Word: bondses
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The intern, of course, wasn't the only one who was risking the firm's dollars. McDonald, himself a relatively junior trader, had a Lehman-funded trading account of $450 million. In the years leading up to the financial crisis, Lehman Brothers built up huge positions in real estate, derivatives...
A lot of people are saying that proprietary trading didn't cause the financial crisis. So why focus on that? Proprietary investing certainly played a big role in the financial crisis. Bear Stearns, Merrill Lynch, Lehman Brothers, UBS and Citigroup all had large amounts of mortgage bonds or real estate...
What's more, the deals the banks wanted to strike with AIG would have involved the insurer and the government giving up their right to reclaim the underlying bonds. Some have argued that would have led to a worse deal for AIG. Instead, the Federal Reserve decided to give AIG...
But it's still questionable that the Federal Reserve saved taxpayers money by paying off Goldman and others in exchange for the bonds. The government gave AIG $29.6 billion to pay off the rest of its CDS contracts, acquiring the bonds in the process. Those bonds are now worth $23.5...
5. Use national security to strengthen your hand at home. Obama needs to frame future foreign policy successes in way that gives him leverage with voters and Congress. Reagan deployed his standing as a successful Cold War President to rally the public around him, and then used higher approval ratings...