Word: bankses
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Let's take a moment to review how AIG made money and why it's now losing so much. Most of AIG's losses have been attributed to its failing positions in credit-default swaps (CDSs). Essentially, AIG is swapping cash flows with other institutions: those banks pay AIG a...
That's a chilling echo of what happened in the United States over the last decade. But there are important differences in the two markets. For one thing, Chinese by law must have "skin in the game." The absolute minimum down payment on a new house or apartment is 20...
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...
Today, as beleaguered investment banks shutter offices and commodity prices and trade flows plunge, Credit Suisse estimates that hundreds of thousands of expat jobs are disappearing from Singapore. Property prices, particularly of high-end homes, are expected to fall some 50% as the recession gathers force.
But there is still pain - particularly among developers, and the big banks that financed them - because of just how overbuilt urban China has become. Ren Zhiqiang, the Chairman of the Beijing Huayuan Group, a large developer, estimates that it may take to two to three years to work off the...