Word: linings
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...hard to say. In its most recent annual report, the company said that if it had to mark all its assets to the price similar bonds are trading for in the market, the company's net worth would sink by an additional $65 billion. But Freddie's bottom-line woes may run even deeper. Freddie has $38 billion in losses it has yet to acknowledge in its investment portfolio. The firm also has $48 billion in nonperforming loans that it either holds or has guaranteed against. In a painful stroke of irony, there is a $15.4 billion line item...
...time on the tricky question of getting toxic assets off the banks' books - it will be a dangerous moment for him. Not only will the health of the banks and the economy depend on whether his new program is well received but Geithner's reputation will be on the line as well. Panned after he put out a vague framework on Feb. 10, the new Treasury Secretary has only so many chances to instill confidence. With the new bank plan, he's getting a second chance, but it will be a hard sell...
...debacle involving bad bets insuring mortgage-backed securities. Overall, however, three separate, AIG-wide retention and bonus payments due to start later in March will spread some $1.2 billion among roughly 6,400 of the firm's 116,00 staff. Seven people at the financial products unit are in line for more than $3 million in extra 2008 compensation...
...Francisco is wealthy, he's young, he's handsome, he's a good businessman, he's famous, and he's the last in the line of a bullfighting aristocracy that is utterly unique," says a close family friend. "It's normal that he would be attacked. What is not normal is that two respected figures like Camino and José Tomás would do something so disrespectful. I don't think it's jealousy that motivates them; I think it's arrogance...
...Funes, who was a popular on-air reporter for CNN en Español before entering politics, those challenges could prove as daunting as waging war against a U.S.-backed government was for his FMLN forebears. It's still not clear how ready ARENA and its more hard-line backers are to accept Funes' narrow victory of 51% to Avila's 49%. But Avila's prompt concession was an encouraging sign that El Salvador will probably avoid unrest. And it was just as encouraging a signal that the country may have completed its evolution from a 20th century "tomb...