Word: cashes
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Even the famous are working feverishly to cash in. Paul Krugman, who just won the Nobel Prize for Economics, is having one of his backlist titles brushed off and reissued with revisions. Publisher W.W. Norton & Co. is lengthening the title of 1999 book The Return of Depression Economics with an appendage: ... and the Crisis of 2008. Krugman has agreed to write three new chapters, revise two and eliminate two. He started writing two weeks ago in order to make the release date...
...obsessively played military board games as a youth. (He once told me he never lost.) Over a year ago, Hoffman starting looking for funding to ensure that LinkedIn would be able to thrive during what he then described as the coming nuclear winter. (He figured a reserve of cash would help LinkedIn buy up companies during the downturn.) All in all, the company has raised $100 million, boasts a $1 billion valuation, and last week signed up its 30 millionth member. (A spokesman told me the sign-up rate has escalated of late and now includes one new member...
...Goldman Sachs, they were facing a severe crunch," says analyst Brad Hintz, who covers financial firms at Sanford Bernstein and is a former chief financial officer of Lehman Brothers. "Had it not been for the government's help in refinancing their debt, they may not have had the cash to pay bonuses." When asked, the Treasury would not comment directly on Wall Street's bonus plans, though spokeswoman Brookly McLaughlin did reiterate the bailout's intent. "There is broad agreement that the Treasury's capital purchase program was intended to strengthen the financial system and increase lending," she said...
...Efforts to counter the crisis focused on Eastern Europe as well. The International Monetary Fund announced that it has struck a tentative accord to lend $16.5 billion to cash-strapped Ukraine, and said a major impediment to providing emergency funding to Hungary had also been removed. In Asia, meanwhile, the central banks of Australia and Hong Kong safeguarded the liquidity of markets with new injections of funds, while South Korea cut its key interest rate by three-quarters of a point in the hopes of countering slowing economic growth...
...recessions have been more complex and therefore more difficult to solve. Levy thinks the same dynamics are in play now as the economy struggles to regain its footing after being sunk by complicated issues such as capital flows and deflation of assets and debt - all of which choke off cash flows among big employers, who then trim payrolls. "You can't just clean these things up by having the economy go through a year of cutting inventories and dropping interest rates," says Levy. "The problems linger...