Word: resulted
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...delight of investors, BofA was pushing for the freedom to make risky loans at the same time it was aggressively repurchasing shares. Since 1998, it has spent $62 billion on share buybacks, according to S&P. The result is that over the past decade, BofA's tangible-capital ratio - the amount of tangible equity in relation to tangible assets - has nearly halved from 5% in 1998 to 2.8% in the third quarter of 2008. It became a bank built on air. (See pictures of scared traders...
...loans are worth. This is known as mark-to-market accounting. And when investors grow increasingly nervous that borrowers will not pay back their debts, as they are now, the bonds on which those loans are based plummet in value, even before payments stop coming in. As a result, banks are watching their capital bases erode much faster than their executives ever expected - and probably faster than they can handle...
...understandable why they are seeking meatless alternatives in droves. For example, chickens on factory farms have their beaks sliced off with hot blades, and many are even scalded alive in feather removal tanks. If these kinds of abuses were inflicted upon cats or dogs, it would result in felony cruelty to animals charges...
...Professorship of Constitutional Law. Upon his retirement the position will be renamed the Laurence H. Tribe Professorship of Constitutional Law. Tribe, the Carl M. Loeb University Professor, is the second most cited constitutional scholar in the country and garnered increased media attention during the past two years as a result of his connections to President Barack Obama. During his time at the Law School, Obama served as Tribe’s research assistant and later called the professor one of his mentors at the school. Dean of the Law School Elena Kagan and Obama’s Solicitor General-designate...
...funds” for scientific research, and added that the money would have a “very immediate impact on good jobs and excellent science.” NIH has seen flat funding since 2003, with purchasing power decreasing by 13 percent due to inflation. As a result, the NIH now funds less than two of every ten grant applications, and thousands of approved projects await funding, according to Harvard statements on the issue. NIH has said some of the money from the stimulus package could be awarded in only four to six weeks, according to Casey. Harvard...