality.^[29][30]

On January 7, 2011, Snyder announced he was appointing Michigan Supreme Court Justice Maura D. Corrigan to head the Department of Human Services.^[31] and appointed Michigan Appeals Court Judge Brian K. Zahra to fill the resulting Supreme Court vacancy.^[32]

He delivered his first State of the State address on January 19, the earliest Michigan State of the State since Governor Engler's 1996 address on January 17.^[33] Snyder endorsed the Detroit River International Crossing for the first time publicly in the address, which was received favorably by Republicans as well as by many Democrats, including Mark Brewer, the leader of the Michigan Democratic Party.^[34][35] Snyder appointed Andy Dillon, a pro-life Democrat,^[36] and formerly Speaker of the House, to serve as State Treasurer in his administration.

Snyder presented his first budget to the legislature on February 17, 2011,^[37] calling it a plan for "Michigan's reinvention", and saying it would end Michigan's deficits. He also described the budget as containing "shared sacrifice" but added that it would create jobs and economic growth, "while preserving core, essential services and ensuring a safety net for those who are vulnerable".^[37] The $46 billion budget reduced $1.8 billion in spending, eliminated tax exemptions on higher income private pensions, and abolished the state's complex business tax, replacing it with a 6% flat tax on the profits of C corporations. State Senate Minority Leader Gretchen Whitmer criticized the budget, saying that it did not involve "shared sacrifice," but instead was balanced "on the backs of our kids, working families, and our seniors" and "picks out who he’s willing to leave behind."^[38] Snyder supported the government backed rescue of the American auto industry which has gained the support of a 56% of Americans in 2012 according a Pew Research Center poll (63% support in Michigan).^[39][40]

Following approval from the legislature, Snyder signed the fiscal year 2012 budget in June, the earliest it has been completed in three decades.^[41]

In April 2012, Snyder made a surprise trip to Afghanistan to thank and pledge support for U.S. troops. He traveled to Kuwait and then to Germany where he visited injured U.S. soldiers at the U.S. Military hospital.^[42] Snyder has also engaged in trade missions to Europe, Asia, and around the world in order to improve international business relations as well as research and development opportunities associated with Michigan universities.^[43] Snyder has focused efforts to attract companies such as Chrysler.^[44]

In May 2012, Snyder sent a letter to the majority and minority leaders of the U.S. Senate urging Congress to affirm that states can collect sales taxes on online purchases.^[45]

Snyder has been mentioned as a possible pick to be the Republican Party candidate for Vice President of the United States in 2012.^{[46][4][5][6]} Snyder's business executive background and positive style have been cited as assets, with his accomplishments seen as strengthening the case for electing Romney as President.^[8][9][10] Romney's associates have suggested the VP pick is likely to be mild mannered with high integrity and have a similar aptitude for analysis.^[47] Snyder has an extensive career in business and high tech industry; as governor, he abolished the state's complex business tax in favor of a flat tax. Snyder's support for a government backed rescue plan for the American auto industry is shared by 56% of Americans in 2012.^[40][39] A Market Research Group poll conducted in March 2012 showed Snyder's approval rating rising to 50% among likely voters, which matched that of Obama, placing Snyder among the most popular Republican governors in a state carried by Obama in the 2008 election cycle.^[48] Snyder won Michigan with 58% of the vote and has demonstrated a strong cross over appeal. Snyder endorsed Romney prior to the Michigan primary.^[39]

Cabinet[link]

See also[link]

	Biography portal
	Michigan portal
	Politics portal

• List of JD/MBAs

References[link]

External links[link]

Wikimedia Commons has media related to: Rick Snyder

• Michigan Office of the Governor Rick Snyder official Michigan government site
• Michigan Governor-elect Rick Snyder official transition site
• Biography at the National Governors Association
• Biography, interest group ratings, public statements, vetoes and campaign finances at Project Vote Smart
• Biography at WhoRunsGov.com at The Washington Post
• Campaign contributions at FollowTheMoney.org
• Appearances on C-SPAN programs

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