Word: papered
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...this time we've been fed not one, but a series of promises that aren't worth the subprime paper they were printed on. First, there's the one about the price of real estate never going down. It got repeated so often that even banks and mortgage lenders who should have known better started to drink their own Kool-Aid and lowered their lending standards. It was a mantra compounded by the hard sell that real estate agents used all over the country: Get in now, because it's going to be more expensive tomorrow. Hope you weren...
...their ability to pay. "This poor performance in the subprime market calls into question the capabilities of lenders, securitizers and investors to reliably estimate peak charge-off rates," warned Joshua Rosner, managing director of Graham Fisher & Co. and Joseph R. Mason, a finance professor at Drexel University in a paper in early 2007. When all the indicators went bad - delinquencies and interest rates up, home prices down - the agencies started yanking the ratings on CDOs by the carload. As the number of subprime delinquencies started to climb, and the magic mark-to-model accounting that the investment houses used...
...Alright, so maybe things aren’t that bad, but all I’m saying is that when you’re six Red Bulls deep trying to finish up a paper that’s three hours late, you might just want a little diversion from the daily grind...
...switch from the dual-stream system, which separates bottles and cans from paper and cardboard, was instated to improve efficiency and reduce cost, according to Robert Gogan, Harvard’s associate manager for recycling services...
...blood. Reporters buttonholed staffers, asking what it felt like to lose their jobs. Executive recruiters bustled around, extending business cards to anyone whose suit suggested he or she might be a banker. A man leaning against the building's facade held aloft a printed sign on white letter-sized paper: LOOKING TO HIRE SYS ADMIN. Most employees passed through the scrum without acknowledging...