Word: payoff
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Dates: during 2000-2009
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...typical insurance policy, the insurer must set aside some money, called collateral, that proves that it can make some payoff when needed. There was often little or no collateral required for CDSs. The obvious problem is that in an unforeseen catastrophe, the insurer may not be able to honor its commitment. Therefore, the CDS buyer must totally trust that the issuer is good for the money...
...city started by focusing on what it could control directly. Bloomberg launched a $2.3 billion plan last July to reduce carbon emissions from city-owned properties 30% by 2017 by retrofitting buildings with more-efficient lights and better insulation. The payoff is that the city expects to begin saving money through reduced energy bills as early as 2015. On the streets, 15% of the city's 13,000 taxis are hybrids, with more on the way. "The city has made progress on improving what it can control," says Jonathan Rose, a New York architect and sustainable-design expert. "The place...
...payoff, after the jump...
...problem with keeping the swaps on the banks' books is that their potential payoff or loss is random, depending on the particular details of the contract and various outcomes in the world. Moreover, banks today are risk-averse and often factor worst-case scenarios into current pricing. Thus, they are far more likely to claim losses than profits on such instruments...
...some reason, they have yet to hit the big payoff...