Word: dollarized
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...weeks over protests that its turbines were killing large numbers of local waterfowl. The resulting revenue loss forced Pro-SWIFT to sell assets in an effort to service its maturing short-term debt. Although only $10 billion of assets were liquidated, they fetched just 60 cents per dollar of book value. J.P. Morgan, in purchasing the assets, noted that, “Our more conservative financial policy puts us at a disadvantage in buying wind-farm assets—hence the large discount.” As a result of the fire sale, Pro-SWIFT creditors experienced significant losses...
...further liquidations, bigger fire-sale discounts, and a cascading effect. To date, over 50 SWIFTs, representing over $700 billion in assets, have failed. Yesterday, it was reported that Berkshire-Hathaway was in discussions to acquire Magna-SWIFT’s wind-farm assets for 30 cents on the dollar...
Hewlett-Packard gave Harvard Medical School a multi-million dollar grant to supply computers for the New Pathway program, a massive overhaul of the medical school curriculum which relied on small seminar-style coursework and case-based problem solving lessons...
Despite their sizes, such departments entail substantive costs: faculty and staff salaries, office space and supplies, and administrative support. Every dollar spent toward small departments is a dollar not spent elsewhere within the Faculty of Arts and Sciences—or toward fields that draw far more students...
Since faculty salaries are a considerable investment for FAS, the likes of the Celtic department have less recourse for claiming the additional dollar if budgetary streamlining is driven purely by efficiency and practicality...