Word: fearfully
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...idea is that in a global economy so tightly linked that problems in the U.S. real estate market can help bring down Icelandic banks and Asian manufacturers, AIG sits at some of the critical switch points. Its failure, so the fear goes, would set off chains of others, rattling around the globe in short order. Although some critics say the fear is overblown and the world economy could absorb the blow, no one seems particularly keen on testing that approach...
...might have threatened its counterparties - for instance, Citigroup and, in turn, Citi's counterparties. A bond or a derivative is, after all, a promise to pay someone, and if there is no confidence in its fulfillment, the financial system ceases to function. It is not a fear that has gone away simply because AIG has been stabilized...
Further complicating the challenge, the uproar over AIG has scared potential private investors from any involvement in a government-run program. "AIG makes everything worse," says the senior administration official. Private investors fear that an angry Congress might place restrictions on pay packages for anyone who participates, Treasury, Federal Reserve officials and industry officials...
...projects. "We have had three or four partners pull out since October or November, after we had every expectation of the money," says the head of a small organization in London that runs youth programs in eight countries, mostly in Africa. (He did not want to be named for fear of angering donors.) Says Hildy Simmons, who runs a Wall Street philanthropic-advisory service: "There is no new money going into corporate programs, plus whatever monies there were are diminishing...
...damage is done, and it's easy enough for them to hide in the complexity of a system few of us understand - a system created by collective irresponsibility. But recklessness is a form of intent, and when the damage is measured in families disfigured by a sudden fear of the future, and parents haunted by the debts we're leaving our kids, it feels personal. (See pictures of the global financial crisis...