Word: failed
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Dates: during 2000-2009
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...transfer their deposits to a safer institution because they know that the FDIC will compensate them in the event of a bank failure. This moral hazard encourages further mergers between retail and investment banks, which in turn begets more institutions that are “too big to fail.” When excess risk gets a conglomerate bank into trouble, the bill goes to—you guessed it—the taxpayers...
Conglomerate banks that are too big to fail are often too big for executives to manage effectively. As Spitzer pointed out last week, most bank CEOs probably did not want to take on ruinous amounts of risk, but the scale of their operations hindered their oversight. Unsurprisingly, these financial behemoths tend to become unwieldy as they attempt to do too much at once. Consider the case of Citigroup, the product of Citibank’s historic 1998 merger with Travelers, an insurance company. The one-time “financial supermarket” was exposed as a bloated, mismanaged basket...
...can’t be afraid to fail if you’re an entrepreneur...
...Without fail, it seems, Americans are invited to experience the end of the world as we know it on the silver screen every year. This year is no exception—the highly touted apocalyptic vision “2012,” hitting theaters soon, puts a Mesoamerican twist on the conventional doomsday script. Yet though “2012” promises little in the way of a groundbreaking storyline, it promises nevertheless to be a box office hit—for, like all disaster movies, it portrays some of our culture’s most pressing philosophical...
...Sudanese capital. Sudanese police are on high alert, and authorities say they have been careful to allot an equal number of seats to fans from both teams, leaving an additional 15% of the stadium's seats for Sudanese, so as to create a buffer zone. But even that might fail. Sudanese ticket holders could potentially sell to Egyptians and Algerians, and the coach of Sudan's national team told a British paper that he expected to see "massive security issues...