Word: dollarization
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...scariest thing to average folk: one of the nation's biggest money-market mutual funds, the Reserve Primary, announced that it's going to give investors less than 100 cent on each dollar invested because it got stuck with Lehman securities it now considers worthless. If you can't trust your money fund, what can you trust? To use a technical term to describe this turmoil: yechhh...
...though, we're seeing the downside of this financial internationalization. Many of the mortgages and mortgage securities owned or guaranteed by Fannie Mae and Freddie Mac were bought by foreign central banks, which wanted to own dollar-based securities that carried slightly higher interest rates than boring old U.S. Treasury securities. A big reason the Fed and Treasury felt compelled to bail out Fannie and Freddie was the fear that if they didn't, foreigners wouldn't continue funding our trade and federal-budget deficits...
...first major acquisition, FleetBoston Financial Corp., which gave North Carolina-based Bank of America a foothold in the northeast market. A series of other purchases - Chicago's LaSalle Bank, Charles Schwab's private banking program - earned him a reputation as a man with a penchant for savvy multi-billion dollar deals. This January, he bought Countrywide Financial Corp. for $4 billion in stock, adding "largest mortgage provider" to Bank of America's list of bragging rights and saving Countrywide from possible bankruptcy. With that purchase, Lewis became a kind of quasi-savior on Wall Street - the man who helped...
...invited passers-by to adorn the portrait with personal messages. Lehman employees were offered green markers; non-affiliated onlookers got black ones. Some scrawled angry missives: "The banks are next"; "A symbol of greed and arrogance." Others were weirdly aphoristic: "Greed and ego it was"; "Learn to respect the dollar." Even amid the turmoil, some even mustered a bit of a gallows humor: "Hakuna Matata (It Means No Worries)." Raymond - who began work on the painting about 10 days ago - said he expected to collect some 300 signatures, and hoped to auction the final work on his website for more...
...poets or politicians (just look at how many Americans are getting a buzz off Sarah Palin and Barack Obama), we're hungry for information about them. We want to know what they're saying, what they're wearing, where they're going and whom they're with. Indeed, billion-dollar industries revolve around our indefatigable obsession with celebrities. And now new scientific research has found that celebri-crushes are not only common but maybe even healthy: a study published Sept. 10 suggests that the act of celebrity worship may be a boon to some people's self-esteem...