Word: cases
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...mortgage loans, because what analysts call "house-price appreciation" would increase the value of the collateral if borrowers couldn't or wouldn't pay. The idea that we'd have house-price depreciation - average house prices in the top 20 markets are down 15%, according to the S&P Case-Shiller index - never entered into the equation...
...make sure that swap meisters can make good on their obligations, they have to post collateral. If their credit is downgraded - as was the case with AIG - they have to post more collateral. What put AIG on the brink was that it had to post $14 billion overnight, which of course it didn't have lying around. Next week, the looming downgrades might have forced it to come up with $250 billion. (No, that's not a typographical mistake; it's a real number.) Hence the action. If AIG croaked, all the players who thought they had their bets hedged...
When a company's stock gets beaten down in the market, its CEO often clamors about how short sellers and unjustifiably negative market sentiment are to blame. That's not always the case, but on Sept. 17, John Mack may have had a point...
...have to wonder whether the Bush administration understands what it is getting into. In case anyone has forgotten, Pakistan has a hundred plus nuclear weapons. It's a country on the edge of civil war. Its political leadership is bitterly divided. In other words, it's the perfect recipe for a catastrophe...
Unlike Samak, Somchai is not one to up the ante, and he has vowed to "bring unity" back to Thailand. The new P.M. also vowed not to interfere in the ongoing court cases against his brother-in-law. Nevertheless, the basic rift between the rural poor, who support Thaksin, and the urban middle class and elite, who despise him, is only growing wider. Furthermore, another case that will reach the constitutional court in the coming months might force the dissolution of Somchai's PPP because of a vote-buying conviction against its former deputy leader. If that happens, Somchai will...