Word: bankes
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Dates: during 2000-2009
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...around it, making Helms's character a dentist who, in a gesture of drunken machismo, pulls out his own tooth. That's just one element of serendipity that helped The Hangover - a no-star farce about three guys who lose their best friend on a Vegas toot - break the bank at this weekend's box office. Two other lucky breaks: the recent absence of R-rated guys-only comedies, and the odd inability of Will Ferrell to hold onto the mass audience for two films...
...result is that many more banks than expected have the resources to repay the billions they got from the Troubled Asset Relief Program back in October. Morgan Stanley, for instance, came out of the stress test a month ago in need of $1.8 billion in additional capital. But in the past month the bank was able to raise nearly $7 billion by selling new shares of stock. The result: Morgan says those stock sales and other moves will allow the bank to repay all of its TARP funds by the end of June. And Morgan won't be alone...
...feeling the effects of recession the unemployment rate hit 9.4% in May - and choosing to tap credit lines less. Commerce Department figures from earlier this week show that people are now saving 5.7% of their disposable income, the highest rate in 14 years. In an April survey of senior bank-loan officers, the Fed found that demand for loans from households was down in almost every category. (Watch TIME's video of Peter Schiff trash-talking the markets...
...none of that changes the long-term reality of how indebted Americans are a structural issue that will require more than a couple of months to return to historic normalcy. A recent research note by economists at the Federal Reserve Bank of San Francisco points out that the ratio of household debt to personal disposable income a measure of how "leveraged" individuals are has barely budged from its 2007 high of 133%. In 1960, that ratio was 55% in 1960 and in the mid-1980s...
...Lehman Brothers didn't just collapse and go away. Much of its U.S. operations were bought by British bank Barclays, which retained 80% of Lehman's U.S. investment bankers. Japanese bank Nomura has also been hiring here. Alan Schwartz, who was formerly the head of the failed investment bank Bear Stearns, recent landed a job at one of Wall Street's so-called boutiques, Guggenheim Partners. He's not alone. Recruiters say not only was the job downturn in the financial industry shallower than the rest of the economy but it appears to be turning earlier as well...