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...administrators maintain they have not in fact, as some residents have charged, abandoned the $1 billion project, and the Allston Work Team—the faculty-led group Faust created following the Dec. announcement—is currently investigating the possibility of collaborating with other institutions going forward...
Washington, D.C., May 27, 2025. Just four months into his first term, President Scott P. Brown faces what is rapidly becoming a severe financial crisis, with the collapse yesterday of yet another Stable Wind Farm Trust. The failed institution, Magna-SWIFT, is the largest thus far, with over $90 billion in assets. Rumors also continued to swirl about the condition of the Houston Power House, one of the nation’s largest clearinghouses specializing in weather and power derivatives. Experts warned that a major clearinghouse failure could have devastating implications...
Importantly, SWIFTs are not banks; they are more akin to private investment pools, like hedge funds or private equity firms. Moreover, they have universally opted to keep their assets below the $100 billion “Too Big to Fail” threshold that regulators use to classify any financial institution as systemically significant and hence subject to added supervision. Given these two facts, SWIFTs have not been subject to the strict capital and liquidity requirements imposed on banks in wake of the global financial crisis of 2007-2010. In the meantime, the major banks, unable to compete with...
...single Georgia wind farm, which was forced to shut down for two weeks over protests that its turbines were killing large numbers of local waterfowl. The resulting revenue loss forced Pro-SWIFT to sell assets in an effort to service its maturing short-term debt. Although only $10 billion of assets were liquidated, they fetched just 60 cents per dollar of book value. J.P. Morgan, in purchasing the assets, noted that, “Our more conservative financial policy puts us at a disadvantage in buying wind-farm assets—hence the large discount...
...SWIFTS, and they had a powerful effect. Creditors of other SWIFTs, awakened to the risks involved, began to refuse to roll over short-term loans. This has led to further liquidations, bigger fire-sale discounts, and a cascading effect. To date, over 50 SWIFTs, representing over $700 billion in assets, have failed. Yesterday, it was reported that Berkshire-Hathaway was in discussions to acquire Magna-SWIFT’s wind-farm assets for 30 cents on the dollar...