Word: parentes
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Palin's Progress I found myself in tears reading Nancy Gibbs' essay [Sept. 15]. Now I know that I'm not alone. I've been struggling to express my feelings to my circle of liberal friends. As a 60-year-old retiree and single parent who raised a child in the 1970s while working full-time on my career, I am haunted by my roads not taken. This article expresses why I won't be voting in this election. I can't vote for the McCain-Palin ticket in good conscience, due to their stand on issues that are dear...
...good chance it would have averted having to mark down its fund. We can say that because that's what big, multi-faceted money managers have been doing. According to Crane Data, over the past 13 months, 21 money market funds have received capital infusions from their parent companies in order to avoid breaking the buck. Parent companies can go as far as actually handing the funds cash and take the troubled assets onto their own books. The early problems were tied to commercial paper issued by mortgage-related structured investment vehicles and collateralized debt obligations (don't worry: there...
...Companies don't routinely have to back up their money market funds this way, but they do from time to time. In 1994, for example, amid the bankruptcy of Orange County, Calif., more than 20 money market funds were bailed out by their corporate parents. Only one fund was liquidated. And even then, investors received 96 cents on the dollar. The reason Moody's is considering downgrading 13 of Lehman's money markets isn't because of what they own, but because the ratings agency isn't sure the parent company, which is in bankruptcy, would be able to step...
...great business when defaults are low; when they rise it can turn toxic. AIG FP lost more than $10 billion in 2007 and $14.7 billion in the first six months of this year. That, along with losses in other investment portfolios, has cut deeply into the parent company's capital reserves. The credit-default-swap contracts decree that if AIG's credit rating drops below a certain level, it has to fork over $13 billion in collateral to the buyers of the swaps. Monday night, because of the losses at AIG FP and in AIG's investment portfolios, Moody...
...group of lawyers situated around China has agreed to represent parents who are now trying to win compensation from Sanlu. They say the legal responsibility likely extends beyond the milk producers. "The [government's] quality control departments are probably responsible for the tragedy. It's unlikely that the whole thing consists of an independent crime committed by the dairy farmers", says Li Fangping, one of the Beijing-based lawyers who will be representing the parent group. "The poisonous milk powder was allowed in the market for so long and the scale of consequences is huge...