Word: haircut
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Dates: during 2000-2009
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...sags when the U.S. government's antiwar faction starts macchiavelling. Iannucci & Co. have much more fun with American hawks like Donald Rumsfeld. The former Defense Secretary hardly needs caricaturing; he was his own David Levine cartoon. So the movie's Lynton Barwick (David Rasche) is just Rumsfeld with a haircut, not a lobotomy. "We don't need any more facts," Lynton proclaims. "In the land of truth, my friend, the man with one fact is the king." And he is in control of what passes for fact. He doctors the minutes of an important meeting, telling an aide, "They should...
...This piece of the transaction has proved most controversial - and is perhaps the biggest potential obstacle to a smooth reorganization of GM. The problem: the VEBA's haircut - trading promised cash for riskier shares - is less severe than the deal offered to some bondholders. And that's not the way bankruptcy is normally done...
...Democratic Administration, whose party receives millions from the UAW each election cycle, giving a sweeter deal to the union than was offered them. Task-force members counter that other unsecured claims have received even better deals than the union's. Warranties, for example, have been 100% guaranteed - no haircut at all. "We're trying to avoid liquidation, and so these claims have to be classified according to their importance to the future viability of the company," a task-force official explained. "Obviously you can't sell cars without warranties. You can't make cars without suppliers. So most of those...
...income - but that only covered first mortgages. This seriously alarmed some investors in mortgage-related securities, since many second mortgages are owned by the same companies that service the loans. The companies were essentially getting paid to trim the amount owed to outside investors while not necessarily taking a haircut themselves...
...December, FedEx announced that its senior executives would earn 7.5% to 10% less, while its U.S.-based salaried workers would take a 5% haircut - affecting 36,000 people. "But even these measures," CEO Fred Smith said in a message to employees, "may not be enough to offset the rapidly deteriorating economy that has hit our industry so hard." In early April, the company let go of 1,000 employees...