Word: allowables
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...Wall Street's Newfound Virtue In February 2000, one of the street's most powerful executives petitioned the Securities and Exchange Commission (SEC) to allow his firm and other investment banks to raise their levels of leverage. He wanted the commission to alter something called the net-capital rule, which he said was "the single most important factor in driving significant parts of our business offshore...
...That exec was Henry Paulson, then the CEO of Goldman Sachs, now U.S. Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30 to 1. That is, for every dollar in equity capital the firm had, it borrowed...
...mind, Chambers was responding to a heated (if esoteric) legal battle over the execution of justice in Nebraska. An alleged victim of sexual assault rape victim had sued the county judge responsible for her case because he had refused to allow her to use charged, non-legal terms like “rape” and “assailant” in her testimony. Chambers, a long-serving political dynamo and a member of the state senate’s judiciary committee, considered the woman’s suit such a waste of time for the county?...
...students to look away from their laptops for a minute and cheer loudly while they are filming. On the fourth take, a loud roar finally spontaneously emanates from the grille couches. During a ball. And the Sox are still losing 3-0. Satisfied with the cheering, the visitors allow the students to return to their multitasking. But still curious about why the game is not Harvardian’s first priority, the interviewers harass several students, who reluctantly look up from their MacBooks long enough to reply sheepishly, “I’m writing a paper for school...
Pakistani officials see Bajaur as a turning point. On President Pervez Musharraf's watch, they say, military offensives were repeatedly cut short to allow deals to be struck with the militants, and the deals invariably failed. This time, says advisor Malik, the militants asked for a ceasefire "which we have declined." The army will fight on, he promises, "until the operation is done to its full conclusion...