Word: portfolios
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Dates: during 1980-1989
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...World debt problems and no decisive action on the federal budget deficit, we could see another steep decline of the dollar, a spurt in interest rates, a break in bond prices and a new plunge in the stock market. Major securities firms could have their capital seriously impaired by portfolio losses in their stock and bond inventories. Ultimately, loan defaults by Third World countries, financial and real estate firms, overleveraged companies and other borrowers could produce a banking crisis...
...headed the Central Committee's Science and Education Department. His appointment as a voting member of the Politburo, over the heads of seven nonvoting members waiting in the wings for such a summons, is little short of astonishing. In effect, moreover, he was given Ligachev's ideological portfolio. Promoted...
...party's top job in agriculture, once held by Gorbachev himself, is key under the Communist Party chief's ambitious plan for economic reform. But it carries far less prestige than the portfolio for ideology, the post customarily held by the party...
...progress in reducing their vulnerability to Third World debt. The banks have raised new capital, set aside billions of dollars in reserves to cover possible losses, and sold off some of their shakier loans to investors at deep discounts. Chase Manhattan, for example, has trimmed its Third World loan portfolio in the past year from $6.7 billion to $6.5 billion. Since the bank's capital has been rising, its loans to developing countries have been reduced from 185% of shareholders' equity in 1987 to 150% today...
...possible," complains a bank regulator. Repaying the debt from LBOs could prove particularly difficult during an economic downturn. Already the 21 top American banks hold an estimated $17 billion in LBO loans, or just under one-fourth of their exposure to Third World loans. First Chicago's LBO portfolio amounts to 55% of shareholder equity. Says a former executive at a major bank: "If the crunch comes, it will be from LBO debt, not Third World debt...