Word: term
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...scheme seemed a bit convoluted from the start, but it offered oodles of money to the participants. An American investor agreed to lease tram and subway cars from BVG, Berlin's mass-transit company. And BVG, in turn, leased them back for terms ranging from 12 to 30 years. Under U.S. tax law at the time, the American investor was able to take a depreciation tax benefit on the equipment because it was held on a long-term lease - a financial benefit the investor shared with BVG. (Read about Paris' public bicycle system...
...there was a risk, and it would end up costing German taxpayers dearly. It related to a term set down in the leasing contracts - massive tomes, written in English, which required the Germans to take out policies with AAA-rated insurers to cover the value of the assets for the life of the lease. Should the insurer lose its top rating, the Germans would have to either find another insurer or, in the worst case, provide additional collateral to guarantee the assets. It was a scenario that no one expected could emerge - until the financial crisis...
...TALF program (Term Asset-Backed Securities Loan Facility), funded with up to $200 billion, was created to provide liquidity to the market for securitized nonbank consumer loans. The prospective buyers of such securities would be hedge funds and investment firms...
...That still leaves the question of Social Security's long-term financing needs, which will be reassessed soon in the system's annual trustees' report. But a couple of years of below-expected payroll-tax receipts shouldn't dramatically change that forecast - and whatever long-run deficits the trustees project for Social Security will pale beside those expected for sister program Medicare...
...found any? Yes, I think the fact that the new Prime Minister [Benjamin Netanyahu] is really clear that he wants economic and security change on the West Bank. That's what we agreed we'd work on with him. There are one or two things that [Netanyahu's] term "economic peace" can mean. One, that economic development is a substitute for state, and that's obviously not acceptable. I personally think he wants the second, to build the [Palestinian] state from the bottom up. I understand and buy into that. It's important for the Israeli government to come...