Word: risk
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...stock-loan department, AIG's other disaster, took the cash it got for lending out stock owned by AIG and invested the money in esoteric securities rather than in risk-free Treasuries, the standard practice. The idea was - I'm not kidding - to make an extra one-fifth of 1% in interest. When the esoterica, which the stock-loan folks thought was riskless, crumbled, so did the firm. (See the worst business deals...
...after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly at risk as they proved to be, don't you think they'd have sold as much stock as they could before their firms imploded...
...lend and to keep commerce flowing. Cheap money is nice for lenders and borrowers - but it's devastating for savers, especially for retirees who use interest income to supplement Social Security. If you had $500,000 stashed away - not a bad nest egg - you could earn a no-risk $20,000 to $25,000 annually (before taxes) two years ago buying bank CDs or short-term Treasury securities. Now you earn less than $5,000 in an average one-year CD, about $2,000 in a one-year Treasury. This offers retirees unpleasant choices: reduce their standard of living...
...goal? To utilize Harvard’s extensive knowledge in order to “tell you how you can reduce your risk of contracting H1N1 anytime, anywhere through your iPhone," according to the trippy promotional trailer below...
...investment philosophy as a result are themselves off the mark. Insisting upon conservative money management looks good now, but the benefit of hindsight will always change the evaluation of an investment. Smart management demands flexibility—this does not preclude conservative investment, but the willingness to take risks is a critical characteristic of successful money management. Such risk can, of course, generate significant return, as evidenced by the success of Harvard’s managers before the credit crunch. A bad episode (in this case historically bad) will naturally give pause but should not force Harvard to abandon more...