Word: debts
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...case of Morgan Stanley and Goldman Sachs, they were facing a severe crunch," says analyst Brad Hintz, who covers financial firms at Sanford Bernstein and is a former chief financial officer of Lehman Brothers. "Had it not been for the government's help in refinancing their debt, they may not have had the cash to pay bonuses." When asked, the Treasury would not comment directly on Wall Street's bonus plans, though spokeswoman Brookly McLaughlin did reiterate the bailout's intent. "There is broad agreement that the Treasury's capital purchase program was intended to strengthen the financial system...
...kinds of warning indicators going off, and people are asleep,"said Walker, said, Walker, whose New York think tank seeks to promote awareness about the debt problem. (Walker stars in the August-released feature documentary, I.O.U.S.A., which focuses on the nation's credit binge...
...even the current deficit, as big as it is, that causes so much concern, says Walker. The deficit merely represents the amount that government spending exceeds its revenues in a given year. A far bigger concern is the national debt - the total of what we've cumulatively borrowed to finance those yearly deficits. Sometime around 2020, according to projections offered by Walker's foundation, the U.S. debt will be equal to or greater than annual gross domestic product - a situation not seen since 1946 at the end of World War II. Worsening the picture is the fact that much...
...perilous state, with inflation running rampant, the currency having lost a third of its value, and foreign currency reserves reduced to the point that they can finance no more than six weeks of imports. Pakistan, in fact, is in danger of defaulting on its substantial foreign debt if it can't get help either from its friends or from the IMF - and the price of such help will be politically unpopular: a stepped up effort against the Taliban and, perhaps, some tough domestic economic reforms...
...situation has prompted Pakistan to desperately seek aid from such long-term allies as Saudi Arabia, Britain, the U.S. and China. Despite Zardari flying to those countries in recent weeks to make his case, he has yet to secure the loans needed to avoid a default on Pakistan's debt. Pakistani officials insist that they have no intention of defaulting, and the Pakistani rupee rose this week amid signs that the International Monetary Fund might step in to rescue this frontline state in the war on terror. The IMF confirmed Wednesday that it would soon enter discussions with Pakistan over...