Word: complexers
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...being, both Cuomo and federal authorities should pass the ball to the Bank of America (BAC) board. It has a duty to look into the Merrill merger and decide what should be done about any misconduct. It is not unusual for boards to hire outside counsel to look through complex matters involving potential executive malfeasance. During the options grant scandal two years ago, boards often took the lead getting to the bottom of these sorts of issues...
...Building the securities which were sold as mortgage-backed financial products was complex. Financial firms had to buy large pools of existing mortgages and develop mathematical models for the cash flows they would produce well into the future as homeowners made their monthly payments. These pools were cut into tranches with each tranche carrying a probability of how many mortgages in it would pay out to maturity and how many would fail. After these calculations were made, they were sold to banks, brokerage firms, and other financial institutions as high-yield paper. The major credit agencies gave these securities...
...According to an MCB professor familiar with the discussions, the new plan would divert funds originally intended for the science complex in Allston to renovate Fairchild for its new residents. Several stem cell labs, including those of renowned professors Douglas A. Melton and Kevin Eggan, are already located in Fairchild...
...Harvard received unanimous approval in Oct. 2007 from the Boston Redevelopment Authority to build the First Science building in Allston—a 589,000-square-foot complex intended to house the SCRB department and the Harvard Stem Cell Institute. Harvard said the building would open...
...government walked away from the entire matter because it was complex and time consuming. This is the same reason that the Treasury Department wrote checks to the banks instead of buying their toxic assets even though Congress had been told that the TARP funds would only be used to buy toxic assets. It was quicker and easier to just give the banks money because of the worsening crisis...