Word: bailout
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...equity equaling only 3% of its assets. That's the equivalent of a $3.3 million home-equity loan on a $100,000 house. When the market turned skittish after the Russian default, the fund had to rapidly unwind illiquid positions, sustaining huge losses in the process. Only a bailout brokered by the Federal Reserve Bank of New York staved off a wider collapse of the U.S. financial system...
...Internet site that tracks their value, sending prices plummeting. The country, he became convinced, was about to suffer a financial crisis even worse than the great conflagration that engulfed Asia in 1997, when a near bankrupt South Korea turned to the International Monetary Fund (IMF) for an emergency bailout. Fearing his investment would completely evaporate, he sold the membership in October for $190,000. In 1997, says Kim, "the crisis involved only a few countries. Now it has come from the strongest country in the world. I think the crisis will last a few more years...
...impact on this nation of 49 million people. South Koreans remain scarred by the previous crisis in 1997, with memories of the bankruptcies, unemployment and uncertainty about the future still fresh and painful. In a country where economic success has become an integral part of national identity, the IMF bailout was seen as an embarrassment. Today's financial chaos seems like a return to those tumultuous days. South Korea has been among the Asian countries hardest hit by the global meltdown; its currency, the won, has fallen to levels not seen since the days of the last crisis. Even though...
What did you think of the $700 billion bailout plan? Kimberly Willardson CARRBORO...
When I was running CNN we never had any money and I never asked for a bailout. Where does it end? AIG, you know, they need $40 billion more and we only gave them a hundred billion last week, didn't we? It's just ridiculous. And now General Motors. They said we're going to give them $25 billion to retool. Retool what? They'll run through that money so fast they'll be back wanting more. We can't keep every loser alive...