Word: deposit
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Dates: during 2000-2009
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...late 1990s and early part of this decade, a succession of Federal Deposit Insurance Corp. (FDIC) chairmen fought to raise the agency's insurance limits and its clout. Congresses repeatedly said no. Employment at the FDIC shrank to 4,500 staffers, from about 23,000 in the early 1990s. Some even argued that the agency's insurance fund should be abolished altogether...
...Sitting on the government's side of the table in the talks with Bank of America are officials from Treasury, the Fed, and the FDIC. The deposit insurance agency does not have to capital to bail out a lot of big banks. It has to worry about work-outs for smaller ones that are failing. The Fed is willing to lend big banks money for a short term. It is not likely to get into the business of trading cash for equity...
Back at Ziomara Suarez's apartment, the formal loan collection ends, but the women of the Progressives - what the group has named itself - stick around. As Emily Medina leaves to deposit the cash she's collected, the borrowers continue to chat and laugh and swap stories about the ups and downs of business. Then one of them opens up a suitcase and starts selling jeans and T-shirts...
...banking experts say, is to have your own bank that is funded by nameless wire transfers to Switzerland, the Caymans, Liechtenstein. It's still unclear as to whether Madoff had his own bank, but there is always the ever popular method of hidden safes and multiple, anonymously managed safety-deposit boxes loaded with cash, or even better, "bearer bonds," an old-fashioned but effective tool that is as good as cash and can be presented to banks by anyone bearing them - no questions asked. Today they are used frequently in Central America. Typically, bearer bonds pop up years later...
...outlook is the rush to cancel orders for new ships. Clarksons of London, the world's largest shipbroker, announced that new orders had dropped from 378 vessels in October 2007 to just 37 last October. In November, New York?based Genco Shipping and Trading wrote off a $53 million deposit in order to get out of a $530 million deal to buy six new vessels, freeing up liquidity and strengthening the firm's "ability to act opportunistically," a Genco spokesman said. As companies pull back to protect their bottom lines, many are simply taking ships out of service, says Kriton...