Word: bankes
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Dates: during 2000-2009
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...under pressure from Congress and the press, also released the number of the counterparties to many of its credit default swaps. AIG had decided to insure the value of certain paper owned by the likes of Goldman Sachs (GS), Morgan Stanly (MS), and Deustsche Bank (DB). When the value of that paper fell, AIG was on the hook to pay off the "insurance" which kept the likes of Goldman from having to book large write downs. Those write downs might have pushed Goldman into a difficult financial situation. The same holds true for a number of the other companies doing...
...side are insurance companies and the like making an opposite bet. If the house is destroyed, one group of institutions wins and the other group loses. Considering all institutions together, no money was truly lost - it's what economists call a zero-sum game. In good times, risk-hungry banks loved this game, but now they have become risk-averse, and the game seems to have changed. So how can many of the banks simultaneously claim enormous swap losses without a single bank claiming significant profit...
...have focused too much on each individual bank and its possibility for failure. The economy does not need every bank to survive; it needs most. Right now, we need to know which ones. By propping up financial institutions that are subject to unknown potential losses, the government is prolonging the uncertainty about whether they will fail. This perpetuates the crisis of confidence in which banks do not trust one another enough to loan money...
...Just a few years ago, when an economic boom was pulling a flood of Western professionals into Singapore, a Western face in a working-class neighborhood like Bukit Panjang was a rare sight. According to investment bank Credit Suisse, Singapore's population grew 18%, to about 4.8 million, from 2004 to 2008. More than three-quarters of that growth, Credit Suisse estimates, came from newly arrived foreigners taking lucrative positions at expanding private banks, oil-exploration firms and shipping companies. Foreigners filled 61% of the 796,000 jobs created in Singapore during that four-year period...
...paper blared. "Prices continue to move lower." It's a "great time to be a buyer," another story reads. If there was something plaintive about those stories, it is because buyers seem to be in hibernation these days. In a report published earlier this month, the country's central bank said the "number of residents willing to buy a home in the next three months is at a record...