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Almost Shakespearean, no? True, the Bard didn't offer much in the way of collateralized debt obligations (CDOs) or special-interest vehicles--two key sources of Citi's pain. He did, however, understand diversification. "My ventures are not in one bottom trusted, nor to one place," said Antonio, the Merchant of Venice. "Therefore, my merchandise makes...
...related securities, mostly CDOs, still on the books. It also disclosed that it's holding almost $135 billion in securities for which there are no observable market prices--meaning that their valuation is determined by guesstimation--and is involved with another $167 billion in off-the-books CDOs and special investment vehicles. The normally mild-mannered stock and credit analysts who follow the firm reacted with downgrades and criticism--their main complaint being that Citi had been so slow in fessing up to problems that they fear more to come...
Before sitting down to write this column, the final edition of Around the Ivies stamped with my goofy mug (online readers, you’ll have to trust me), I watched Jeopardy! and put on sweats. But before that, I brainstormed, “What’s something special I can do to mark this last go-round?” I considered sending a coded message with the first letter of every paragraph, or peppering the prose with phrases in Spanish, or letting my 14-year-old sister write it to see if anyone would notice...
...We’re hoping that everyone is sharp and ready to go come Saturday.” “We’re going to have to work hard and earn it to win,” Fucito added. Tomorrow’s game also holds special significance for the Crimson’s senior co-captains Matt Hoff and Adam Hahn, who will be honored for their contributions to the team at this, the last home game of the season. Hoff is tied for third on the team with eight points on a goal and six assists...
...This symbol of Faust’s triumph, and Harvard’s, had a special significance for me because of a letter my mother received in 1934. It was from the University of Michigan, and it began, “We take pleasure in informing you that you will be permitted to register as a first year student in the Medical School…” At that time, Harvard still judged women unsuitable for careers in medicine, but here was Michigan admitting the ambitious daughter of Ukrainian laborers. My mother’s letter was addressed...