Word: professor
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Dates: during 2000-2009
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According to TIME calculations, U.S. banks hold $153 billion in residential mortgage bonds that used to have AAA ratings but have since been downgraded. The calculations are based on numbers from the International Monetary Fund, Fitch Ratings and New York University professor Nouriel Roubini. (Treasury and Federal Reserve officials declined to provide their estimates.) To get those selling, the Fed offers some attractive financing, but it hasn't made those details public and the financing is expected to be considerably less favorable than the FDIC rates. Treasury officials insist they have formulas worked out but are waiting to reveal details...
...This plan is an important piece of the recovery, but it is by no means the solution," says Joseph Mason, a professor of finance at Louisiana State University and a senior fellow at the Wharton School...
...answer, says Antonio Remiro, professor of international law at Madrid's Autonomous University has to do with what's going on in Kosovo now. "NATO is starting to help form the embryo of an independent Kosovan army," he says. "They're reinforcing civil institutions too. It's become more and more contradictory for Spain to be a part of that since they don't recognize Kosovo's independence...
...intentions were good. Ratings were a tool for assessing the safety of financial institutions. But the result has been to create a system in which getting a rating of a particular level is equivalent to "a regulatory license - a key that unlocks the markets," says Frank Partnoy, a law professor at the University of San Diego. In 1975, the SEC, in an effort to better define who was a legitimate rater of bonds, designated certain firms "nationally recognized statistical rating organizations" (NRSROs). Today, if you are a bank or a pension fund or an insurance company you have a firm...
...Group. Others envision the Nano as something even more: a way to connect and mobilize India's declining rural economy, creating new jobs, new infrastructure and a culture of innovation far outside the big cities. "It's kind of like the iPod," says Tarun Khanna, a Harvard Business School professor who has studied the Tata Group for years. The Nano is a blank slate, he explains, that makes people think, What can you do with it? What if auto-rickshaw drivers bought Nanos, for example, and used them as more profitable, safer taxis? Or if farmers used them to bring...