Word: cashed
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Harvard is considering replacing a $2 billion revolving line of credit with a smaller line of credit that charges a higher interest rate—a move that may constrain the University's cash flexibility during severe economic downturns...
...Moody's report noted that the $2 billion line of credit served as a source of "additional liquidity flexibility," though it does not qualify as "same-day liquidity"—a measure of an institution's ability to meet cash demands quickly. At the time, the ratings agency issued a stable outlook for Harvard's credit rating based in part on its "maintenance of strong liquidity and capital ratios...
During December and January, Harvard completed a $2.5 billion bond offering to bolster its cash reserves, as well as to refinance riskier forms of debt. Several media outlets have suggested that the University held insufficient cash reserves, and Forbes magazine wrote that Harvard had found itself in a "cash-raising panic" in the midst of the economic recession...
...incipient bubble is being created by government policy. In response to the global credit crunch of 2008, policymakers in Asia slashed interest rates and flooded financial sectors with cash in frantic attempts to keep loans flowing and economies growing. These steps were logical for central bankers striving to reverse a deepening economic crisis. But there's evidence that too much money is now sloshing around. It's winding up in stocks and real estate, pushing prices up too far and too fast for the underlying economic fundamentals. "We're not in a full-blown bubble yet," says David Cui, China...
...times have changed. In the throes of huge budget cuts, California is wooing cash-flush mainland Chinese tourists to its sun-kissed coastline and world-famous theme parks. So far this year, the state's Travel and Tourism Commission has opened offices in three Chinese cities. In 2005, Governor Arnold Schwarzenegger toured China on a six-day trade mission to peddle his state's produce, technology and raw materials. China is now California's fourth largest export market, after Mexico, Canada and Japan. In 2008 California exported $10.9 billion worth of goods to China, up 40% since...