Word: thingness
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...maybe, on some subconscious level, we never wanted the damn thing, as evidenced by popular culture's button-free futures. In sci-fi thrillers like Minority Report, computers are flat, seamless digital panels, controlled with an effortless swipe of the hand or the twist of a finger...
...wiped out. In its CDS contracts, though, AIG wrote multiple insurance policies covering the same underlying package of increasingly toxic assets. In essence, it was underwriting systemic risk. This is the opposite of what insurance companies are supposed to do: diversify risk across the universe of policyholders. "One thing about the insurance model: it relies on diversification as its means to exist," says a top exec at an AIG competitor. "If an insurance company plays in a field where they underwrite systemic risk, that's a totally different experience." Is it ever. Insurance companies can handle catastrophic risk...
...Obama Administration will need perhaps $750 billion in new funding merely to stabilize U.S. banks, which it hopes will be enough to ease the credit markets, stimulate lending and get the economy moving again. There's no telling what kind of political wrangling will happen over that, but one thing seems certain: if you are an executive of a bank that gets federal money, it wouldn't be a smart idea to count on a bonus...
...more than a thousand Harvard freshmen as they discover the fate of their next three years. Whether they tear open their envelopes and cheer over getting Adams, or cry when they find they’ll actually have to come to the Quad sober, there’s one thing every incoming sophomore should be acquainted with: their house’s party suite. FM has compiled a list of the best and the brightest in each house for your convenience. While any of Mather’s low-rise suites could host a good party, none of them stand...
...event, any tax-the-bonuses bill is likely to meet powerful opposition. House Ways and Means Committee chairman Charlie Rangel, Congress's top tax writer, told reporters that taxing the bonuses "is a venting type of thing. I would hope and assume we have alternatives to the tax codes ... When you get angry, you don't think as clearly as when you calm down." He added, "It is tough to me to think of the tax code as a political weapon." Rangel would be a huge obstacle to any such bill, no matter who originates it. Others say this type...