Word: issuers
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...branches, he reported to his new job in less than 24 hours. Through a series of purchases made by McColl, NCNB turned into NationsBank, which turned into Bank of America, which in time grew to become the nation's biggest retail bank, home loan provider and credit card issuer...
...voice and transparency to the market to help facilitate access to capital. We have rigorous policies in place to support the independence of our ratings--which are based on consistently applied criteria--and we recently announced additional measures. A triple-A rating represents our opinion that a security or issuer has extremely strong capacity to meet its financial commitments. While the valuation of many triple-A structured securities has fallen heavily, very few triple-A securities (less than 0.1% originally given that rating by S&P since 1978) have defaulted, which is what our ratings speak to. We have learned...
Backed by a pristine credit rating and mountains of cash, bond insurers promise to repay principal and interest if an issuer cannot. By paying for a bond insurer's guarantee, cities and states can borrow more cheaply to build schools, bridges and roads. Here's how the bond insurers' troubles are spreading to Main Street...
Prince, a lawyer, became Citigroup CEO in 2003 largely on the strength of his skill in resolving these legal hassles. But he led Citi smack into the next big financial scandal: subprime-mortgage lending. Over the past five years, Citi went from also-ran to leading issuer of the CDOs that take subprime mortgages or other loans and reprocess them into purportedly low-risk securities. Market jitters and ratings-agency downgrades have sent CDOs into a free fall--and now the banks have to account for the losses...
...Security Officer Scott O. Bradner says that the PIN server is almost uncrackable. Even if an ingenious Cantabrigian were to break into the server, Harvard PINs are stored in a cryptographic hash and cannot be decrypted even by the system manager. And as for credit card numbers, one card issuer, Harvard University Employees Credit Union, guarantees that it stops all abnormal transactions for one card. There’s not much room for error here, says employee Jose M. Flores, unless someone fails to report purchases that he or she didn’t make. In sum, Harvard...