Word: swaps
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Dates: during 2000-2009
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...called Coulumb Technologies in Campbell, Calif., is developing public charging points that would enable drivers to plug in and pay for the power they use. Another model altogether is Shai Agassi's Better Place, a company that wants to develop a vast infrastructure of public charging and "battery swap" stations. Agassi imagines a subscription model similar to how mobile phones work. Drivers would lease the batteries that power their electric cars, and be charged based on how much they drove. If they needed to drive farther than the range of the battery, drivers would pull over into a Better Place...
...generally sells credit-default swaps, thereby promising to insure others against defaults. It's a great business when defaults are low; when they rise it can turn toxic. AIG FP lost more than $10 billion in 2007 and $14.7 billion in the first six months of this year. That, along with losses in other investment portfolios, has cut deeply into the parent company's capital reserves. The credit-default-swap contracts decree that if AIG's credit rating drops below a certain level, it has to fork over $13 billion in collateral to the buyers of the swaps. Monday night...
...alone. The best case for the bailout seems to be that nobody has the faintest idea what the consequences of AIG's failure for financial markets would be, but the fear was that it could lead to total chaos. The biggest fears had to do with the credit-default swaps, which AIG appears to have sold in large quantities to practically every financial institution of significance on the planet. RBC Capital Markets analyst Hank Calenti estimated Tuesday that AIG's failure would cost its swap counterparties $180 billion...
...fine diners really ready to swap their foie gras for eco-ethics? "Everything comes with a price," says Potts Dawson, who wants to lead by example. "Consumption is at a level now where restaurants need to stand up and be counted." Sure, ethical dining might leave a dent in your wallet, but it could ease the burden on your conscience. www.waterhouserestaurant.co.uk
...when, fairly late in his career, he started working on what one thinks of as an American scale. It is hard to bring to mind any of those big late canvases -- a blue field with a few dots on it and a squiggle or two -- that one would willingly swap for one of his fiercely impacted little canvases from the 1920s, like Petri dishes swarming with bizarre and emblematic microorganisms. Wisely, Lanchner has concentrated on the best years of Miro's career, from 1915 to about 1960, and skipped the enormous output of prints and the flood of repetitious paintings...