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...BofA's $1 billion imaginary bond portfolio, which are real bonds just not necessarily owned by BofA, goes bad, then 100% of the investment in Strata is toast. Because of that, Moody's rated the bond the equivalent of BBB-, which is the lowest investment grade rating the firm...
...what is Strata worth today? Certainly not the original $20 million it's investors paid for it. According to research firm Markit, the average CDO tied to mortgage bonds lost half its value last year. CDOs based on corporate bonds have performed better. However, Strata sold insurance against high-yield corporate bonds, and those will be the first corporate debts to go bad if the economy gets worse. Indeed, one of the companies in Strata's bond pool, Hawaii Telcom Communications, recently filed for bankruptcy. In mid-January, Moody's put Strata on its list of bonds it was thinking...
...goaltender Stock. In a 5-on-3 opportunity, the Bears’ goaltender was called into action again, with two excellent saves denying Harvard the opening goal.At the other end, a Crimson penalty at 9:15 provided Brown with a chance to open the scoring. The Crimson defense held firm to kill the power play, with junior goaltender Christina Kessler finally grabbing the puck following a melee in front of the net.“I thought we played very well on our defensive end today—we didn’t give them...
...Given what's about to unfold, a smooth ride would be nothing short of heroic. The President has to push his $800 billion stimulus measure through a potentially ornery House-Senate conference, firm up support for a wildly unpopular financial reform package known as TARP 2, and find a replacement for Tom Daschle, who took himself out of the running for health care czar last week amid revelations of unpaid taxes...
...subject of a back-and-forth debate that has served only to divide us. I have no desire to continue this stale and fruitless debate.” In this claim Obama is half-correct. He has indeed avoided a nuanced debate on this controversial policy, but his firm, agonistic posture on the issue is likely to trip up efforts to provide workable reproductive health services to women abroad and common ground on the question at home...