Word: assets
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When will the red ink at Freddie stop? It's hard to say. In its most recent annual report, the company said that if it had to mark all its assets to the price similar bonds are trading for in the market, the company's net worth would sink by an additional $65 billion. But Freddie's bottom-line woes may run even deeper. Freddie has $38 billion in losses it has yet to acknowledge in its investment portfolio. The firm also has $48 billion in nonperforming loans that it either holds or has guaranteed against. In a painful stroke...
...perception is proving hard to tackle, the reality is even harder: so far few private investors have shown any interest in tapping the trillion-dollar subsidy to buy toxic assets from the banks. Hedge funds and other players all want to know the terms of the sale before they even think about stepping up to the plate. So far, Geithner and Treasury have provided little detail. "The question of how to price the asset is still on the table, unresolved," says Scott Talbott, a top lobbyist for the Financial Services Roundtable, an industry association...
...bailout. These firms, which insured their purchases of mortgage-backed and other securities with AIG, include investment giant Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion) and Citigroup ($2.3 billion). The same firms, directly or indirectly, also received earlier bailout cash under the Troubled Asset Relief Program (TARP). The group includes some of the most sophisticated investors in the world, prompting critics to question why the companies should not take responsibility for their own financial decisions, rather than accept a U.S. taxpayer handout...
...Chinese government - and indeed, the global economy - a gathering deflationary bust in real estate is a big problem. So-called fixed asset investment accounted for 40% of China's GDP last year - an extraordinarily high figure - and real estate, both commercial and residential, accounted for about one-fifth of that. Given that vacancies among office buildings are also rapidly rising now, this means that one of the prime drivers of growth in China has shifted into reverse...
...House Masters: Definitely an asset for Eliot. Dante scholar Lino Pertile makes a point of memorizing every resident's name and can often be seen chatting up students in the dining hall. He routinely downs a beer or two with students at Eliot's weekly Stein Club and is famous for hilarious rants about all things boating at formal dinners...