Word: dollarization
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Dates: during 2000-2009
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...distractions in the form of links, e-mails, instant messages and now Twitters. Besides, if a device has a real keyboard, it's for "writing," not reading - the user is primed more for output than input. Amazon was the first to exploit that weakness and is building a billion-dollar business built around a gadget aimed at people who read offline. In fact, it has already supposedly sold more than 500,000 of its $359 e-readers, despite their obvious limitations. (Kindles only do black and white text and can't even handle photographs or different fonts properly yet, much...
...bail out the company in the first place. It took Geithner until 7:40 the next night to place what must have been a tense phone call to AIG's newish CEO, Ed Liddy. The bonuses were not tenable; they had to be canceled, he demanded. Liddy, a dollar-a-year man who took over the company after the bonuses had been promised, replied that AIG's lawyers had decided that the contracts could not be broken without even bigger costs to taxpayers. Geithner sent Treasury's lawyers searching for a way out, but they couldn't find...
...must to cover potential losses. As the CDOs that AIG insured began to crater, the counterparties began asking for more collateral to back their policies, which was written into the contracts. Cassano said in August 2007 that he couldn't imagine a situation in which AIG would "lose one dollar in any of these transactions." He was right. AIG didn't lose a dollar; it lost billions of them...
...Bailing Out the Bailed Out Keeping the financial system fluid might explain why so many banks got paid in full, which strikes some as a scandal way bigger than the bonus payouts. Many experts wondered why AIG paid 100 cents on the dollar. Among the biggest beneficiaries of the AIG pass-through, at $12.9 billion, was Goldman Sachs, the investment-banking house that has been the single largest supplier of financial talent to the government. Critics have been quick to note - and not favorably - the almost uncanny influence of former Goldman executives. Initial phases of the rescue were orchestrated...
Harvard administrators have readjusted budget planning assumptions for the next two years to keep spending in line with expectations for a slow economic recovery. The payout from the endowment will decline by 8 percent in dollar value for the next fiscal year and is projected to fall by at least another 8 percent from 2010 to 2011—meaning that the payout in two years will have shrunk by over 15 percent from this year, the University’s Chief Financial Officer Daniel S. Shore said yesterday. The new budget guidance marks a departure from University instructions issued...