Word: debts
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...building fast. The worst of the news Monday came with the announcement that financial insurance giant American International Group had lost $61.7 billion in the last quarter of 2008, the largest quarterly loss in corporate history. As the insurer of much of the toxic American mortgage debt that detonated the implosion of the world's finance markets, AIG is now also set to take on an additional $30 billion in U.S. government rescue funding beyond the record-setting $150 billion in aid it received last year...
...That toxic debt was also behind the other bad company news of the day, when HSBC - Europe's largest bank - said it would seek $17.1 billion in new capital, and close its U.S. consumer-lending unit, Household Finance. The American affiliate had saddled HBSC with $16.3 billion in subprime-rooted losses, and explained the group's 62% dip in 2008 profits of $9.3 billion. But closing the troubled unit means adding its 6,100 employees to the list of 3 million American jobs eliminated since November...
...proposed budget is a savvy political vehicle for reform. The federal budget process has two purposes. First, it provides “a financial measure of federal expenditures, receipts, deficits, and debt levels and their impact on the economy” in order to maintain both stability and growth. Second, it allocates the means to fund such objectives. Although these tall orders might ordinarily lead to filibuster for other legislation, the Balanced Budget Act of 1997 mandates “fast-track” legislative procedures—limiting debate times and even restricting amendments based on relevancy?...
...ratings agencies begin to downgrade the debt of several Eastern European nations, the concern has emerged that Ukraine, Lithuania, and Romania may have trouble with that debt obligations. The IMF says it is not worried about defaults, but it does not hold large amounts of the notes issued by these countries to fund their budgets, which have begun to post substantial deficits...
...another 20%. None of that "testing" take into account what happens if the financial status of Eastern Europe worsens. Maybe that should go on the check list to determine which banks are healthy. The answer would probably be "none." The financial world is too small for defaults on national debt not to have a tremendous ripple effect...