Word: debts
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Dates: during 2010-2019
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...financial problem is simple. When Hands bought the 113-year-old British company in August 2007 - just before the credit crunch hit - both he and Citigroup expected he'd be able to finance the $4.2 billion in debt he'd taken on to close the deal. Hands also believed he could quickly turn around EMI's long-struggling record division...
...division made nearly $250 million in underlying profit in the fiscal year 2009, while the company's music-publishing arm, which oversees songwriters, generated $208 million. Both profits, though, were wiped out by massive write-downs, which created a largely paper loss of $2.4 billion. "With that level of debt in the business, the reality is that EMI is now almost worthless," says Simon Dyson, editor of the London-based industry newsletter Music & Copyright. (See the 100 best albums of all time...
...Treasuries. No other country or entity in the world could absorb those assets if China wanted to sell them, and with China's currency value pegged to the dollar, any massive sale would lead to a steep decline in the Chinese currency and economy. China's holding of U.S. debt is leverage only in a theoretical world where it could dump its U.S. assets or stop buying more. What's more, even a hobbled America is the world's largest economy and the most significant market for Chinese goods. In 2009, a supposedly bad year, Chinese exports...
...Lehman wasn't alone. Merrill Lynch lost nearly $20 billion on investments in collateralized debt obligations (CDOs). Morgan Stanley had a nearly $4 billion loss in proprietary trading in the fourth quarter of 2007. Goldman Sachs spent $3 billion to bail out one of its hedge funds. And Citigroup has poured more than $3 billion into fixing its problems with structured investment vehicles, investments the bank set up with its own capital. Like Merrill, Citi lost big - as much as $15 billion, on the CDOs it decided to hold rather than sell off. In fact, nearly every large financial firm...
...supported or sponsored it. These included the Senate minority leader, Mitch McConnell, and the formerly virtuous John McCain, a sore loser who has reversed his position on practically everything lately. The Senate Republicans then proceeded to vote unanimously against a provision, attached to a necessary increase in the debt limit, that would force Congress to pay for every new initiative it enacts. This "paygo" provision was the law of the land when Bill Clinton was building budget surpluses (in fairness, he inherited it from the equally responsible George H.W. Bush) - and was abandoned when George W. Bush started building...