Word: bearings
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Dates: during 2000-2009
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Bernanke, himself an authority on the Depression, has been pushing ever more creative and aggressive means to avoid this, mostly by lending cash or Treasuries in exchange for mortgage securities. The Fed persuaded JPMorgan Chase to buy Bear Stearns in part by agreeing to lend $30 billion against hard-to-sell mortgage securities on Bear's books...
...general feeling in Washington seems to be that the Bear deal "threads the needle in the right way," as Democratic Senator Charles Schumer put it. But if Fed-arranged fire sales become a regular event, questions will inevitably arise about moral hazard and playing favorites. "They stepped into a vacuum, and I think quite appropriately," former Fed chairman Paul Volcker said on Charlie Rose. "But is this what you want for the long-standing regulatory support system? My answer...
James Cayne Traders like Bear Stearns, led by ex-CEO Cayne, loaded their balance sheets with assets of untested value. When forced to calculate true worth, writedowns followed. Wary firms stopped lending to each other, causing a liquidity crunch...
...care about the environment as much as anyone else. If the environment wasn't looking where it was going and was about to get hit by a car, I'd yell, "Hey, environment, watch out!" I get weepy when I see a poorly rendered CGI polar bear drown. But unlike me, Cassandra was taught to spend more time actually caring than remembering that she is supposed to. We flush the toilet only when absolutely necessary, for instance. Which, in my unenlightened opinion, would mean every time we use it, especially since her being a child of hippies means we have...
...past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies.' ALAN SCHWARTZ, president and CEO of Bear Stearns, which, as part of a federal bailout, was acquired by rival JPMorgan Chase for $236.2 million--a meager $2 per share...