Word: bets
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Dates: during 1990-1999
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...Because PHP's go-ahead was offered on its terms, which put a cap on the amount of money the insurer would pay Duke, no matter what the operation ended up costing. While neither side has been willing to reveal what those terms were, it's a good bet that the number was on the low end of what Duke was likely to spend; on average, Duke's bill for a liver transplant runs about...
...perspire when you read the stories about the recklessness of the hedge-fund managers at Long Term Capital? Did you check out the mumbo jumbo in the prospectus of your mutual fund to see if it might be using your nest egg as collateral to borrow millions to bet on, say, the 49ers game? Relax. The securities regulators are better than you think. They worry more about you than about the folks who invested in Long Term--the sort who can drop $10 million without having to sell their jets...
...major injuries keeping players out of the lineup, the Crimson seems ready to go. As the defending champions and the draw's top seed, the expectations are understandably high. However, with a talented, battle-tested squad coming off an imprressive showing last weekend, a repeat is not a bad bet...
...Wall Street insiders say what really spooked the Fed was indications that Long Term Capital had off-balance sheet derivative contracts with a value of more than $1 trillion. Derivatives are financial instruments that bet on the future direction of interest rates, stock indexes or currencies. Defaults representing less than 1% of that whopping sum could have sunk the fund and punished banks and investment firms around the world...
...fund's investing formulas were blindsided by the financial meltdown that has spread so rapidly from Asia to Russia and Latin America. In essence, Meriwether's computers were programmed with historical relationships among various global bond yields and other financial instruments. They looked for discrepancies in those relationships and bet that they would return to their historical norms. But the deepening global crisis caused a flight to the safety of U.S. Treasury bonds, which drove up prices that Meriwether's computers said should be falling. The resulting losses chopped Long Term Capital's net worth from $4.8 billion in January...