Word: papers
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...commitments. For instance, if hedge funds want to sell shares short, they borrow them, putting up cash collateral that includes a small spread to the lender. Typically, the owner of the shares takes that collateral and invests it in something with low risk and of short duration, like commercial paper. The lender is exposed to some risk, but it usually isn't catastrophic. However, AIG took the collateral and invested in longer-term, higher-risk mortgage- and asset-backed securities. "Crap," as a portfolio lending expert describes them. When those securities crashed in value...
Perhaps the most important part of any analysis of Citi's future is that it is not out of the "toxic paper" woods, as much as Mr. Vikram Pandit, the company's CEO would have people think. According to Bloomberg, the IMF predicts that losses from U.S. loans and securitized assets will reach $2.2 billion. Only about half of that amount has been written off on bank balance sheets, and over the 60 days since the agency put out the figure, it has not been revised. (See pictures of the Top 10 scared traders...
...French have a phrase to describe the carefully crafted rhetoric that politicians use when they have nothing much to say or want to paper over fundamental differences. They call it "langue de bois" - wooden tongue - and, unfortunately, we are entering a period in which official tongues will be even more thickly wooden than usual. The main reason for that is the summit of world leaders scheduled to take place on April 2 in London. Billed as a crucially important event for the future of the global economy when it was first called just four months ago, it's now clear...
...clinical psychologist from Kuwait. Al-Mutawa is the publisher of The 99, glossy comic books popular from Morocco to Indonesia, with 99 male and female superheroes, each imbued with godly qualities such as mercy, wisdom and tolerance. In a recent article for the Chicago Tribune, Obama's hometown paper, al-Mutawa recounted a conversation with his father about his newborn son. Al-Mutawa's grandfather had recently died, and he expected his father to ask him to keep the name in the family. Instead, his father suggested the child be named after Obama. "I was stunned," al-Mutawa wrote. "Instead...
...animator, Kentridge is a deliberate primitive. He makes his films by the painstaking process of drawing and erasing individual images, always on one sheet of paper, not successive sheets, so that the smudges and wipes survive from frame to frame and the images don't so much move as morph forward with bumps and stutters, the way they do in Claymation. Nothing could be further removed from the diamonds and stainless steel of the boom years. It's a style, poignant in its very crudeness, that by its simplicity confers instant legitimacy on Kentridge and his work...