Word: rich
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Dates: during 2000-2009
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...wallet disappeared with all her cash in it. She asked her parents if they would buy the bike for her, but they refused. It's not that they couldn't afford to help. Lee's father is vice chairman of a major Hong Kong conglomerate; her family is rich. Lee, now 36 and the managing director of a printing company, remembers crying about the injustice of it all. But today, she recognizes that she gleaned a valuable lesson from the incident: money does not necessarily grow on family trees. "[My dad] instilled strict financial discipline on us when we were...
...course, the children of wealthy parents don't always grow up to be self-indulgent, feckless adults, just as deprived children don't always become driven overachievers. But literature and media are stuffed with rich-kids-gone-bad stories, and there's plenty of anecdotal evidence that cosseted offspring can lack the thrift, independence, ambition, persistence and entrepreneurial spirit that contributed to their parents' success. Most people have heard of the "shirtsleeves to shirtsleeves" curse, which holds that family wealth, once accumulated, is typically dissipated by the third generation because trust-fund babies, having little regard for the money that...
...taking it on the chin, victims of the global financial crisis and the one-two punch of poor returns and unhappy investors. After nearly doubling in size since 2002, to around 8,000 total funds last year, the industry is on the brink of a brutal contraction as customers - rich investors, university endowments and pensions funds that make up the bulk of hedge funds' clientele - rush to withdraw their investments. Some analysts predict that a quarter of all hedge funds could fold by the end of the year. Stephen Brown, an economist at New York University's Stern School...
...extremely wealthy investors who understand the risks involved and who can hypothetically absorb occasional big losses. In return, the industry has largely been exempted from the regulatory and disclosure requirements imposed on more common mutual funds. But hedge funds haven't just been the domain of the ultra-rich. Other pools of wealth, including university endowments and public pension funds, have put their money in so-called funds of hedge funds, which spread risk by investing in a portfolio of hedge funds and hence are considered safer. But since hedge funds are doing badly, so are funds of hedge funds...
...forged Pinocchio’s receipts. Believe us: no matter how many kids are snorkeling in Mongolia, you still are neither funny nor interesting enough to draw people to your party without the prospect of a drunken hook-up. So steal an empty bottle of Grey Goose from your rich neighbor’s recycleing bin and pour your prison-inspired, fermented grapefruit juice moonshine into it. Freshman biddies eat that stuff...