Word: exece
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...package of increasingly toxic assets. In essence, it was underwriting systemic risk. This is the opposite of what insurance companies are supposed to do: diversify risk across the universe of policyholders. "One thing about the insurance model: it relies on diversification as its means to exist," says a top exec at an AIG competitor. "If an insurance company plays in a field where they underwrite systemic risk, that's a totally different experience." Is it ever. Insurance companies can handle catastrophic risk but not systemic risk. That's why you can buy hurricane insurance from private companies but not terrorism...
After Tim Robbins' character in 1992's The Player gets away with murdering a screenwriter in a Los Angeles alley, the frazzled Hollywood exec absconds with Greta Scacchi into southern California's empty desert. There, in the candlelight of a cloistered getaway motel, Scacchi asks her homicidal flame, "Do places like this really exist...
...house." Which should be fine; a big wheel need not fear a big mortgage. But this guy's one strike was moving from Florida, where the real estate market is so screwed up that judges in one county are hearing nearly 1,000 foreclosure cases a day. Mr. Exec was stuck with his old house too, and that one was dragging him down, down - until there was nothing left to do but pay a visit to the bankruptcy attorney. " I would bet a majority of people are only a few paychecks away from being in this office," says Brent Westbrook...
...Death By Leisure is spot-on in its details, though the British writer succeeds in making the city sound like the worst place in America, full of status-obsessed grifters like himself. Whether it's sneaking into Michael Jackson's Neverland Ranch or finagling his way into a studio exec bash, Ayres simultaneously spits on and revels in the all-consuming shallowness of his time and place: gargantuan SUV's, gated communities, multi-million dollar homes and hot-bodied ladies...
...Andy Hornby, the former chief exec of HBOS, which was taken over last year by rival Lloyds to prevent a run on the bank, said he was "extremely sorry for the turn of events." Dennis Stevenson, Hornby's chairman at HBOS - which, along with Lloyds, got a $25 billion bailout from the government in return for 43% of the combined group - was "profoundly and unreservedly" apologetic. And really giving it his all, Fred Goodwin, ex-boss of the Royal Bank of Scotland (RBS), rescued by British taxpayers last fall with an even bigger bailout, said he "could not be more...