Word: toxication
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...risky and profitable investments, including novel vehicles based on the bad home loans peddled mostly (although not exclusively) by nonbank mortgage firms. (The government-sponsored Fannie Mae and Freddie Mac bought into the high-risk innovations of the shadow banking system around 2005 by buying a bunch of now-toxic mortgage-backed securities...
...root of the troubles are the "toxic assets" - the highly leveraged securities mainly linked to U.S. mortgages - that banks around the world still have on their books. In its latest estimate this month, the International Monetary Fund (IMF) calculated that losses on these now virtually worthless securities could amount to $1.4 trillion. So far, banks have written off less than half that. Concern about who is still holding dud paper has gummed up credit markets, with banks refusing to lend to one another for fear that the borrowers may default or may have themselves lent to other banks that could...
...Chinese stock market has also been hit hard - it's down about 60% this year - but the nation's banking system has for the moment largely been sheltered from the international storm because it's only partly open to the global capital flows that have circulated so many toxic assets. China's economic growth has been a critical factor for the U.S. because working in tandem, the nations have served as the twin motors of world economic growth: American consumers have snapped up everything that the Chinese have manufactured, from toys to apparel, and in return the Chinese have helped...
...being one of the biggest funders of the coal industry,” said Alysha Suley, a representative from Rising Tide Boston. “In the Appalachian mountains, these coal companies are contaminating the water supplies in mountain communities, filling them with all kinds of carcinogens and toxic waste.” While protesters decried Bank of America for funding the coal industry, the bank has publicly made environmental strides. Since 2006, Bank of America has provided funding for Harvard’s Center for the Environment, which is currently hosting the “Future of Energy?...
...urgently need a Kyoto Protocol for financial climate change with clear objectives: elaborate policies to reduce the greed-house effect and reverse the decline of ethical values. Take measures to stop and fine the emission of toxic investment funds. Promote and reward the development of sound long-term financial products. Ray Moser, LAUSANNE, SWITZERLAND...