Word: principall
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Ward Bower, principal at Altman Weil, a legal management consulting firm in Newtown Square, Pa., predicts many U.S.-based law firms will earn nearly 10% less in 2009 than they did in 2008 - performance that threatens to cause upheaval.
Before 1970, banks were content to make loans to consumers and business which remained on their books, collecting interest until the principal on the loan was satisfied. This approach made for a relatively illiquid market for the buying and selling of loans. Accordingly, this system insured that lenders were unable...
As an example, many Mortgage Backed Securities ("MBS"), a species of ABS, became toxic following the collapse of the housing market. Like all ABS, MBS derive their value from underlying loans, in this case, mortgages. A large group of mortgages provides the payment stream to the holders of ABS in...
Without other credit enhancement techniques, tranches are rated differently because each one is paid sequentially, with interest and principal payments on the underlying loans first going to the senior most tranche and the last payments going to the most junior. Effectively, the tranches are, at least in part, rated differently...
Although Harvard has particular reason to celebrate, the rest of the public should similarly laud the Times’s smart choice of Mr. Douthat. The columnist whom he will replace, Mr. Kristol, has ancestral ties to the luminaries in the American conservative tradition. His father, Irving Kristol, chartered the...