Word: toxicants
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Dates: during 2000-2009
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...Waxman reported on Sunday, "has been slapped with an NC-17 rating on its first submission to the Motion Picture Association of America because of numerous sexual scenes that the ratings board considers over the line." The NC-17, which forbids admission to those under age 17, is a toxic label. Many theater chains won't play a film with that rating; some newspapers and TV networks won't advertise it; and retail behemoths like Wal-Mart won't stock the eventual DVD. (See the 100 best movies of all time...
...Treasury Department's program to buy toxic loans could cost banks as much as $210 billion. That's the losses the financial firms will book from selling poorly performing loans as part of the government's recently announced Public-Private Investment Plan. What's more, if a recently proposed accounting rule change is not made, PPIP's bottom line effect on the banks could be more than triple that...
...Deutsche Bundesbank, said talks between the banks, the finance ministry and SoFFin, the federal bank-stabilization fund, could produce a viable concept for a bad bank before the G-20 meeting. According to Weber, Germany would not create a central bad bank and it would not buy the toxic assets from the banks. Instead, German banks could split each bank into a good bank and a bad bank, allowing the banks to move the bad debt into their bad bank and in return receive fresh capital from the government for their good bank. The government remains skeptical of the plan...
...Federation of German Banks, which represents the main private-sector banks, has proposed something along these lines already. Rather than calling it a bad bank the banks call it a "mobilization fund." Each bank would park its toxic assets in an account with the government. This way the assets would be off the banks' books but each security would still be associated with its original owner rather than pooled together. "The mobilization fund is not about burdening the taxpayer with all the risks," Klaus-Peter Müller, head of the banking federation, told reporters...
...economic-research institute, suggests that the banks sell the toxic assets to the federal government at no charge. In exchange, the government would then provide the banks with equity by taking stakes in banks that participate. The toxic assets would be placed in a state-owned bad bank and sold back to the banks at a later date when a market for such assets reemerges. "This ensures that the shareholders and not the taxpayers have to bear the initial costs of the failure," says Dorothea Schäfer, DIW head of research...