Word: marching
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Dates: during 2000-2009
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Trading in the lucrative swaps - which insured banks against losses on loans backed by mortgage securities - began on Greenberg's watch. But he is likely to argue that only after his ouster in March 2005 did the company's troubled FP unit fail to put up sufficient collateral to cover potential losses from the increasing number of loans backed by subprime mortgages. "You want to make sure you don't have any unexpected surprises down the road," he told TIME in a recent interview...
...First Things First Before planning for the future, however, Detroit still has to get through the present. GM has been on life support since Dec. 19, when the outgoing Bush Administration threw it a short-term loan and told the company that it had until March 31 to come up with a plan for its long-term survival. It did - but its strategy was premised on projections that car sales would begin to pick up this year after last year's dismal industry performance, in which sales sank 18%, to 13.2 million units. But the pickup hasn't happened...
...that's if he manages to find regular work. Viewed with hostility by native Malaysians competing for the same increasingly scarce jobs, Hussein, 25, says he has to keep a low profile to avoid immigration officials looking for illegal immigrants. On March 15, the Malaysian government revoked 60,000 work visas it had granted other Bangladeshis, and officials are now threatening to round up foreigners for deportation. "I am hiding and avoiding places where Bangladeshi people gather," says Hussein. If caught, he risks jail, a heavy fine, and even a whipping before being sent home. (See pictures of migrant workers...
...origins of April Fools' Day are shrouded in mystery. One long accepted explanation had to do with the transition between the Julian and Gregorian calendars, when folks who continued to celebrate the old new year (which fell in late March or early April) were called April Fools. But that proved to be a bit of a joke because the calendar change was actually gradual and no one was quite caught off guard. Various other festivals have been cited as inspirations, including the east Asian festival of the burning of the scholars on the new moon of the fourth lunar month...
...cheap credit. "Like water seeking its level, saving flowed from where it was abundant to where it was deficient, with the result that the United States and some other advanced countries experienced large capital inflows for more than a decade," explained Federal Reserve Chairman Ben Bernanke in a March 10 speech...