Word: buyer
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Dates: during 2000-2009
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Harvard Kennedy School Professor Ashton B. Carter was named the U.S. military’s chief weapons buyer by President Barack Obama on Monday. Carter—who is co-director of the Preventive Defense Project—has been a vocal critic of the Pentagon for purchasing what he deems to be unnecessary weapons and has called for greater alignment between military strategy and spending. Carter was originally scheduled to teach the class “American National Security Policy” at the Kennedy School this spring, but he joins the growing list of Harvard professors who have...
...against which it could write credit default swaps (CDS), that is, insurance contracts based on whether some other bonds get paid back. As a writer, or seller, of CDS contracts, Strata investors get a regular fee, much like a annual amount any insurance holder would pay, for guaranteeing the buyer of the insurance against losses on the bonds. All told, Bank of America wrote CDS contracts worth $20 million based on the debts of as many as 75 companies. Add the fees from the insurance contracts to the interest Strata was already receiving on its collateral and voila...
...Here's the catch: If the bonds Strata insured against go bad, Strata is on the hook for the losses. And in a twist on regular insurance, the buyer of a CDS contract [i.e., the insured] doesn't actually have to own the bond. If the bond goes belly up, they get paid as if they had, pocketing the insurance payout as a profit, which of course would be a loss for the owners of Strata...
...Meanwhile, the government is continuing its efforts to find a buyer for Satyam and to save some of the jobs of its 53,000 employees. In a statement released on Feb. 2, Satyam claimed to have retained 95% of its top 20 clients and to have won 15 new contracts in January. At least four groups including Indian construction and engineering giant Larsen & Toubro have shown interest in acquiring a controlling stake...
Even without doing the math, you probably get that the government's financial-rescue effort is failing. The signs are hard to miss. Your friend in finance got pink-slipped. A house sale down the street fell through because the buyer couldn't get a mortgage. A local bank is closing a nearby branch or maybe shutting down altogether...