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...stock-loan department, AIG's other disaster, took the cash it got for lending out stock owned by AIG and invested the money in esoteric securities rather than in risk-free Treasuries, the standard practice. The idea was - I'm not kidding - to make an extra one-fifth of 1% in interest. When the esoterica, which the stock-loan folks thought was riskless, crumbled, so did the firm. (See the worst business deals...
...likes of Citi owned AAA-rated mortgage securities they thought were as safe as Treasury securities. That's what AAA means - or what they thought it meant. But since the rating agencies screwed up royally by not analyzing the securities properly - a whole other story - Citi et al. got whacked...
...forget, too, that a fair number of Wall Streeters got wiped out because their wealth was tied to their firm's stock price. Dick Fuld, the former CEO of Lehman, had shares and options worth about $1 billion at their peak. He got less than $1 million when he sold them after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly...
...cram between its two covers either all the dramas of family life or an entire sordid cityscape.In practice, this drive toward realism prompts writers to turn to a set of stock cultural representations closely linked to historical portrayal by the west. And the issue hasn’t just got tweed-suited postcolonial theorists gnawing at their pencils. In the fifth installment of his Charles Eliot Norton lectures this Monday, Nobel Prize-winning novelist Orhan Pamuk waxed troubled before a packed audience in Sanders Theatre. The American writer, he said, has the luxury of dabbling in regionalist vernacular...
...student said that he felt the only reason he got hired by Goldman Sachs was because he was working Dorm Crew,” he says. “They expressed amazement at his work—and this student was only working Dorm Crew to help his roommate, a captain, who was short on staff...