Word: bigs
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...show that their growth has accelerated significantly. On average, the stands were expanding at a rate of two extra tons of mass per acre per year, by the end of the study - the equivalent of a single two-foot-diameter tree, if you could grow a tree that big in a year. "We don't know exactly when it started," says co-author Geoffrey Parker, a forest ecologist at the Smithsonian. But the scientists do have an idea of the reason - or rather, three possible reasons, all of which are likely to be interrelated...
...foray into the digital-book business with its groundbreaking Kindle reader that's been making the biggest headlines lately, as sales far exceeded analysts' expectations. Its decision to allow customers to download best-selling books from its e-bookstore to the Kindle for only $9.99 a pop played a big role in stimulating demand. "When we have both [hardcover and e-book] editions, we sell six Kindle books for every 10 physical books," said Jeff Bezos, founder and chief executive of Amazon, in a statement...
...trading in the fourth quarter of 2007. Goldman Sachs spent $3 billion to bail out one of its hedge funds. And Citigroup has poured more than $3 billion into fixing its problems with structured investment vehicles, investments the bank set up with its own capital. Like Merrill, Citi lost big - as much as $15 billion, on the CDOs it decided to hold rather than sell off. In fact, nearly every large financial firm that stumbled during the financial crisis had billions of dollars in proprietary-trading or hedge-fund losses. (See the worst business deals...
...Proprietary trading played a big role in manufacturing the CDOs and other instruments that were at the heart of the financial crisis," says Michael Madden, a managing director of the investment firm BlackEagle Partners and a former Lehman executive. "If firms weren't able to buy up the parts of these deals that wouldn't sell ... the game would have stopped a lot sooner...
...appear to have very different definitions of what is proprietary trading. Goldman and others are defining proprietary trading as the day-to-day money these firms risk in the markets, buying and selling stocks and bonds. Volcker seems to want to limit not just this trading but also the big long-term bets banks make on real estate, mortgages and other securities...