Word: dollarization
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...purchase. Therefore, Lone Star had limited risk, which is similar to the way funds would have limited risk buying bad securities with government backing. But the most important part of the deal was not Lone Star's risk; it was the price. Lone Star paid 22 cents on the dollar. This means that Merrill Lynch had priced its asset-backed securities somewhere around 22% of their original value...
...into this unfilled void that the then unenthroned U.S. Secretary of the Treasury, Timothy Geithner, stumbled. In a written response to Senate questions, he suggested that China had been manipulating its currency. (Some in the U.S. have long alleged that by supposedly keeping its currency undervalued against the dollar, China gives its exporters an unfair advantage in American markets.) Since Geithner's was the new Administration's first real comment on relations with Beijing, Chinese leaders reacted as if a hostile shot had been fired across their bow. But Obama then called China's President Hu Jintao, evidently assuring...
...California-based legal publication revealed Tuesday that Facebook.com paid $65 million to settle accusations that its founder Mark E. Zuckerberg ’07 stole elements from rival social networking site ConnectU to create his multi-billion dollar Web site. The Recorder obtained the information from an inadvertent disclosure in the January newsletter of Quinn, Emanuel, Urquhart, Oliver and Hedges, the law firm that represented ConnectU until it was fired last spring. In 2004, ConnectU founders Cameron S. H. Winklevoss ’04, Tyler O. H. Winklevoss, ’04, and Divya K. Narendra...
...smile. “She substantiates me—I work because she’s around.” However, one day in 1964, when Jacobs brought home a pair of “See TV in 3-D” glasses that he had purchased for one dollar at a local drugstore, Flo’s confidence in her husband wavered for a moment. “More magic beans, Ken?” she asked. But those glasses unlocked a whole new world of cinema for Jacobs, leading to the next masterpiece he revealed to the audience...
Andre the Giant, Barack Obama, Andy Warhol, Flavor Flav, Noam Chomsky, and the dollar bill have one thing in common: at different points in time they have all been made into a Shepard Fairey image. A street artist whose mixture of black, red, white, and, most recently, blue in stylized swaths makes his images instantly recognizable to the initiated, Fairey has peppered the walls of buildings, electrical boxes, and street signs for the past 20 years with stickers and posters. The text accompanying the images dares the observer to “obey,” seeking to prompt passersby...