Word: complexers
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...considerably harder for house buyers to get mortgages of any sort, let alone ones requiring only a tiny down payment. Jon Lloyd, joint head of LG's real estate practice, points out that the investment-banking mentality of the past few years - ever bigger fees for ever more complex transactions - has spread to all sorts of businesses, from law to real estate. He wonders whether that's all about to change. "Will we as advisers fall back to where we were 10 to 15 years ago?" he asks. "The question is whether we are now entering a more frugal world...
Neel Kashkari is the world's most powerful temp. Over the next month, the 35-year-old onetime AC/DC fan and aerospace engineer will run the $700 billion Treasury Department program to rescue the American economy by pricing, buying and, hopefully, reselling some of the most complex financial instruments ever devised--all so that the credit markets can function again. Kashkari's job is pivotal; how long Kashkari will hold on to it isn't clear. Treasury Secretary Hank Paulson intends to work with whoever is elected Nov. 4 to name a permanent head of the rescue program, get that...
...first chunk of the $700 billion to maximum effect. He's looking at devices like a reverse auction, where holders of bad loans will compete to sell them to Treasury at the lowest cost to taxpayers. And he has to figure out how to extract from sellers not just complex debt vehicles like mortgage-backed securities but also plain old faltering home loans with local banks, without vacuuming up every loan in the country. If these approaches don't work, Kashkari and the rest of Paulson's team will need a Plan B. And fast. It's a tough assignment...
Plenty of shopaholics claim to live at the mall. But when the Americana at Brand opened in Glendale, Calif., in May, shoppers really got a chance to make themselves at home. That's because the $400 million retail complex includes not just Cole Haan, Barnes & Noble and Urban Outfitters but also 100 condos and 238 apartments--part of real estate's mixed-use trend. Since the Americana's opening, however, the economy has taken a tough turn. TIME's Rebecca Winters Keegan asked Lawrence, V.P. of sales at a company that makes motion-sensor trash cans, about life...
...looking for $7 billion from Washington in part to make payroll, since short-term borrowing is unavailable. Two out of three city finance officers are reporting that they're less able to make up budget shortfalls this year. Municipalities are facing skyrocketing borrowing costs--some of it tied to complex derivatives contracts they agreed to that have blown up with the rest of Wall Street's toxic securities...