Word: crediteers
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...cash payments to CDS [credit-default swap] counterparties should never have occurred," Greenberg told a House oversight committee. Greenberg is not alone is raising questions about profits that financial firms have been making on the unwinding of AIG's derivative bets. Last week New York attorney general Andrew Cuomo said he was looking into AIG's trading records to examine whether the payments the company made to other financial firms were improper. (Read "How to Know When the Economy Is Turning...
...Last month AIG said it had paid out about $50 billion to various financial firms to which it had sold credit-default swaps, which are insurance contracts sold to bond investors and others. When a bond defaults, a holder of a CDS has the right to be reimbursed for the loss by the seller of the contract. AIG was one of the largest sellers of such contracts. Much of the credit insurance AIG sold was on mortgage bonds, which are backed by home loans. As more and more homeowners defaulted, many of those bonds plummeted in value, causing the holders...
...Wall Street firms make money when people are in pain," says Frank Partnoy, who once traded credit-derivative contracts at Morgan Stanley and is now a law professor at the University of San Diego. "I don't know if that is what is happening, but if the question is whether banks would converge on a dying body - the answer is, Absolutely...
...well as our household expenses. We need to quit smoking, lay off the Twinkies and avoid other risky behaviors that both damage our personal health and boost the costs of care that are ravaging the nation's fiscal health. Basically, we need to make better choices - about mortgages and credit cards, insurance and retirement plans - so we won't need bailouts down the road...
...toward the status quo. We're not as smart as Larry Summers. We procrastinate. Our impulsive ids overwhelm our logical superegos. We plan to lose weight, but ooh - a cupcake! We're especially irrational about money; we'll pay more for the same thing if we can use a credit card, if we think it's on sale, if it's marketed with photos of attractive women. No wonder we apply for mortgages we can't afford. No wonder our bankers approve them...