Word: badness
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...everything is bad. Tsvangirai has made some progress in resurrecting Zimbabwe's all-but-dead economy. Schools that closed last September after teachers went on strike have reopened. Zimbabweans can now go to shops to buy basic goods that had not been available for 10 years, such as maize meal, sugar, cooking oil and salt (previously they had to be purchased in neighboring Botswana or South Africa and brought into the country). "I think they have done a lot," says economist John Robertson, "but prices must go down, and that will happen only when production improves." He adds, "Our [labor...
...making the point that AIG had a legal obligation to make the payments. He would have been better off to hold his tongue. The minute he gave an explanation for his actions, no matter how rational it was, his interrogators seized on it as another act of either bad faith or stupidity on his part. (See pictures of the Top 10 scared traders...
...whether the banking crisis is in the third inning or the ninth, consider Corus Bankshares. The Chicago regional bank has made just over $4 billion in commercial real estate loans. The recently completed government bank stress tests assumed that as many as 12% of all such loans could go bad in the next two years. So Corus is looking at a potential loss of $480 million. How much capital does Corus have to absorb those losses? Nothing. Nada. In fact, Corus is already is the hole for $9 million. Call the failure hotline; we've got a live one, just...
...dark cloud over regional banks is bad news for the FDIC, which provides deposit insurance, now to the level of $250,000 per account, at banks across the nation. At the end of last year, the FDIC had only $19 billion left to cover future failures. That's the lowest the FDIC's insurance fund has been in more than 15 years. As a result, on Friday the FDIC decided to raise the fee it charges large banks for deposit insurance. Also, President Obama recently agreed to allow the FDIC to borrow as much as $100 billion, up from...
...Some analysts believe that with the economy turning, commercial real estate loan losses will not be nearly as bad as Cassidy expects. But even under the government's baseline scenario for the banking industry, which was released as part of the stress test, U.S. banks could have as much as $84 billion in losses from commercial real estate. The government's adverse-case scenario suggests losses could reach as high as $200 billion...