Word: beared
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...Europe. (An estimated two billion people in the world suffer from iodine deficiency, which can lead to goiter and which can be prevented with iodized salt.) For $19 million, this problem can essentially be solved. Delivering salt to the developing world isn't as dramatic as saving the polar bear, but the benefit of reducing human suffering is real. "It shouldn't be about who has the cutest animal," says Lomborg. "It's about the value of life...
...hours' drive to the north. Some 21 Illinois counties and all of Missouri have been declared disaster zones, and dozens of points along the Mississippi River's levees in both states have ruptured. "We're just standing by, hoping for the best but expecting the worst," says Burke "Bear" Ellett, 49, Grand Tower's mayor for the past dozen years. If the floods ravage the town, there probably won't be any money to rebuild...
Last summer the bet against Allied finally started to pay off (the company's stock is down 50% over the past year), and Einhorn began shorting Bear and Lehman--the smallest and least diversified of Wall Street's big firms. These companies once made all their money off commissions and fees, but the bulk of their profits in recent years has come from making bets. At Lehman Bros., trading and investing on the firm's own account contributed about 60% of its $6 billion in pretax profits last year. Key to these profits is leverage, a.k.a. debt. But with high...
After Lehman weathered the Bear scare, Einhorn began to speak out. He said in April that the firm needed to cut its borrowing dramatically. Then in early May he began pointing out apparent gaps in its first-quarter earnings report. His comments, he later told me, amounted to saying, "Gee, there's a naked emperor...
...this would have happened without Einhorn's badgering. But nobody else--not the SEC, not the Fed, not the analysts, not investors, not Lehman's board--was putting public pressure on the firm's executives to come clean. Some may have feared inciting a panic like the one at Bear Stearns. I asked Einhorn whether he worried about that. No, he said. "If you're running a financial firm, you need to run it in such a way that you can survive a civil discussion...