Word: goldman
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Dates: during 2000-2009
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...stayed away from Hollywood. And not without good reason - starting with William Randolph Hearst in the silent era, plenty of wealthy investors with stars in their eyes had lost big money in the high-risk business of financing single films. But in 2004 banks like Merrill Lynch, JPMorgan and Goldman Sachs found themselves with a glut of capital and no place to put it. Studios, meanwhile, were looking for a way to please their fiscally conservative corporate parents and share some risk. Some financial whizzes matched supply with demand and came up with a new way to bankroll films: institutional...
...money. If, however, things move against you - as they did with Lehman - a 1% or 2% drop in the value of your assets puts your future in doubt. The firm increasingly relied on investments in 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...
...such an unclear picture of who's on the hook to whom in this market that they feared the collapse of either firm would spark a chain reaction of defaults, and investors are so panicked by the unknown that they are selling shares in even seemingly healthy investment banks Goldman Sachs and Morgan Stanley...
...attempt to stimulate growth and stabilize markets, the People's Bank of China on Monday lowered its key interest rate by 27 basis points to 7.2% - the first cut since 2002. The central bank also reduced reserve requirements for some Chinese banks, a step that could increase lending. Goldman Sachs economist Hong Liang commented that the moves "clearly signaled the central bank's intention to support growth" and "could provide some badly needed boost to investors' confidence." Last week, Taiwan unveiled a $3.7 billion stimulus package for the sagging economy that included interest-free housing loans for newlyweds and subsidies...
...York Fed asked Goldman Sachs and JPMorgan Chase & Co. to try to arrange a $70 billion private loan for AIG, but that didn't go anywhere. Treasury officials mulled a government conservatorship as with Fannie Mae and Freddie Mac, but it might have required an act of Congress to make that happen. So the Fed devised a deal in which AIG agrees to repay the loan with asset sales and give the government (and thus taxpayers) a 79.9% equity stake in the company...