Word: swaps
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...disappearing internships, we can’t wipe the grin off our faces. Now those perky i-bankers with their interview jackets and heels will have to live like we always knew we would. We’ll ride the bus together to our low-paying jobs and swap budget-saving coupons. That will teach them to put money before passion...
...deep truth of shallow people. Women control men with sex. Men control women with money. With rare exceptions, marriage is a Punch-and-Judy slugfest that ends with either divorce or one party's total subjugation. Power and pleasure are the only things that are real, and they endlessly swap places as means and end. Everybody in One Fifth Avenue, good and bad, is bound by these rules, and the only difference is that some feel bad about it and some don't. "You know New York never changes," Philip says. "The characters are different but the play remains...
...when a court shot down an SEC effort to make mutual funds appoint independent chairman. On the other hand, certain types of enforcement - like cases against companies that backdated stock options - have flourished under Cox. And now he's a loud supporter of regulating the $58 trillion credit default swap market that helps companies insure against defaults on their debt - but also links financial institutions together in dangerously opaque ways...
...make sure that swap meisters can make good on their obligations, they have to post collateral. If their credit is downgraded - as was the case with AIG - they have to post more collateral. What put AIG on the brink was that it had to post $14 billion overnight, which of course it didn't have lying around. Next week, the looming downgrades might have forced it to come up with $250 billion. (No, that's not a typographical mistake; it's a real number.) Hence the action. If AIG croaked, all the players who thought they had their bets hedged...
...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...