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...Menzies, for example, recently lost a bid to get $5 million in cash from a local government in exchange for the bank's issuing the government a one-year CD. The winning bidder agreed to pay the government 3.72%. Menzies had offered 2.69%, which he considered a high rate, one that probably would have netted him just a 0.04- or 0.05-percentage-point profit after he rolled the money into an investment like a Fannie Mae mortgage-backed security. (See "Four Steps to Ending the Foreclosure Crisis...
...could someone else offer a higher rate? Chances are, the bidder wasn't looking to make a profit - just trying to inject liquidity into the institution's balance sheet - or was pursuing riskier investments in order to make the transaction make sense. "When a bank chases yield, they then start making riskier investments or riskier loans," says Fine of the Independent Community Bankers of America. That's not something we particularly need more of right...
Looking ahead, the situation isn't likely to right itself anytime soon. Many economists expect the Federal Reserve Board to again cut the target federal funds rate in mid-December in an effort to juice the economy by encouraging spending over savings. But that would probably also push down even further the rate at which banks can lend. "It would mean banks make a little less money across the board," says Bank of Alameda's Andrews. Not exactly a nice holiday gift...
...Malaria Vaccine Initiative, under a grant from the Bill & Melinda Gates Foundation. After receiving the shots, all the babies were visited weekly, and their blood was tested for both the malaria parasite and malaria antibodies. On average, the group that received the injections had a 53% lower infection rate than the control group, and the effect lasted for up to eight months. That still leaves 47% unprotected, of course. But this is nonetheless a big jump from the 35% success rate of an earlier formula. "Even a partially effective vaccine could save hundreds of thousands of lives," says Loucq...
...University’s debt receives the highest ratings available from leading rating agencies Moody’s and Standard & Poor’s—a fact that allows it to borrow at a lower rate. A prospectus for one of the bond sales obtained by The Crimson said Harvard expected the new debt to receive the same high ratings...