Word: aaas
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Wall Street Wizards Financial engineers sliced, packaged and sold subprime-mortgage securities for yield-hungry investors on the premise--reinforced by yes-men ratings agencies--that these were oh-so-safe AAA bonds. Oops...
...divisions of CDOs—that are intended to rank based on risk. Rating agencies are also to blame, because they facilitate the bank’s sale of securities to institutional investors. Many funds are restricted to buying only the highest quality securities with a AAA rating. This motivates the banks to seek these AAA ratings for their CDOs from a rating agency...
...laps of yet another culpable party: hedge funds. The incentive structure of hedge funds depends on maximizing return each year—rather than lowering the riskiness of its portfolio or pursuing long-term growth, or even solvency. Thus, in many cases these funds snap up the purportedly AAA securities, leveraging their positions skyward, and happily taking high yields...
Harvard’s Asian American Association (AAA) has had a long and unsuccessful track record with advocating for the creation of an Asian American Studies concentration. The quest has, according to a Crimson news article in December, spanned twenty years and many hundreds of petition signatures. But before we respond with the politically appropriate gasp of moral indignation, let’s ask why success has not been forthcoming.A look at the history of Asian American studies reveals the contemporary—in fact, revolutionary—nature of the field. The program originated in academic settings...
...helped collect hundreds of student signatures to petition the University to hire an Asian American studies professor. Twenty years later, it’s déjà vu. The University still has no permanent professor in Asian American studies, and the Asian American Association (AAA) is starting yet another campaign to bring the field to Harvard. Despite years of flourishing at other universities, Asian American studies is still struggling to gain traction in Cambridge. The former chair of Harvard’s history department says that a general slowdown in social science and humanities growth in the Faculty...