Word: sumness
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Dates: during 2000-2009
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...more frugal world, it's all about getting more bang for the buck. Consider Puaramita Acharji, a West Bengali woman who joined Unilever's Shakti program several years ago and now earns about $14 a month selling items in her village door-to-door. Small as that sum might be, Acharji says it has changed her life. Instead of being dependent on her husband, Acharji says, she now commands respect in the village. "It is enough to stand on my own two feet," she says. Increasingly, CSR programs will have to do the same...
...back of every freshman mind in Lamont last night, it was that in a few wee hours, Housing Day would soon be upon them. It might seem inconvenient that the big day falls in the midst of mid-terms. For some, Housing Day is nothing but the unsolvable end sum of a complex mathematical algorithm by which they will be assigned a place of living. And for others, it’s just an annoyance; a lack of perfect information in Harvard’s centrally planned real estate market. But for one subset of the freshman class, Housing...
...grinning as he described the "recklessness and greed" of the traders in AIG's financial-products division, a reckless band of wealthy incompetents who made bets they could not pay for, leaving the American taxpayer on the hook for as much as $173 billion in emergency funds - an enormous sum that works out to about $600 for every man, woman and child in America. "How do they justify this outrage?" Obama asked rhetorically, with only the slightest tinge of outrage in his own voice. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
...insurance on the house; on the other side are insurance companies and the like making an opposite bet. If the house is destroyed, one group of institutions wins and the other group loses. Considering all institutions together, no money was truly lost - it's what economists call a zero-sum game. In good times, risk-hungry banks loved this game, but now they have become risk-averse, and the game seems to have changed. So how can many of the banks simultaneously claim enormous swap losses without a single bank claiming significant profit...
Here are two possibilities: either the vast majority of all swaps - not just AIG's - are held by investment banks, or a significant portion is held by other financial institutions like hedge funds. Suppose all swaps are held by banks. Since swaps are a zero-sum game, the banking industry as a whole cannot lose money on swaps. Then there is no need for a bailout. (See 25 people to blame for the financial crisis...