Word: toxicants
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Dates: during 2000-2009
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...problem facing America's economy has always been how to sell the worst of the toxic assets that are clogging banks' balance sheets. Geithner and his aides at Treasury cleverly realized that the best approach was to offer great prices on some of the more attractive stuff and hope the garbage would move too. (See 25 people to blame for the financial crisis...
...FDIC. It's a good idea to try and get those moving off banks' books. But what of the bundled, securitized assets? According to the FDIC, the total value of securities on banks' books as of Dec. 31 was $1.7 trillion. How much of those securities are toxic and how does the Geithner plan move them to be sold...
...second part of the program, run by the Federal Reserve, attempts to get at that part of the problem by expanding an existing program. But it covers only some of the toxic securities: residential mortgage-backed securities that were initially AAA-rated but are now toxic. It doesn't cover commercial mortgage-backed securities and other asset-backed securities that are no longer AAA-rated. (See the worst business deals...
That leaves the commercial mortgage-backed securities and other asset-backed securities that were once AAA-rated but have since been downgraded. Those toxic assets will be sold, Treasury hopes, by at least five still untested public-private investment funds that will be created through open bidding among investment banks. Those assets, according to TIME's calculations, amount to about $37 billion on banks' books...
...that the Arctic ecosystems are unusually vulnerable to oil spills, according to long-term research funded by some of the $1 billion settlement from Exxon. Scientists found that, thanks in part to the cold environment, oil lingered in the area for years, some of it still biologically active and toxic. Because many Arctic species have long lifespans and slow reproductive cycles, wildlife recovery has been slow. Pacific herring - a keystone of both the commercial fishing industry and the marine food web in Prince William Sound - were spawning at the time of the spill, and were hit particularly hard. "The herring...