Word: subs
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...implemented, and borders made more secure. In addition to overseeing a rapid recovery from the 2001 recession due to tax cuts and shrewd economic policy, the administration has made consequential efforts to shore up America’s economy in this latest financial crisis. As the largest buyers of sub prime mortgages from 2004 to 2007, Fannie Mae and Freddie Mac helped fuel the housing bubble and exacerbate the burst. The Bush Administration tried no fewer than 18 times, publicly and on the record, to push Congress to agree to reform these Government Sponsored Entities. And while Defense and Homeland...
Though it was nearing midnight and the temperature was sub-zero, Antoine hastily made his friend put on a jacket and run outside to the frozen Charles River down the street. Amid the snow and ice, the two friends stepped cautiously onto the frozen river and back to its bank. There they talked and laughed...
...fundamental difference in the way Asians regard their rulers. Although the Asian Barometer Project found that the majority of Asians say they support most democratic ideals, their commitment to limits on a leader's power is far lower than that of people polled in Europe or even sub-Saharan Africa. In South Korea, for instance, nearly two-thirds of those surveyed believed that a morally upright ruler could be given carte blanche to do whatever he wants, even if that means breaking...
Generally, investors got into this private, no-prospectus game through a trusted family friend. In our case, the trusted friend was an affable, debonair fellow named Stanley Chais, who ran the Brighton and Popham investment groups for decades. We were in two sub-groups of Brighton, and they were small, 10 to 15 people - possibly so they would fly under regulator radar, victims now tell me. Brighton, it turns out, fed the money into Madoff. I'd sit next to Stanley at year-end holiday parties and, knowing my family's money was in his hands...
Nancy Silverton, the well-known Los Angeles restaurateur of Pizzeria Mozza and founder and former owner of LaBrea Bakery, was in a Chais sub-group called CMG, LTD. Some of our savings, and 50 others', were in that group, too. She's lost everything, over $5 million. CMG investors lost $80 million total, according to a class action suit filed in United State District Court in California last week. Silverton's family, in another Chais group called Caroline, also lost everything. It's unclear how many sub-groups Chais had going, but there were at least six I know...