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...that hot interviewer from Bain. Case 1 You are advising a major American insurance company headquartered in New York City. This company’s credit rating was recently downgraded because its London unit sold credit default swaps on collaterized debt obligations that lost much of their value when sub-prime mortgages went south. In order to prevent the company’s collapse, the Federal Reserve crated an $85 billion credit line in exchange for an equity stake in the company. Currently the company is faced with another tough decision: should it hold its executive retreat in Cabo...
...Alex, I think I’m conservative,” I realized that I had been deluding her with false hopes. I couldn’t bear to look at her. Clearly, this girl I had always thought of as an intelligent, rational being was secretly a sub-literate moron. All those times we‘d innocently joked about Bristol and Levi, she’d been harboring perverted desires to do things like watch FOX News and vote for McCain. “At least tell me you still think Sarah Palin is Satan...
...speech in October 2007 at a mortgage securities conference and starting talking about these issues publicly. Why did you stand up and do that? I thought they were going to throw tomatoes at me. We had done some industry roundtables in the spring of 2007 to talk about sub-prime and nontraditional mortgages. Everyone gave us all this happy talk that they were going to modify these loans, and I'm sure they meant it as the time. They said it was in everyone's economic interest to restructure the loans instead of foreclose because the losses on foreclosures...
Neither Levine nor Diamond claims that Jewish participants in, say, the sub-prime mortgage crisis have been more virtuous than non-Jews. But both are inclined to analyse it through the lens of Jewish law, especially regarding proper financial disclosure, on which so much of the current fiasco has hinged. Here are some of the ancient principles they feel are applicable to today's bad news...
...public. However, there is a heavy responsibility on the groom: if he has relatives who could have observed the disfigurement by checking out his fiance in the womens' bath but neglected to do have them do so, he can't complain. This suggests (feminist complaints notwithstanding) that culpability in sub-prime crisis does not lie solely on the mortgage broker who glided over the fact that payments ballooned in the third year; but also on the buyer who happily neglected to read the fine print: : "Ignorance of the facts is no defense," Diamond says...