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...financial firms to which it had sold credit-default swaps, which are insurance contracts sold to bond investors and others. When a bond defaults, a holder of a CDS has the right to be reimbursed for the loss by the seller of the contract. AIG was one of the largest sellers of such contracts. Much of the credit insurance AIG sold was on mortgage bonds, which are backed by home loans. As more and more homeowners defaulted, many of those bonds plummeted in value, causing the holders of AIG's CDS contracts to request payment. AIG used money...
...problem is that nobody, including the experts, knows how early is early enough. And now the largest study to date attempting to answer that question suggests that initiating anti-HIV therapy far earlier than current guidelines recommend could save more lives. The findings are setting off a lively debate in the AIDS community about whether those guidelines should be changed - and how soon...
...council requires that employers pay at least minimum wages and sign agreements with their employees on the terms of the unpaid leave. Even so, workers often feel they have little choice but to accept the policy. Michael Kramer works at Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest semiconductor foundry. Since January, he and all the other 20,000 employees have been required to take at least one day a week of unpaid leave. That's quite a change from a year ago - a time when workers...
...signs of hubris-hampered, every-economic-bloc-for-itself nasty diplomatic failure. It turned out better than expected: Although many worthwhile bottom-up institutional reforms didn’t squeeze through, the six-pronged plan for global recovery proposed by the leaders of the world’s 19 largest economies, plus the European Union, offers at least a small sign of hope...
...same time, there is an enormous potential windfall in the taxation of marijuana. It is estimated that pot is the largest cash crop in California, with annual revenues approaching $14 billion. A 10% pot tax would yield $1.4 billion in California alone. And that's probably a fraction of the revenues that would be available - and of the economic impact, with thousands of new jobs in agriculture, packaging, marketing and advertising. A veritable marijuana economic-stimulus package! (Read "Is Pot Good...