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These losses were the first in the history of the SWIFTS, and they had a powerful effect. Creditors of other SWIFTs, awakened to the risks involved, began to refuse to roll over short-term loans. This has led to further liquidations, bigger fire-sale discounts, and a cascading effect. To date, over 50 SWIFTs, representing over $700 billion in assets, have failed. Yesterday, it was reported that Berkshire-Hathaway was in discussions to acquire Magna-SWIFT’s wind-farm assets for 30 cents on the dollar...
...grew rapidly in the wake of 2010 reforms that targeted the over-the-counter derivatives market. Clearinghouses were meant to bring a greater level of stability and transparency to derivatives trading. But this industry has become more fragmented than originally envisioned, and some argue that competition among clearinghouses has led to a “race to the bottom” whereby the clearinghouses require insufficient collateral from the SWIFTs they deal with. The Houston Power House is said to have large, uncollateralized exposures with Magna-SWIFT, and observers estimate it could lose $8 billion from these exposures alone. Power...
Harvard’s hurlers were led by sophomore southpaw Brent Suter, who posted an Ivy-best 4-0 record and 33 strikeouts in 33.0 innings, allowed only seven walks, and was nearly flawless against left-handed batters...
...initiations. For me, Grand Elections at The Crimson was one of the most enjoyable days I had at Harvard. As long as an initiation process is voluntary and legal under Massachusetts hazing law—which we were always careful to follow to the letter when I led The Crimson—the College should avoid getting involved in any organization’s activities. To be clear, all new members of The Crimson are told with complete sincerity multiple times before and during Grand Elections that they may opt out of any activity...
During her tenure at the American Red Cross, Dole led a complete overhaul of the way blood was organized and distributed. “The Red Cross provides half of America’s blood, and the World War II infrastructure was out of date,” she said...