Word: doneness
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Banking problems were at the front of the gauntlet of bad news. The rise in prime mortgage defaults dampened the hopes that the housing market was in the midst of a comeback and the first few companies that have announced earnings have done no better than their gloomy forecasts said that they would. Berkshire Hathaway (BRK) lost its Triple-A rating as GE (GE) did just a few weeks ago. The period of the Fort Knox balance sheet is over in America. As of the Berkshire news, all corporate debt officially carries risk...
...uncertain future of AIG, BVG fears that the U.S. investors could demand as much as $200 million in additional collateral. As a precaution, the transit company has taken a risk provision of €157 million ($208 million) on its balance sheet. BVG says that when the deal was done, J.P. Morgan assured that it would not be liable unless the majority of its CDO backers became insolvent. "But they misled us," says Reetz. "It now appears that we could be made liable even if just one of the backers becomes insolvent, as has happened." J.P. Morgan declined to comment...
...hope that those with an overabundance of "things" will recognize that because of a pervasive sense of greed and entitlement, many have lost all they worked for. Maybe as a nation we will develop a conscience and realize the harm we've done. Mary Jo Lisborg, FAYETTEVILLE...
...Libya exercised its option to buy Venerex Energy, a producer based in Calgary, Canada, whose biggest asset is an oil and gas field 100 miles (160 km) southwest of Tripoli. That thwarted a $390 million bid that China National Petroleum Corp. had made to acquire Venerex. Beijing hasn't done itself any favors either. It blocked--on antitrust grounds that analysts considered flimsy--a bid by Coca-Cola to buy a large, privately owned fruit-juice producer in China. "It gives [foreign] governments ammunition to use against Chinese acquisitions that wasn't available before," acknowledges a Hong Kong--based investment...
...plywood signs at certain job sites declaring them for "Legal Workers Only," failed at the ballot box.) Like many others in the fight against illegal immigration, he sees himself as a reluctant warrior drawn to action by federal timidity. If the government had done its job and enforced laws against illegal immigration, he argues, he wouldn't have had to go through the initiative process. "Just start putting a few folks in jail and the world will change," he says...