Word: toxicants
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Dates: during 2000-2009
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...innovation in financial products is still slow," says Sun Fei, Managing Director and Chief Economist at Hong Kong-based fund manager China International Capital. In other words, China's financial sector is just primitive enough to have prevented its banks from getting burned by buying complicated and ultimately toxic subprime mortgage products and derivative securities...
...days since Congress passed a $700 billion bailout bill to get toxic assets off banks' balance sheets and inject companies with new capital, governmental intervention in the credit crisis has continued and even grown as other countries step up their own efforts to guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
...urgently need a Kyoto protocol to address financial climate change, fight the greed-house effect and reverse the decline of ethics. We must curtail the emissions of toxic investment funds and promote and reward the development of sound financial products for the sake of global economic health. Ray Moser, Lausanne, Switzerland...
...three city finance officers are reporting that they're less able to make up budget shortfalls this year. Municipalities are facing skyrocketing borrowing costs--some of it tied to complex derivatives contracts they agreed to that have blown up with the rest of Wall Street's toxic securities...
...state. It was one of the first major issues since the Federal Government started taking one unprecedented step after another to try to jolt lending back to life - cutting interest rates, starting a program to buy short-term corporate debt, authorizing hundreds of billions of dollars to get toxic mortgage-related assets off bank balance sheets and inject capital into the companies. "We were really worried," says Jonathan Miller, the state's secretary for finance and administration. "We had encountered a lot of pessimism and skepticism that we'd be able to sell these bonds." Bolstered by how the Kentucky...