Word: debt
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...banks have to handle massive portfolios of business, real estate, and consumer loans - especially credit cards. That fact seems to have been lost on investors buying bank stocks during the last week. Most money center banks have substantial exposure to debt in Eastern Europe. A lot of that debt may go into default if the economies of the small countries in that region fall apart. They do not have institutions like the Federal Reserve to flood their countries with liquidity. (Find out 10 things to do with your money...
...planning to put another several hundred billion dollars into buying up debt to help bring down interest rates. Nearly $300 billion of that will go to buying longer term Treasuries. If that causes interest rates to fall, it will help people who borrow money in the future, but may not do very much for Citi's clients who borrowed money over the last two years. Many of those clients are tapped out, and the big bank faces hundreds of millions, possibly billions, of dollars in write-down of consumer loans. That does not take into account the amounts that will...
...mineral, as well as mine jade. But for the right to float his raft on the river, Aung Tun must pay fees to the Burmese government, the Burmese police and the KIO. If the specks of gold add up, he can make the payments. Otherwise, Aung Tun goes into debt. If he survives, that is. During the five years that Aung Tun has panned the Irrawaddy, 25 people have died in his work group, which numbers no more than 40 laborers at one time. Some drowned during storms, while others succumbed to malaria or never came up after diving deep...
...consensus among the U.S, Japan and Europe in the old G7 cartel was hard enough; doing so in the G20, which includes China, India, Russia, Brazil and Mexico, is exponentially harder. It doesn't help that members' interests vary so sharply. China, for example, owns so much U.S. government debt that it's publicly worrying about American financial stability. Washington, by contrast, has thrown fiscal discipline to the wind as the Obama Administration seeks to spend its way out of crisis, pushing the budget deficit into potentially destabilizing territory...
...John Moody became the first financial analyst to assign letter grades to railroad bonds, giving investors an easier way to evaluate the rail companies' debt. It was the beginning of one of the most powerful forces in modern capitalism. Today a small club of bond-rating agencies, led by Moody's, Standard & Poor's and Fitch, wields enormous power, sending investors scrambling simply by changing the ratings that the firms assign to everything from Ireland's sovereign debt to General Electric's IOUs. They are pilloried for having wildly overestimated the quality of mortgage-related securities...