Word: faithe
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...derivatives to produce profits, in essence creating a financial arms race with competitors like Goldman Sachs. Even though the Fed had set up a special borrowing program for Lehman and other investment banks after the forced sale of Bear Stearns to JPMorgan Chase in March, the market ultimately lost faith in Lehman. So out it went...
...Uncle Sam Steps Back In The market lost faith in AIG too, but the government was forced to save it. A major reason is that AIG is one of the creators of the aforementioned credit-default swaps. What are those, you ask? They're pixie-dust securities that supposedly offer insurance against a company defaulting on its obligations. If you buy $10 million of GM bonds, for instance, you might hedge your bet by buying a $10 million CDS from AIG. In return for that premium - which changes day to day - AIG agrees to give you $10 million should...
...part, real estate developer Khan still has faith in the seemingly inexhaustible ability of Dubai developers to wow the world. "Who ever thought you could build a palm island?" he says. "You can never imagine the things they'll come up with next." In fact, if prices come down a little more, he's thinking of buying a few properties of his own, perhaps a villa for when he grows older and starts a family. "My grandfather had a saying: Land will never let you down." That's a maxim that could be severely tested - even in Dubai...
...become an article of faith for many on the left - and some from other political precincts - that the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street, is directly responsible for our current dire financial plight. Its repeal, argued journalist Robert Kuttner in testimony before Congress last year, enabled "super-banks ... to re-enact the same kinds of structural conflicts of interest that were endemic in the 1920s...
...students to find opportunities for volunteering rather than focus solely on pursuing a profitable career. He further spoke about the Republican Party’s failure to excite Americans about the Bush administration’s work in combating AIDS in Africa and in supporting minority home ownership and faith-based poverty initiatives. “The Party has completely lost its way and, like most people in my generation, has become so focused on power for power’s sake, re-election for re-election’s sake, that it has collectively forgotten that our government...