Word: traded
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Dates: during 2000-2009
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...same time, an important feature of the latest Detroit dealings is the lopsided favoritism shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount...
Next, look at GM's offer. The unsecured bondholders are owed $27 billion by GM, and they are being asked to trade that IOU for a 10% equity stake. The UAW's VEBA trust, on the other hand, is trading in a $10.2 billion IOU and getting a 39% equity stake. If these were poker chips, you could say the croupier has arbitrarily decided to value bondholders' chips at 37 cents apiece and the UAW's VEBA chips at $3.90 each...
...meat product. A few years ago, Australia's food industry was trying to figure out how to get more people to think of the kangaroo, which is part of the country's official coat of arms, as something that is edible rather than adorable. In 2005, the trade magazine Food Companion International ran a global competition for suggestions on what to call kangaroo meat. The magazine received 2,700 entries from more than 40 nations. Proposed names included rooviande, kangasaurus, jumpmeat and MOM (meat of marsupials). The winner was something more taxonomic: kangaroo for consumption would be known as australus...
...with works like Jared Diamond's Guns, Germs, and Steel, Beattie's take is markedly less deterministic. Corruption may have killed Africa, he notes, but it worked rather well in South Korea, where bribery attained taxlike precision. Beattie, an editor at the Financial Times, develops a few themes: free trade is good. Infrastructure is unsexy but vital. Capital cities are best kept small (making rioting less likely). For the most part, though, he tosses evidence on the table, then walks away. Debunking the supposed link between the Protestant work ethic and the rise of modern capitalism, Beattie notes that...
...Massachusetts House approved a plan to raise the sales tax from 5 to 6.25 percent on Monday night, a hike that officials said represents a trade off between preventing cuts in services and hurting the local economy...