Word: banking
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...never thought I'd be agreeing with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, Murrieta, California...
...financial alchemists at Macquarie Group, Australia's biggest investment bank, never managed to turn lead into gold, but they hit on the next best thing: turning asphalt into cash. In May, the bank's shareholders welcomed a $1.3 billion profit, thanks largely to a new way of looking at highways, airports and power stations...
...Macquarie insists that its distributions to shareholders are paid strictly from cash, but other analysts say they're often funded by new rounds of refinancing. Steve Johnson, a former Macquarie staffer turned financial adviser, says the bank has managed to borrow ever-rising sums against its assets because "credit markets were more and more willing to lend. That game is over...
...Macquarie's investments are much broader than infrastructure, and new CEO Nicholas Moore argues that with little exposure to Wall Street's problems and $14 billion in cash, the bank can easily refinance debts. The recent credit crunch, however, has made the market cautious. On Oct. 14 Macquarie Group's shares were trading at around $24 ($A35), two-thirds off their peak of $85 in May 2007. And Babcock & Brown had tumbled from around...
...first thing is to find a bank I can put it in.' ARAVIND ADIGA, winner of the Man Booker Prize for his debut novel, The White Tiger, on what he'll do with the $87,000 in prize money...