Word: bearings
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Dates: during 2000-2009
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...bunk that firms like Lehman and Bear Stearns were serving upabout having adequate capital to cover losses on their unsellable inventories of CDOs? Perhaps you remember when Bear tried to take its pile of garbage, dress it up and dump it wholesale on the suckers in a public offering. That one got laughed off the market...
...line from by the Treasury Department that bailing out Fannie Mae and Freddie Mac was not a precedent, and that the Federal Government would not be lender of last resort to Wall Street? The public did, but Wall Street didn't. If the bank was open for Bear and Freddie and Fannie, why not Lehman and AIG? It took a high noon showdown over the weekend for Treasury Secretary Hank Paulson - one of Wall Street's own - to convince the Street's gunslingers that he wasn't kidding about the moral hazard issue...
Federal Reserve chairman Ben Bernanke, who in March put up $29 billion to entice JP Morgan Chase to take over struggling Bear Stearns, and Treasury Secretary Hank Paulson, who just over a week ago committed up to $200 billion in taxpayer funds to rescue mortgage lenders Fannie Mae and Freddie Mac, have opted not to go the bailout route this time. The Fed did announce yet another expansion of its lending programs to banks and investment banks, but so far that's it. The hope seems to be that if Lehman's (and perhaps AIG's) liquidation transpires...
...staffers took stock of their losses, a cottage industry sprouted around them. Geoffrey Raymond, a painter who creates portraits of Wall Street titans - former New York Stock Exchange chairman Dick Grasso, former New York Governor Eliot Spitzer, ex-Bear Stearns CEO James Cayne - unveiled The Annotated Fuld, a large canvas of the embattled Lehman Bros. leader. Raymond rendered Richard Fuld with yellow brushstrokes, his eyes sunken and gazing into the distance, and invited passers-by to adorn the portrait with personal messages. Lehman employees were offered green markers; non-affiliated onlookers got black ones. Some scrawled angry missives: "The banks...
...endowment in this category, the value of these holdings jumped 35.8 percent in Harvard’s last fiscal year. While the returns fell far short of last year’s exceptional 23 percent growth, the gains still compare favorably given that they come during a bear market that has seen the S&P 500 index, a standard baseline for stock-market performance, drop more than 13 percent over the same period. The 8.6 percent gain puts Harvard comfortably in the top 5 percent of peer investment groups as measured by the Trust Universe Comparison Service and far outpaces...