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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Thursday, July 17, 2008
HistoRx Names Bill Sullivan Senior Vice President, Diagnostic Operations
Comtex
NEW HAVEN, Conn., July 17, 2008 /PRNewswire via COMTEX/ ----HistoRx, Inc., announced today that William C. Sullivan has joined the company as Senior Vice President, Diagnostic Operations. In this newly created position, Mr. Sullivan will be responsible for expanding the role of the company's diagnostics development process, overseeing the manufacture of HistoRx diagnostic products, and growing revenues associated with the clinical diagnostics services provided by HistoRx.
"I am delighted to have this opportunity to join HistoRx at such a promising time for the company," said Mr. Sullivan. "HistoRx has made impressive progress over the past several years in building a company that is well-poised with its unique AQUA(R) technology platform to capitalize on the tremendous opportunity that personalized medicine represents, powered by an expanding revenue-generating services operation. I look forward to leading the commercial laboratory operations for HistoRx's growing number of pharmaceutical and biotechnology customers as we focus concurrently on developing and commercializing our own line of HistoRx high-value clinical diagnostic products."
"The HistoRx management team, operations workforce, and Board of Directors are very pleased to have Bill join the company," said Rana Gupta, CEO of HistoRx. "Over the past year, we have moved the company rapidly toward our ultimate goal of introducing HistoRx-branded, FDA-approved, quantitative diagnostic tests that run on the proprietary HistoRx AQUA(R) technology. We believe these assays will offer significant improvements over currently available immunohistochemistry-based tests and drive standards-based market adoption of our technology. With his impressive diagnostics industry expertise combined with operations management experience, Bill will be a tremendous asset to HistoRx in leading our commercial laboratory operations and diagnostic product development."
Mr. Sullivan brings to HistoRx an accomplished management record, with more than 25 years of experience leading operations of technology-driven businesses in the in vitro diagnostics and medical devices industries. He was previously Vice President, Corporate Operations of Vermillion, Inc. (formerly Ciphergen Biosystems, Inc.); prior to that, he served as Vice President, Diagnostic Manufacturing at Visible Genetics and as Vice President, Operations at the Nichols Institute Diagnostics (a subsidiary of Quest Diagnostics), among positions with other diagnostics and medical device companies. Mr. Sullivan also served as a consultant to diagnostics and medical device companies, specializing in manufacturing operations for FDA-regulated facilities and products. He earned a B.A. from The College of the Holy Cross in Worcester, Massachusetts and pursued graduate studies in the Department of Pathology at the University of Pennsylvania.
About HistoRx ( www.historx.com )
HistoRx, Inc. is a leader in the emerging field of tissue-based diagnostic products for targeted patient treatment. HistoRx is developing and commercializing novel diagnostic products and services based on the company's pioneering AQUA(R) tissue biomarker analysis technology, which provides exceptional measurement and localization of protein biomarkers in their natural context within tissue. The proprietary AQUA(R) technology is the first platform capable of measuring biomarker concentration with subcellular resolution to generate more precise, efficient, and cost-effective answers about the safety and effectiveness of new therapeutics in development as well as enable the development of companion diagnostic tests for targeted therapies. HistoRx services are used by pharmaceutical and biotechnology companies throughout discovery research, preclinical studies, and clinical drug development. HistoRx also develops companion diagnostic products that are linked to partners' drug candidates in development to predict therapeutic outcome, which HistoRx will co-market with its partners' targeted therapeutics. These partnerships provide the basis for HistoRx to pursue internal programs to develop proprietary in vitro diagnostics that offer substantial improvements in treatment decision-making and patient outcomes compared with existing immunohistochemistry-based tests.
CONTACT: Mary Moynihan M2Friend Biocommunications (802)951-9600 mary@m2friend.com
SOURCE HistoRx, Inc.
http://www.historx.com
Copyright (C) 2008 PR Newswire. All rights reserved
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