Word: pools
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...Recently, Andrew Cuomo, The New York Attorney General, announced that "Of the $165 Million pool, we calculate that employees have agreed to return approximately $50 million." This reflects about 20 percent of the $218 billion that Connecticut's Attorney General has said AIG paid in bonus compensation, but it's an impressive start...
...Asset backed securities ("ABS") gave banks the opportunity to bundle loans into a pool that could then be sold to other banks. The bank purchasing the loans would then hold them as an investment or resell them in the secondary market. This market improved the ability of banks to lend by transferring the risk of the loan default to a third party while providing financing to the bank to make new loans. In time, the public grew accustomed to the increased availability of credit. (See pictures of the printing of money...
...result of declining home prices, if a borrower defaults on their mortgage, market prices for the home would be less than the balance on the mortgage. However, since MBS derive their value from a pool of loans - typically thousands of individual mortgages - the default of some portion of the mortgages would not mean the security had no value, only a reduced value. Unfortunately, banks, in an effort to increase their investment returns, exacerbated the problem by using enormous leverage to purchase and securitize mortgage loans. Thus, even if MBS's value declined because of defaults, because...
...bedroom Colonial House built by Arabian goldsmiths in the 1920s. The sexiest is the two-bedroom Penang House with a wooden bathtub parked in the living room. The most compelling is the richly decorated, century-old Chinese farmhouse overlooking the mountains and Temple Tree's 110-ft. (33.5 m) pool. There are also five "estate rooms," built into a 1940s longhouse from a rubber plantation in Ipoh. It used to house Indian workers, but not, one surmises, in the same style that guests now enjoy...
...Would Have Liked It. While we're talking Texas, the swanky Joule Hotel in Dallas has a special weekend rate good for those who want to take advantage of the rooftop pool, or dance off the winter blues at the hotel's new nightclub, PM. Stay a Friday and Saturday for just $169 per night. Book by March 31 for stays through Sept. 7. 1530 Main Street, Dallas...