Word: macs
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Dates: during 2000-2009
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...cost of stemming the financial crisis continues to soar. The U.S. Federal Reserve has already sunk more than $800 billion into the financial system; the Treasury Department is committed to the $700 billion bailout package in addition to the $200 billion being spent to prop up Freddie Mac and Fannie Mae; rescuing AIG may cost more than $120 billion. With the already lofty U.S. budget deficit now expected to top $1 trillion next year and recession a virtual certainty, you'd expect America's currency to be taking a beating...
...Michael Grunwald's piece on how Washington failed us: I'm neither Republican nor Democrat, and I am disgusted with both [Oct. 13]. Both presidential candidates want to blame Wall Street, and there is surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, lawmakers like Senator Christopher Dodd - the No. 1 recipient of campaign contributions from Fannie and Freddie - preached the soundness of these institutions. This is not a failure of the free-market system...
...Paatsch says that in the current market turmoil, the lack of such information erodes confidence. Investors whose shares in a fund lose most of their value would normally want to sack the manager, but with the Mac model, "you don't know what your options are." In the case of B&B Power, for example, "if you sack the manager you'd end up in the ridiculous situation where you'd pay them 25 years' worth of management fees - that's crazy." The review also noted that the funds are allowed to act in ways that normal companies...
...says it's got the message that it needs to change, but it doesn't agree the Mac model is dead. It is sacking a quarter of its 1,600 staff and selling off assets like Spanish wind farms and a Tasmanian power station. New CEO Michael Larkin says deals will be curtailed and executive pay based solidly on "investment outcomes." It remains to be seen if those remedies have come in time to save the patient...
...Michael Grunwald's piece on how Washington failed us: I'm neither Republican nor Democrat, and I am disgusted with both [Oct. 13]. Both presidential candidates want to blame Wall Street, and there is surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, lawmakers like Senator Christopher Dodd--the No. 1 recipient of campaign contributions from Fannie and Freddie--preached the soundness of these institutions. This is not a failure of the free-market system...