Word: reals
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...intern, of course, wasn't the only one who was risking the firm's dollars. McDonald, himself a relatively junior trader, had a Lehman-funded trading account of $450 million. In the years leading up to the financial crisis, Lehman Brothers built up huge positions in real estate, derivatives and bonds. That all came crashing down in the fall of 2008, when the tumbling housing market and rising mortgage defaults caused the credit markets to seize up. In all, Lehman lost more than $32 billion from proprietary trading and principal transactions during the year and a half leading...
...what is proprietary trading. Goldman and others are defining proprietary trading as the day-to-day money these firms risk in the markets, buying and selling stocks and bonds. Volcker seems to want to limit not just this trading but also the big long-term bets banks make on real estate, mortgages and other securities...
...abolished. It must be abolished in conjunction with the establishment of a cultural and education program that will ensure that any current military prejudice is removed from more than just the annals of federal law. It is one thing to make a nominal change and another to make a real one. To prevent the persistence of vestigial homophobia, soldiers at all levels and of all genders must be encouraged to participate in conversations about the meaning of sexual orientation in the private and public aspects of human life...
This research should also be a wake-up call for Harvard’s administrators. There are no real outlets or motivators for students to get active, especially toward the end of semesters when intramurals have ended. There are gym classes, but only those who are very self-motivated attend those. In many liberal arts colleges across the nation, there is a physical educational requirement. Although Harvard does not necessarily need to add such a requirement, it might be time to offer outlets for exercise, such creating and facilitating student run groups, keeping gyms open later, and longer intramural periods...
...encourage you to consider the notion of whether you’re really taking a risk,” said Thomas H. Mattox ’82, the panel’s moderator and managing director at Lancaster Street Partners, a real estate firm. “You’re going to have your Harvard degree to fall back on and a community to support...