Word: covering
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...lingerie model who lost part of her leg in a 1993 road accident, will receive a lump sum of 16.5 million pounds plus properties worth a further 7.8 million. Since McCartney first filed for divorce from Mills in July 2006, the world's media has done its best to cover the case, even though the proceedings were held in private. Despite her protestations of contentment at the outcome, Mills can't have enjoyed listening to the judgment. True, she emerged with a greater slice of his 400 million pound assets than the musician felt appropriate. McCartney originally proposed giving Mills...
...Credit default swaps are insurance-like contracts that promise to cover losses on certain securities in the event of a default. They typically apply to municipal bonds, corporate debt and mortgage securities and are sold by banks, hedge funds and others. The buyer of the credit default insurance pays premiums over a period of time in return for peace of mind, knowing that losses will be covered if a default happens. It's supposed to work similarly to someone taking out home insurance to protect against losses from fire and theft...
...Except that it doesn't. Banks and insurance companies are regulated; the credit swaps market is not. As a result, contracts can be traded - or swapped - from investor to investor without anyone overseeing the trades to ensure the buyer has the resources to cover the losses if the security defaults. The instruments can be bought and sold from both ends - the insured and the insurer...
...Monoline bond insurance companies, such as MBIA and Ambac Financial Group Inc., have been hit the hardest as they scramble to raise capital to cover possible defaults and to stave off a downgrade from the ratings agencies. It was this group's foray out of its traditional municipal bonds and into mortgage-backed securities that caused the turmoil. A rating downgrade of the monoline companies could be devastating for banks and others who bought insurance protection from them to cover their corporate bond exposure...
Jorge Pardo (Phaidon) This is the first publication of this scale to cover the artist's work as it explores the relationships of space and utility in art, design and architecture...