Word: broke
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...treated as a profit center, often with little oversight of the mathematical models that spit out numbers about what it was all worth. The models proved spectacularly wrong because they precluded the possibility of an outsize event. Once big shocks, like declining home prices, started hitting, the models broke down. According to a report by a group of U.S. and international regulators, while some firms tried to understand what would happen to their models in truly adverse conditions, plenty of others didn't. In some cases, finance outfits barely examined their products, instead relying on the evaluations of outside ratings...
That is exactly the sort of top-down control financial firms now say they want. Citigroup CEO Vikram Pandit vows to be a "hands-on participant" in risk management. In August, UBS chairman Peter Kurer broke the firm into three separate units partly because the old structure, he said, encouraged "the blurring of the true risk-reward profile of individual businesses." In July, the Institute of International Finance, which counts large banks and insurance companies among its members, put out a 174-page report detailing best practices in the wake of the financial crisis. Among them: developing a corporate culture...
...United States. The IOP crowd erupted into cheers and hugs, and people hoisted the Obama cut-out into the air and passed it around. Festivities spilled out into the Yard, where students congregated around the John Harvard statue. After a brass band played the National Anthem, the crowd broke out into impromptu chants of “O-bam-a” and “Yes We Can.” —Staff Writer Lauren D. Kiel can be reached at lkiel@fas.harvard.edu...
...That, in brief, could describe the Chinese Product Safety Scandal of 2008. As early as January, infants in China raised on Sanlu brand baby formula began developing kidney problems, and parents raised complaints that were ignored by company and local government officials. When the news finally broke in September, tests found four infants had died and more than 60,000 were sickened from formula tainted with melamine, a chemical used in plastics that can make the protein content of milk - and many other food products - appear higher, and, when consumed, can also cause kidney failure. Expanded inspections found traces...
...diethylene glycol used in cough medicine that killed more than 100 Panamanians."While China's State Council announced new rules for stricter controls on food producers and tougher punishments for violators, poor oversight allowed producers to adulterate dairy products and animal feed with melamine until the latest scandal broke in September. And that means that after the livestock feed recall, the list of tainted products is likely to grow. "If animals are fed this stuff, then they have it in their meat," says Nestle. While Beijing has announced expanded testing procedures for the dairy industry, cracked down on melamine producers...