Word: greenwald
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SENIOR WRITERS: Margaret Carlson, George J. Church, Richard Corliss, Martha Duffy, Philip Elmer-DeWitt, Paul Gray, John Greenwald, William A. Henry III, Robert Hughes, Richard Lacayo, Eugene Linden, Lance Morrow, Bruce W. Nelan, Jill Smolowe, Richard Zoglin...
...European portfolio MITTS in a market-index, targeted-term security. It's an equity-link note. This one had 90% principal protection, plus equity upside in its European portfolio." The specimen is Jamie Greenwald, 30, managing director of global equity derivatives for Merrill Lynch. He reports, with satisfaction, that the Japan index "provides upside in the market in Japan in a domestic instrument, U.S. dollar-based, no currency risk, no downside risk: worst case you've got about a . . . ((pause)) . . . 2.34% yield. That was very applicable to pension funds, to insurance companies, to mutual funds...
...some experts caution that all the computerized derivatives and other vehicles that Wall Street has developed since the Crash of '87 could keep shell-shocked buyers from returning to the market, out of fear of a new wave of selling. "A circuit breaker shuts off the overload," says Bruce Greenwald, a finance professor at the Columbia Business School and a staff member of the Brady Commission, which studied the Crash of '87. "But it doesn't come with an 'on' switch that can bring back buyers...
...loser if rates did rise, since after the swap it would hold the floating-rate note that called for larger interest payments. "The fundamental advantage of derivatives is that they let you buy the risks you want and hedge the risks you don't want," says Columbia's Greenwald, "and that's an extraordinarily useful function...
SENIOR WRITERS: Margaret Carlson, George J. Church, Richard Corliss, Martha Duffy, Philip Elmer-DeWitt, Paul Gray, John Greenwald, William A. Henry III, Robert Hughes, Richard Lacayo, Eugene Linden, Lance Morrow, Bruce W. Nelan, Jill Smolowe, Richard Zoglin...