Word: toxicated
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...These steps have been necessary despite the fact that Asia's banks have barely been dented by the toxic assets that devastated lenders in the West. But as confidence seeped from the region's financial markets, banks became nervous about parting with funds, credit tightened, and stock markets plunged. South Korea has been looking particularly vulnerable to further turmoil. With some $80 billion of its banks' foreign debt maturing by mid-2009, investors worried the country could face a credit crunch that would restrict lending throughout the economy. Those fears have punished Korean stocks and the country's currency...
...prudently manage risk and allocate capital. They became gambling casinos - gambling with other people's money, knowing that the taxpayer would step in if the losses were too great. They misallocated capital, with massive amounts going into housing that was ultimately unaffordable. Loose money and light regulation were a toxic mixture. It exploded...
...that we exported it. A few months ago, some talked about decoupling - that Europe would carry on even as the U.S. suffered a downturn. I always thought that decoupling was a myth, and events have proven that right. Thanks to globalization, Wall Street was able to sell off its toxic mortgages around the world. It appears that about half the toxic mortgages were exported. Had they not been, the U.S. would be in even worse shape. Moreover, even as our economy went into a slowdown, exports kept the U.S. going. But the weaknesses in America weakened the dollar and made...
...waterway was dead. They had complained for years that industrial waste discharged into the Thi Vai had poisoned their wells, killed all the fish and was making them sick. Yet it wasn't until cargo companies refused to dock at the river's main port - saying that the toxic brew was eating through the ships' hulls - that Vietnam officials were willing to get tough on polluters...
...undercover work, inspectors discovered that Vedan Vietnam, a foreign-owned company, was illegally dumping untreated waste into the river. Natural Resources and Environment Minister Pham Khoi Nguyen called it "not just a violation but, in fact, treacherous behavior." An unprecedented crackdown followed: a Korean MSG manufacturer was nabbed dumping toxic waste. Several foreign-owned starch factories, which can release cyanide during processing, were shut down. On October 10, inspectors caught a Vietnamese leather tanning company pumping carcinogenic chemicals into a river in Ho Chi Minh City...