Word: overnighters
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...make sure that swap meisters can make good on their obligations, they have to post collateral. If their credit is downgraded - as was the case with AIG - they have to post more collateral. What put AIG on the brink was that it had to post $14 billion overnight, which of course it didn't have lying around. Next week, the looming downgrades might have forced it to come up with $250 billion. (No, that's not a typographical mistake; it's a real number.) Hence the action. If AIG croaked, all the players who thought they had their bets hedged...
...chase it into the arms of B of A. Yet in the case of AIG, the argument is that the company would have remained afloat had its stock price not been driven down, which triggered a credit downgrading that then required AIG to raise $14 billion in capital overnight to meet collateral requirements on its credit default swaps...
...investment bank was meteoric (he made vice president within four years), and in 1998 he became co-CEO alongside current New Jersey Governor Jon Corzine. Paulson presided over the firm's immensely profitable IPO in 1999 - an offering to which he had long objected - and reaped the dividends immediately. Overnight, his holdings in Goldman rocketed from $95 million to $315 million. Though his ascent to Treasury Secretary in 2006 was by all accounts a promotion, it was nonetheless a sharp blow to his wallet. The secretary position pays $191,300; in the year before he left Goldman, Paulson netted almost...
...skyscrapers, condos on artificial islands shaped like a giant palm tree. "It was crazy," says Khan, 25, now a marketing executive for Clifton, a real estate agency in Dubai. "Projects would sell out a couple hours after opening." He used to collect checks from clients and wait in line overnight at the developers' offices like a teenager looking for rock concert tickets...
...once.") He laughs frequently, dives into anecdotes with an actor's relish and a repertoire of spot-on accents, reminisces good-naturedly about the "worst night of my life," when he was rushed to the hospital. "I lost the use of the leg very quickly, and the arm followed overnight," he says. "I was getting really scared. I thought, my God, what else is going...