Word: loan
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Under term loan agreements that GM and Chrysler signed with the U.S. Treasury in December, the UAW is required to accept equity instead of cash as payments into the health-care trust. But only last month, Gettelfinger said he was reluctant to accept any equity because it could jeopardize the health-care benefits of retirees. Gettelfinger also noted at the time that the UAW had not signed any commitment to a new VEBA funding scheme as part of the government loan deal...
What's changed? The economy. Subprime loans were written to the weakest borrowers, so they stumbled first, especially since many were set-up with an interest-rate spike after two or three years. In January, nearly 40% of all subprime loans were either behind on payments or in foreclosure. Now, though, with companies cutting back work hours and unemployment hitting 7.6%, borrowers of all stripes are running into trouble. "Originally, the loan product was driving a lot of the delinquencies," says Steve Berg, managing director of loan-tracker LPS Applied Analytics. "Now you have widespread house-price deterioration and people...
Which means even if you didn't sign up for a subprime loan at the height of the housing bubble, the math can still come back to bite...
When western diplomats seek concessions from Iran, they typically dish out tough rhetoric and threaten sanctions. Neil MacGregor, the cherub-faced director of the British Museum, uses a more refined arsenal: cultural relics and priceless artifacts. In January, MacGregor traveled to Tehran to finalize the loan of treasures from eight of Iran's best museums. In exchange, he promised to loan the National Museum of Iran the Cyrus Cylinder, a 2,500-year-old clay cylinder inscribed with decrees from the Persian emperor Cyrus the Great. Following a request by the Iranian Vice President's office, he also vowed...
Instead of increasing assistance to its old ally, Beijing has apparently been keeping a distance from Islamabad. During Zardari's visit in October, the Chinese snubbed the Pakistani President's request for a full-blown economic bailout. While Beijing did grant Islamabad a soft loan last year worth $500 million, it was nowhere near the estimated $14 billion experts say is needed to get Pakistan back on its feet. "The cooperation we saw during the Musharraf era just isn't there anymore," says Sayem Ali, an economist with Standard Chartered Bank in Karachi. "China would rather develop better relations with...