Word: toxicities
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...Vikram Pandit, made public remarks that his company had a profit in the first two months of 2009. But, even school children who hone their skills trading mock accounts online know that two months do not make a quarter, especially in banking. Some auditor may mention that Citi's toxic assets ran into more trouble in this quarter or that its consumer credit and LBO businesses needed to be adjusted for bad debt. Simply put, Pandit's comments did not mean...
...forces now weighing on the market are housing and bad bank assets. Will investors need to see resolution on those fronts before bidding stocks higher? You'll need to see three things for the stock market to improve: 1) toxic assets taken off the bank balance sheets so banks can start lending, 2) some stabilization of house prices so that people don't feel they'll be better off waiting a month before they buy. 3) unemployment stops rising so that people start feeling more secure about their jobs. I think you'll see those three things begin to take...
...first initials of the company's original moniker Union Bank of Switzerland. But over the past few months the Swiss have begun to joke that the acronym should stand for United Bandits of Switzerland. Fury over a tax scandal and massive losses thanks to UBS's exposure to the toxic subprime market in the U.S. is growing fast. "Those arrogant and greedy bankers are tarnishing our image," says Marie-Claire Favre between sips of her cappuccino in a Lausanne cafe. Standing in front of UBS's Lausanne office, Bernard Thevenoz can't hide his outrage. "Those thugs, they are dragging...
...have invested the windfall smartly. Exports have been diversified so as to reduce reliance on commodities, and before the downturn the nation socked away a record $208 billion in foreign reserves. The banking system has remained well regulated, and so far seems to have been less exposed to the toxic assets that have wrecked many U.S. and European banks. All this has "buffered Brazil quite a bit against the global downturn," says Paulo Leme, emerging-markets director at Goldman Sachs...
...hides a gun and bag of drugs during a police raid and is rewarded with initiation into a local gang, only to be sucked into the violence of neighborhood gang warfare. Franco is a waste management official who oversees the Camorra’s side business of illegally dumping toxic waste, poisoning the local farmland. And there’s Pasquale, the tailor who incurs the wrath of the Camorra when he helps a Chinese clothing sweatshop owner competing with mafia business. In the vein of “21 Grams” and “Syriana...