Word: magics
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...Salem may have been where witches were once tried and executed by puritans, but - thanks to the magic of branding - it has since become a mecca for witches and others involved in the occult arts, as well as for tourists. Around a hundred thousand tourists descend on the town every Halloween season...
...period between the last public meeting about the statute and its passage, the Salem News reported that someone had left a raccoon skull and intestines in front of two of the stores, a gesture many involved in the controversy seem to think was part of an attempt at "dark magic...
...play. Some of the pieces are the first in line to get hit by any defaults, so they offer relatively high yields; others are last to get hit, with correspondingly lower yields. The alchemy begins when rating agencies such as Standard & Poor's and Fitch Ratings wave their magic wand over these top tranches and declare them to be a golden AAA rated. Top shelf. If you want to own AAA debt, CDOs have been about the only place to go; hardly any corporation can muster the credit worthiness to garner an AAA rating anymore. Here's where the potion...
This local malaise, repeated in city after city, has ballooned into trillions of dollars in losses around the world, thanks to the magic of Wall Street's financial engineers. Blame it on one of the Street's recent innovations, the collateralized debt obligation, or CDO. The recipe: buy home loans, blend them, then slice up the result into different securities (reflecting different levels of risk) to sell to investors. Many such securities carry AAA or "investment grade" ratings despite subprime mortgages being in the mix. From there, things get really complex--CDOs created from other CDOs, synthetic CDOs crafted from...
...they hadn't been invited to El Bulli by Documenta, the Flögels would have been set back nearly $500 for dinner. When it was over, Franziska, an architect, and Gerhard, a civil engineer, had succumbed to Adrià's peculiar magic. "This is a new way to create taste," said Gerhard. "When you're here, it's clear that it's art." Perhaps. But by the time the Flögels worked their way through those 33 dishes, such abstract questions faded into insignificance. They filed out after midnight with childlike smiles of wonder on their faces. For Adrià, their response...