sophomores, "Whartonites" begin the core curriculum and attempt to understand the primary principles of business. This journey usually begins with Financial Accounting 101 — the language or "cipher" for all things business. On the first day, the professor begins to explain the importance of the three financial stat

031 10.4 Payments in Liquidation 31 10.5 Return of Excess Distributions 31 ARTICLE 11 FINANCIAL ACCOUNTING, REPORTS AND MEETINGS 33 11.1 Financial Accounting; Fiscal Year 33 147765658 v44 EFTA00808279 Table of Contents a) Page 11.2 Supervision; Inspection of Books 33 11.3 Quarterly Reports 33

dures 30 10.4 Payments in Liquidation 31 10.5 Return of Excess Distributions 31 ARTICLE 11 FINANCIAL ACCOUNTING, REPORTS AND MEETINGS 33 11.1 Financial Accounting; Fiscal Year 33 11.2 Supervision: Inspection of Books 33 11.3 Quarterly Reports 33 176316015 v3 EFTA00591693 Table of Contents (Cont'd) Page

sophomores, "Whartonites" begin the core curriculum and attempt to understand the primary principles of business. This journey usually begins with Financial Accounting 101 — the language or "cipher" for all things business. On the first day, the professor begins to explain the importance of the three financial stat

t companies. Prior to that. he was a financial advisor for Morgan Stanley. Mr. Johnson received a B.A. in Business Economics with a concentration in Financial Accounting from the University of California. Santa Cruz. David I McLean-Armour joined JCM as an Associate in 2005. Prior to joining JCM, he worked as an ana

t companies. Prior to that. he was a financial advisor for Morgan Stanley. Mr. Johnson received a B.A. in Business Economics with a concentration in Financial Accounting from the University of California. Santa Cruz. David I McLean-Armour joined JCM as an Associate in 2005. Prior to joining JCM, he worked as an ana

793-RWS Document 102 Filed 02/27/09 Page 39 of 347 a. The Importance of Valuation Models 94. The valuation of assets is governed by Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"). Although SFAS 157 took effect on November 15, 2007, Bear Stearns opted to comply with the