Word: portfolios
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...wait, there's more. Unlike other CDOs, Strata is a so-called single tranche CDO. Most CDOs own hundreds of millions of dollars of loans. Those loans are pooled together and then various bonds are sold based on the portfolio. But all the bonds are not the same. They are stacked based on risk. The highest tranche bond gets paid its dividends based on the first loan payments that come in the door. Bonds at the bottom of the stack get paid last, which means those investments are wiped out first if borrowers fail to pay back their loans. Those...
...distribution of key cabinet positions by Mugabe as a sign of insincerity. According to Tsvangirai, his party would not have been treated as an equal partner under the original stipulations of the agreement. The terms of the deal are somewhat improved with the opposition obtaining control over the Finance portfolio and co-managing the critical Home Affairs Ministry, among others...
...Treasury maintains possession of all or most of the purchased assets, the administrative costs of operating the program could amount to more than $1 billion per year." (Contracts to companies outside the government include: $20 million to Bank of America to administer the portfolio of assets the Treasury Department may buy; $395 to the Washington Post to list "vacancy announcements"; $75,850 to Colonial Parking for the lease of parking spots...
...regulatory agency that "roars like a mouse and fights like a flea." With the sober, academic look of an accountant, the former investment manager for Rampart Investment Management in Boston (he is currently an independent certified fraud examiner) detailed Madoff's phony split-strike conversion strategies and oddly "unsophisticated portfolio management." Markopolos said Madoff's "math never made sense" and his "return stream never resembled any known financial instrument or strategy...
Another problem is lack of flexibility. Citigroup is just protected against losses in the $300 billion portfolio it sets up with the government. Any losses outside of that loan group are all Citi's. As a result, some investors are worried that Citigroup even with the new guarantees won't have enough capital pay for the loan losses it will have to realize. By some estimates, Citigroup's shareholder capital could be wiped out if just 2% of its loans go unpaid...