American University of the Caribbean of Education has determined that the commission’s accreditation standards are comparable to those applicable to U.S. medical schools. Founded by American educator Dr. Paul Tien in 1978, the main campus of the American University of the Caribbean was originally located on the island of Montserrat, but was forced to move to its present location in Sint Maarten after the eruption of the previously dormant Soufriere Hills volcano. While a medical campus was being constructed on Montserrat, AUC started conducting classes under its Montserrat charter in a rented space on the campus of the College of Mount St. Joseph in Cincinnati,
Long-Term Capital Management invested in other derivatives such as equity options. Under prevailing US tax laws, there was a different treatment of long-term capital gains, which were taxed at 20.0 percent, and income, which was taxed at 39.6 percent. The earnings for partners in a hedge fund was taxed at the higher rate applying to income, and LTCM applied its financial engineering expertise to legally transform income into capital gains. It did so by engaging in a transaction with UBS (Union Bank of Switzerland) that would defer foreign interest income for seven years, thereby being able to earn the more favourable capital gains