Word: costs
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Jones Day lawyers estimate that the rule change could cost the Federal Government up to $140 billion in revenue during the next few years. But it would only get that high if every bank in the U.S. were sold and troubled mortgage assets were all written down to zero. Still, a number of banks have made acquisitions since the rule change and are already benefiting. Wells Fargo will book an estimated $25 billion tax credit from its November acquisition of Wachovia. PNC, which bought National City in October, could get as much as $5 billion in tax benefits from that...
...program is meant to gin up liquidity for corporate credit unions by enticing retail credit unions to deposit more of their money there, both by guaranteeing deposits and offering low-cost loans. Retail credit unions, also charmingly called natural-person credit unions, have been finding other places to stash funds as they've grown concerned about the stability of corporates. At the end of September, retail credit unions had $35.1 billion invested in corporate credit unions, down from $37.9 billion at the beginning of the year, according to the NCUA. Over that same period, total retail investments grew from...
...knows how far the impact would spread, and whether it would trigger the collapse of any retail credit unions. In 1995, Capital Corporate Credit Union, which serviced the White House and Pentagon employee credit unions, failed because of heavy investments in - wait for it - collateralized mortgage obligations. It cost 483 retail credit unions an estimated $25 million...
...There is no doubt that the plans are expensive: some estimates predict that the 20-20-20 goal could cost the E.U. up to $80 billion a year, or 0.5% of its gross domestic product, although officials and green activists insist that the price is worth paying for energy security and a cleaner world. (See TIME's special report on the environment...
...Retail and food experts say that worry over the high cost of prime meat cuts and the economic downturn have more shoppers checking out supermarket offal offerings. But the return to eating innards was under way even before this year's financial crisis, as celebrity chefs and restaurateurs have encouraged a return to cooking organs such as liver and kidneys, which once enjoyed a central place in British cooking. (See how farmers around the world prepare their crops for harvest...