Word: loan
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...Brazilian group. News of the transaction sent Parmalat stock soaring 17% in a single day, as investors were cheered by the idea that Americans were buying into the company. The transaction is now a central element of Bondi's case against the bank; he says it made a loan look like an equity infusion, a charge the bank denies. The refinancing was even more controversial: Sala admitted to skimming off a "commission" via the offshore company he'd set up to handle it. Bank of America says it didn't know that at the time. By mid-2003, such peculiar...
...worked: Step 1 Parmalat sends goods to supermarkets and other retailers via its network of distributors. Step 2 It bills the distributors, but at the same time sends a separate invoice to the supermark- et chains for the same goods. Step 3 Banks and other financing firms advance loans to Parmalat on the basis of these double accounts. Step 4 Parmalat transfers the amount of these loans to its distributors, so that they can pay Parmalat's phony invoices. The distributors then pay the money back to Parmalat, which accounts for the transfers as credits owed. Step 5 Parmalat transfers...
...past, Beijing might have responded by cracking down and throwing a few people in jail for loan sharking. That hasn't happened for the simple reason that the gray-market provides an efficient means of capital allocation in ways the country's socialist-era financial system cannot. The People's Bank of China, the central bank, discovered this recently when it started monitoring gray-market capital flows in Zhejiang. Expecting to find shadow bankers charging exorbitant rates, they instead discovered that underground interest rates were only marginally higher than what banks offer and repayment terms were better. This steady source...
...stream of retirement income at a fixed rate of interest, which is a lot less risky than taking a lump sum and investing it in the stock market. It can also potentially save money for the kids because the rate of interest that must be charged on a private loan can be 1% to 2% lower than what a mortgage lender charges...
PARKER: In most industries, when your rival runs out of money and declares bankruptcy, the game is over and you win. But in the airline business, financial backers are willing to let failing carriers hang on. The government loan guarantees played a role too, in part by distracting some airlines from fixing their own problems first...