Word: shorted
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...Then there is Fifth Third Bancorp. The Cincinnati-based financial firm is one of a number of banks that have had to spend the past month pulling off some fancy financial gymnastics to meet their capital requirements. The stress test found that Fifth Third was $1.1 billion short of the common equity it needed to be considered well funded. Earlier this week, the bank announced that it had raised $1 billion by selling new stock. But that left the bank $100 million short of its goal. So the bank couldn't stop there. Instead, it offered $365 million...
...triple whammy of collapsing property values, equity-wealth destruction and ongoing unemployment shock, the American consumer is unlikely to spring back overnight. In fact, with asset-dependent U.S. households remaining income-short, overly indebted and savings-deficient, subdued consumption growth is likely for years. This is because the U.S. consumption share of real GDP, which hit a record 72.4% in the first quarter of 2009, needs, at a minimum, to return to its pre-bubble norm of 67%. That spells a sharp downshift in real consumption growth from the nearly 4% average pace of 1995 to 2007 to around...
...familiar with the lesser-known quotes of Winston Churchill, which is a shame. One might bring a wry nod of recognition. After contemplating how World War I had changed patterns of thought and belief, Churchill turned to the unending Irish question. "As the deluge subsides and the waters fall short," Churchill told the House of Commons in 1922, "we see the dreary steeples of Fermanagh and Tyrone emerging once again...
...laces his guides with short and vivid histories and a scholar's appreciation for Renaissance art yet knows the best place to start an early tapas crawl in Madrid if you have kids. His clear, hand-drawn maps are Pentagon-worthy; his hints about how to go directly to the best stuff at the Uffizi, avoid the crowds at Versailles and save money everywhere are guilt-free. He pushes his readers to picnic for lunch and save their money for dinner. He sketches out amusing walks through commercial quarters from Antibes to Venice that link the ancient world...
...idea: I love stuff and hate paying for it. And it turns out there are a lot of people just like me. On May 19, California voters knocked down all five of the budget-cutting and tax-raising propositions designed to save the state budget from being $21 billion short. We already had the worst credit rating of any state. Which means that if states were people, California would be Ed McMahon...