Word: assets
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...proper equations it was possible to, say, bundle a bunch of subprime mortgages, chop them up and sell the pieces as fairly safe securities, even as they were leveraged to the hilt. Why? The mathematical models--backward-looking and based on just a few years' data from an asset bubble--said so. "As an industry, we let financial tools be a substitute for human judgment," says Kevin Blakely, CEO of the trade group Risk Management Association. "There's been such an earthquake in the industry, people are saying we have to do it differently...
...became clearer that the U.S. housing market was in an asset bubble, line managers could often see how slapdash the standards being employed were. But with compensation aligned with metrics like revenue and market share, and not risk mitigation, the forward push continued. When managers did articulate problems, they were often ignored. In August 2007, one of Merrill Lynch's top risk managers warned his boss that a decision to wager $3 billion on indexes of mortgage-related securities was too risky. The firm made the bet anyway; three months later, the risk manager left. "The psychology during a boom...
...Federal Reserve Bank of New York, have volunteered to create a clearinghouse for the hazily understood concentrations of risk known as credit-default swaps. Investors are also taking more responsibility. Over the past month, the analytics firm RiskMetrics has seen a rush of pension funds, hedge funds and asset managers signing up for tools to analyze counterparty risk. "The only folks who used to ask us about those were banks," says risk-management-practice head Gregg Berman...
...seems to be studying up on the President-elect's playbook for turning a campaign into a movement. "The Internet has enhanced the leverage that any single member of Congress has," Clinton said. "The voices and votes of millions of people, strategically placed around the country, are a great asset...
...With the absence of last year’s star goaltender, Kyle Richter, who is taking a year off for unspecified personal reasons, Harvard is left searching for a replacement in the net.But it’s certainly not easy, as Richter was not only a key asset for the Crimson, but also the best goalie in the league. Last season, the Calgary native posted a .923 save percentage and a 2.19 goals-against average in addition to posting three shutouts, two of which came on consecutive nights. Richter received accolades to boot, earning the Ken Dryden Award...