Word: feds
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Dates: during 1990-1999
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...insurance. Moreover, they enjoyed that federal backing while throwing the money at Long Term Capital that enabled it to pursue its exotic--and, for three years, very profitable--speculations. "Why should the weight of the Federal Government be brought to bear to help out a private investor?" demanded former Fed Chairman Paul Volcker. "It's not a bank...
...manages some $500 million in assets, observes that "given all the losses that U.S. banks suffered in the late 1980s and early 1990s, you would think they would remember what went wrong." Concurs Ken Guenther, executive vice president of the Independent Bankers Association of America: "Why wasn't the Fed blowing the whistle on these totally inappropriate, crapshoot investments by some of the biggest banks in the country...
...John Meriwether, who helped make Salomon Brothers the top bond house of the 1980s, as recounted in the best seller Liar's Poker by Michael Lewis. The partners, who worked out of waterfront offices in tony Greenwich, Conn., included Nobel-prizewinning economists Myron Scholes and Robert Merton and former Fed Vice Chairman David Mullins. As their price for the bailout, the creditors acquired a 90% stake in the fund, which effectively removed Meriwether and his partners from power. But huge management fees that the partners have collected could still leave some ahead of the game by tens of millions...
Last week's rescue was particularly embarrassing for Fed Chairman Alan Greenspan, who just two weeks ago assured Congress that hedge funds "are strongly regulated by those who lend the money. They are not technically regulated in the sense that banks are, but they are under fairly significant degrees of surveillance." On the other hand, Treasury Secretary Robert Rubin, a former co-chairman of Goldman Sachs, had put out a word of caution, saying that "people who extend credit tend to get a little less careful" in good times...
Otherwise, you would never have known that thing about the Baba Papa. And, you would have been fed some other inanity by some other pop band. My theory is that International Velvet got to three the same other inanity by some other pop band. My theory is that International Velvet got to three the same way that Sartre won the Nobel Prize for Literature--because somebody had to. It (either the album or Sartre) is not something you want to take to a desert island with you. Unless you are certain that you are going to die soon, and want...