Academic journal article ABA Banking Journal

I'll Take a Five for This Ten, Please

Academic journal article ABA Banking Journal

I'll Take a Five for This Ten, Please

Article excerpt

Ed Seifried knew that he appreciated America, but he didn't realize just how much until he visited Russia.

He discovered, for instance, that although American money circulates in the former Soviet Union, it must be perfect--no ragged edges, no scribbled phone numbers, no limp and crumpled bills allowed. "Russian banks make a nice income exchanging dirty and torn money for fresh money," says the economics professor at Lafayette College, Easton, Pa. "I don't know why, because their money isn't perfect. It's the dirtiest, filthiest money I've ever seen

Seifried almost missed out on the opportunity to learn about these strange, but true Russian phenomena. In 1993 KPMG Peat Marwick asked him to be an advisor to the newly privatized commercial banks in the former Soviet bloc. Seifried, however, declined; he had a heavy courseload at his college, not to mention his stints as a professional labor arbitrator, consultant, author, and teacher at ABA's Stonier Graduate School of Banking and Business of Banking School, among others.

"Finally I thought it might be a wonderful experience and I should try it," says Seifried. In January 1995 he took his first trip to Russia to introduce BankExec, ABA's computer training system that simulates bank operation. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.