Word: crediteer
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...Treasury Secretary Geithner has told Congress that he would like to regulate Wall St. right down to the foundations of all of its buildings. That includes hedge funds, private equity firms, and traders of exotic financial instruments which may include credit default swaps and financial derivatives. Investment advisors like Mr. Madoff would also be watched more carefully by the government. In the Secretary's own words, "What we need is better, smarter, tougher regulation, because we've seen the costs of these weaknesses and gaps are catastrophic to the system as a whole." (See pictures of the global financial crisis...
...reasons in favor of Geithner's proposals are too numerous to mention. Among them, and perhaps at the top of the list, is that proper regulation would have prevented all of the events which caused the credit crisis, and, perhaps in turn, the recession. It is impossible to say whether that is true, but it sounds true, which is even better. (Vote for the 2009 TIME 100 Finalists...
...much risk any financial firm could take, so that the days of making huge bets on the markets with relatively little in capital to back them up would be no more. And Geithner's plan would also for the first time subject exotic financial-derivative products, like the credit-default swaps that took down AIG, to federal oversight and market transparency...
...clear," Geithner told the committee. "The days when a major insurance company could bet the house on credit-default swaps with no one watching and no credible backing to protect the company or taxpayers must...
...from basic commodities such as corn, sugar, soap, salt and bread to furniture, which Zimbabweans have had to travel to neighboring countries to buy. "Dollarization has thrown me out of business. No one buys from me. People now buy from shops and authorized dealers," says Tavonga Munjeri, who sells credit cards for cell phones. (See pictures of political tension in Zimbabwe...