Word: creditably
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...rescue of AIG is warping the banking system and unnecessarily extending the credit crisis. This misguided effort stems from a lack of transparency and some basic misconceptions about AIG's business. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
...take a moment to review how AIG made money and why it's now losing so much. Most of AIG's losses have been attributed to its failing positions in credit-default swaps (CDSs). Essentially, AIG is swapping cash flows with other institutions: those banks pay AIG a small sum on a regular basis, and then under certain conditions - like mass foreclosure or corporations' defaulting on their loans - AIG pays out a large sum. In other words, AIG sold insurance; its problem is that it is paying out too much...
Moreover, investors and banks that hold credit-default swaps do not necessarily own the tranches of mortgages and bonds that the CDSs insure. AIG may have even written multiple swaps over the same mortgages and bonds. It would be as if an insurance company had sold earthquake insurance on one house to multiple investors. When the house falls, so does...
Paradise Found. The Bahamas' Nassau/Paradise Island is offering a $200 air credit to visitors who book at least three nights at one of 17 participating hotels. Save more money by taking advantage of hotel packages: at the Wyndham Nassau Resort, for instance, guests who book two nights get an additional two nights free, plus $100 in food or drink credits; nightly rates start at $309. Check the Nassau/Paradise Island website for participating properties and specials, and download the form you need to get your rebate check. Book airfare and hotel stays by April 6 for travel through...
...Later. If you have an American Airlines-branded credit card, you can use it to purchase a ticket on AA.com and defer payment for six months, with no interest...