Word: bearings
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Dates: during 2000-2009
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...Indeed, even without the $700 billion bailout, Paulson has already written some big checks - to cover the subsidized sale of Bear Stearns to JPMorgan, the nationalization of mortgage monsters Fannie Mae and Freddie Mac, the bailout of insurance giant AIG and the sales of Washington Mutual to JPMorgan and Wachovia to Citigroup. All of this will cost somewhere between $200 billion and $300 billion...
...just under a month, reporters have been fashioning articles about the financial crisis by simply listing the venerable Wall Street institutions that have met their demise: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, and, most recently, Washington Mutual...
...When Bear Stearns collapsed in March, The New York Times described the storied Wall Street investment bank as “a throwback to a bygone era,” a place with a “cigar-chomping, suspender-wearing culture where taking risks was rewarded.” Some Harvard researchers may have found the link between the culture and the bust. Men with higher testosterone levels are more likely to opt for high-risk investments, according to a study by a Harvard anthropologist and a visiting economist. The researchers gave 98 male Harvard undergraduates $250 and asked...
...especially now that most of the endangered financial institutions are commercial banks. The Federal Government has clearly defined that authorities take them over, merge them out of existence or shut them down - whereas it had to make things up as it went along with investment banks Bear Stearns and Lehman Brothers and insurer AIG. That's why the demise of giant banks Washington Mutual and Wachovia, arranged over the past week by the FDIC, occurred in a far more orderly fashion than the non-bank meltdowns...
...Federal authorities are going to keep doing whatever they can to keep the financial system from collapsing. Taxpayers will bear the risks and the costs of that, whether Congress votes to put them there or not. And it's possible - although nobody can know for sure - that this ad hoc approach will end up costing more than an up-front $700 billion bailout...