Word: bankses
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Trading in the lucrative swaps - which insured banks against losses on loans backed by mortgage securities - began on Greenberg's watch. But he is likely to argue that only after his ouster in March 2005 did the company's troubled FP unit fail to put up sufficient collateral to cover...
The harder job facing the Administration comes when the 60-day window is up for restructuring GM outside of bankruptcy. The biggest challenge for GM remains fashioning a plan acceptable to the UAW, which represent GM's 62,000 workers, and its bondholders, mostly banks and other large institutions, which...
The bondholders could try to resist bankruptcy, but there would be consequences. Among the bondholders are banks such as JPMorgan Chase and Wells Fargo that themselves have taken money from the government's Troubled Asset Relief Program. Standing in the way of the Administration's plans for the auto industry...
It would be surprising if the G-20 did not push for more regulations of global financial firms. The banks and brokerage houses are easy to blame, and the blaming has the benefit of being accurate. They created the financial instruments that helped bring the global economy to its knees...
The words did not make zippy sound bites, so they won't be making a heavy rotation on cable news. But they struck to the heart of an often ignored cause of the economic crisis now gripping the world. For weeks, world leaders have been blaming the crisis on the...