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JULY 14 After FDIC chair Sheila Bair announces the FDIC may cover a portion of uninsured deposits, IndyMac reopens under FDIC control, and customers flood its 33 California locations to withdraw funds. With hundreds of clients lining up at dawn, branches are overrun...
...current focus--what's becoming known as the Paulson Plan, although it was first floated in October by Federal Deposit Insurance Corp. chair Sheila Bair--is an effort to get lenders and loan servicers to freeze interest rates on some of the 2 million subprime mortgage loans that are due for sharply upward rate resets in the next two years. Paulson has said the five-year freeze would apply to borrowers "with steady incomes and relatively clean payment histories who could afford the lower introductory mortgage rate but cannot afford the higher adjusted rate...
...equivalent assignment was 25 pages. "For high-level requirements, you go design it," says Blair. "We're not going to micromanage how you do it." Bair says this accomplishes three things: partners can show their expertise; there is no duplication of work; and innovation can flourish where "in the past it was our way or no way." He doesn't consider these new methods revolutionary."It's just that we've never done it to this degree before," he says...
...Bair says the 787 has been a more complicated management process because Boeing doesn't have day-to-day inside control but says the diversity of cultural perspective and expertise has strengthened the team. Also playing in Boeing's game: financiers and bankers. What do bankers know about building aircraft? "They gave us some great advice in terms of configuration in the airplane, going to a more standard aircraft and having the ability to switch engine manufacturers," says Randy Tinseth, vice president of marketing. The payoff: higher residual value of the airplane. Aboulafia says getting that kind of endorsement probably...
Boeing says it isn't sweating the A350. First, it has a five-year technology lead over the A350-900. "When all the dust settles, the important thing is that we keep progressing," says Bair. "They will figure it out, but we will be five and six years into knowing what we know and be that much better at it." And the 47-strong customer base that Boeing has for the 787 shows validation of the company's vision and its intent to dislodge Airbus' grip on the medium-range market. Boeing is trying to make the 787 easier...