Equity tranche.

And then this top tranche, you could call it the most junior tranche. it's sometimes called the equity tranche.

Third, institutional design.

So that's what protects the senior tranche and the mezzanine tranche from defaults.

This is the mezzanine tranche.

The institutional response is,

You lose the institutional imperative.

leadership, diplomacy and institutional design.

leadership, diplomacy and institutional design.

SS That's an institutional requirement.

So the banks have to figure out what to do with this tranche, which is the stinky equity tranche.

It all comes out of the equity tranche.

Institutional Venture Partners and Allen and Company.

So in this situation what we did is we raised out of the 1 billion we needed 400 million from the senior tranche, 300 million from the mezzanine tranche, and then 300 million from the equity tranche.

This tranche, they're going to get whatever is left over.

But this equity tranche, it will get a junkier rating.

It's forced child labor on an institutional scale.

So we need to change that institutional culture.

So we're starting to get the institutional responsibility.

And a tranche is just a layer, just a slice, ok?

So 24 million in payments will go to the senior tranche.

Institutional barriers were another serious headache in the project.

The demands of modern institutional thinking is coming in.

A tranche is just a bucket, if you will, of the asset.

Enrique Peña Nieto, of the Institutional Revolutionary Party, or PRl.

Similarly we issued 300,000 shares at 1000 per share on the mezzanine tranche.

The institutional model always pushes leftwards, treating these people as employees.

The 400 million senior tranche we raised from 1000 senior securities, collateralized debt obligations.

He knew that institutional thinking doesn't work in India. Individual thinking does.

To mainly institutional investors, but it might be some favored rich guys.

little bit more reward than senior, but they have less risk than this equity tranche.

Because it lacks the institutional, organizational, managerial forms to turn it into capital.

Where a lot of institutional funds won't look at a stock that's below 5.

And to kind of make up for the fact that this is the riskiest tranche, or essentially these people are taking on all of the risk, or essentially these tranches are giving all the risk to this tranche.

Our team speeds up these kinds of oil savings by what we call institutional acupuncture.

There's a very simple institutional technology which can transform that, and it's called verified auctions.

Institutional design requires a keen focus on issues, innovative thinking and flexible and well funded implementation.

And maybe they give this tranche, and I'm making up things, but maybe they give it a AA rating.

India has the right institutional conditions for economic growth, whereas China is still struggling with political reforms.

And a coordination cost is essentially all of the financial or institutional difficulties in arranging group output.

And I want to call your attention to some of the side effects of going the institutional route.

Focusing on leadership, diplomacy and institutional design also helps explain failures to achieve peace, or to make it last.

You arrange the coordination in the group, and by doing that you get the same outcome, without the institutional difficulties.

Yet, no amount of diplomacy or institutional design can make up for local failures and the consequences that they have.

Changes and shortcomings in leadership, more off than on international diplomacy and institutional failures account for this in almost equal measure.