Word: banksã
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...credit crisis. Derived from the Latin word credere, “to trust, entrust, believe,” credit depends on a threshold of trust to lubricate functioning capital markets. If financial institutions, as creditors, do not trust their debtors—be they individuals, investment funds, or other banks??these institutions will not lend. As the grand dame of economic historians, Anna Schwartz, said in October: “The basic problem for the markets is [uncertainty] that the balance sheets of financial firms are credible...
...Hartigan and David E. Haller ’03, third-year students at Harvard Law School, drive through the poorest neighborhoods of Boston, marked with swaths of abandoned triple-decker houses, they believe that “cash for keys” is only the best solution for the banks??not for the tenants or the community...
While recent government intervention—which most recently include massive loans provided by the Federal Reserve and other central banks??has calmed markets somewhat, Harvard’s money managers wrote in their annual letter to investors last week that they are “keenly aware” that the slide in the capital markets may continue...
Last time I was home, I got caught up in an MTV marathon of one of my favorite TV shows: “America’s Next Top Model.” For those unfamiliar with the phenomenon that is ANTM, the show is supermodel Tyra Banks??s sometimes-sadistic “modeling” competition (it’s judged more on personality than pictures), which professes to seek the next great model—a young girl who invariably disappears after winning...
...That is precisely what risk managers are supposed to eradicate. But it makes for an unglamorous job–do you know anyone applying for a summer position in that division? Rather than making spectacular deals, risk managers keep track of all transactions, and make sure banks?? bets remain hedged and balanced. The possibility of loss is ever present, yet they minimize the odds of catastrophe. Clearly no romance there...