Word: turnings
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...that have come to define toxic asset. Companies that held CDOs could offset their risk by buying CDSs from AIG FP. Or they could simply speculate with the instrument. It all worked fine until overbuilding by housing firms and overleveraging by consumers caused the bubble to burst. Which in turn caused the value of CDOs to plunge. Which caused holders of CDSs on such securities to demand payment from...
...with global stock markets collapsing and credit markets frozen, Geithner, then head of the New York Fed, and Bernanke believed AIG was too close to collapse to do anything other than stop the bleeding. Failure by AIG to pay might have threatened its counterparties - for instance, Citigroup and, in turn, Citi's counterparties. A bond or a derivative is, after all, a promise to pay someone, and if there is no confidence in its fulfillment, the financial system ceases to function. It is not a fear that has gone away simply because AIG has been stabilized...
...Cycle of Depression The Chinese are learning that the Kachin, like other ethnic groups in Burma, may not be willing to turn the other cheek much longer. Last year, armed KIO soldiers showed up at a pair of dam sites staffed by Chinese workers and demanded work cease until the Chinese paid them taxes. The projects are located in an area nominally under KIO control, but the former rebels were angry that the dam deal was negotiated directly between the Burmese government and Chinese hydropower firms without their input. (Eventually, the Chinese paid up.) More foreigners could get caught...
...hygienic solution to Germany's woes, regrettable but necessary. But carrying it out tears them to pieces. They stumble around half mad and constantly drunk. They wall off the horror, but it oozes through the cracks. The work of destruction is feeding back into them, destroying them in turn. "What if murder weren't a definitive solution," Max says. "What if on the contrary this new fact, even less reparable than the ones before it, opened in turn onto new abysses? Then, what way out was left?" The answer is none. But The Kindly Ones gives these lost souls...
...days, two 65-mm, 150-lb. film cameras--each shooting the same scene in sync--were used to make a 3-D picture. The gap between the lenses simulates the space between our eyes, adding space perception. But with film, you never knew how the shot would turn out until later...