Word: sells
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...aimed at women and children. Theoretically, the program disseminates coupons to Haitian community leaders who then are supposed to give them out to the women of that community. But they are quickly becoming a commodity. The women tell me of places where I can go to find the men selling the cartes: the stadium, the gas station on the corner, all places where you go to meet the right people. It's clear relief has come hand in hand with Haiti's age-old, seemingly death-defying corruption. "Let the white people give out the coupons. The Haitians will just...
...role of proprietary trading - when banks buy and sell investments for their own accounts rather than their clients - and other principal investments in the financial crisis is getting new scrutiny. On Thursday, Feb. 4, the Senate Banking Committee held its second hearing in a week on President Obama's proposal to keep banks, which hold federally insured deposits, from engaging in such risky businesses as proprietary trading and hedge-fund and private-equity-fund investing (all three activities contain some element of trading or investing for the firm's own account, possibly employing leverage). Many have dismissed the so-called...
...hedge funds. And Citigroup has poured more than $3 billion into fixing its problems with structured investment vehicles, investments the bank set up with its own capital. Like Merrill, Citi lost big - as much as $15 billion, on the CDOs it decided to hold rather than sell off. In fact, nearly every large financial firm that stumbled during the financial crisis had billions of dollars in proprietary-trading or hedge-fund losses. (See the worst business deals...
...manufacturing the CDOs and other instruments that were at the heart of the financial crisis," says Michael Madden, a managing director of the investment firm BlackEagle Partners and a former Lehman executive. "If firms weren't able to buy up the parts of these deals that wouldn't sell ... the game would have stopped a lot sooner...
...companies can't sell stock or bonds as easily as investors would like to buy them, the cost of capital will go up," says James Ellman, president of the money-management firm Seacliff Capital. "That hurts companies' ability to expand, buy equipment and create jobs. GDP grows slower." (See pictures of TIME's Wall Street covers...