Word: firming
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...Wall Street's Newfound Virtue In February 2000, one of the street's most powerful executives petitioned the Securities and Exchange Commission (SEC) to allow his firm and other investment banks to raise their levels of leverage. He wanted the commission to alter something called the net-capital rule, which he said was "the single most important factor in driving significant parts of our business offshore...
...Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30 to 1. That is, for every dollar in equity capital the firm had, it borrowed...
...Rachel in a North Miami Beach condo project in which fully 25% of the 244 units are in foreclosure. That means higher maintenance fees for those - like the Adamses - who continue to pay their mortgages. And as his monthly payments have gone up, Adams' income has gone down. His firm has lost three projects over the past year as commercial developers canceled jobs. As a result, he and his wife make decisions that ripple through the economy. He cashed out of his 401(k) to pay bills. A plan to buy a new car? History. They took their...
...know when a company is losing its way? With Mambo Graphics, a clue for co-founder Dare Jennings lay in the way some of its people were handling the firm's star artist. This was the early 2000s, after Jennings and Andrew Rich had sold the company for a rumored $20 million to the giant rag-trader Gazal Corporation. Having stayed on as creative director, Jennings was amused to see certain staffers treating Reg Mombassa like a tradesman. "They would come to me and say, 'Can Reg do something for us?' Later it would be, 'Now, Reg, this is what...
When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of them did what any number of their colleagues around town have been doing for years: they threw a party. On the equity-trading floor, the internal p.a. system known as the "hoot" blared out the R.E.M. song "It's the End of the World As We Know It." And then...