United capital self liquidating loan
We currently manage three fully discretionary closed-end funds — Rubenstein Properties Fund I, a 5 million private equity fund closed in 2006, and Rubenstein Properties Fund II, a 5 million private equity fund that is in its investment period, and Fund III an additional fund in its investment period — as well as some legacy assets related to the firm’s predecessor company.
Rubenstein Partners was founded in 2005 after the predecessor company was disposed of in 2004.
The uniform net capital rule is a rule created by the U. Securities and Exchange Commission ("SEC") in 1975 to regulate directly the ability of broker-dealers to meet their financial obligations to customers and other creditors.
During 2009, many banks in the United States have purchased mortgage-backed securities issued and guaranteed by the Government National Mortgage Association (Ginnie Mae / GNMA), which are also backed by the FHA, in order to improve the bank's balance sheet as they are seen as high quality compared to other securities (due to the federal government guarantee) and also because they receive a zero risk weighting under regulatory guidelines and improve the bank's capital ratios.
On April 28, 2004, the SEC voted unanimously to permit the largest broker-dealers (i.e., those with "tentative net capital" of more than billion) to apply for exemptions from this established "haircut" method.
Since 2008, many commentators on the financial crisis of 2007-2009 have identified the 2004 rule change as an important cause of the crisis on the basis it permitted certain large investment banks (i.e., Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley) to increase dramatically their leverage (i.e., the ratio of their debt or assets to their equity).
Shareholders of most corporations are not taxed directly on corporate income, but must pay tax on dividends paid by the corporation.
However, shareholders of S corporations and mutual funds are taxed currently on corporate income, and do not pay tax on dividends.