Word: var
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...from just over a year ago, and it is 10 times the risk the firm used to take on a daily basis at the beginning of the decade. And that may even be understating the amount of risk Goldman is really taking on. Hendler says Goldman computes its VAR by looking at what the firm could lose in relatively normal market conditions. Factor in today's wild market swings and Hendler figures that based on Goldman's recent exposure, the firm could lose as much as $340 million on a really...
...also duck in from the heat and visit any number of Cartagena's cultural gems - from the stunning Museo de Oro (Gold Museum, at Plaza Bolívar) and Museo de Arte Moderno (Museum of Modern Art, right off la Plaza de San Pedro) to the Cathedral, which offers an exhaustively comprehensive audio tour for $8. (I gave up after about 15 minutes.) There's also the delightfully twisted Palacio de la Inquisición, which, despite its grand name, is a tiny museum that features some of the many torture devices used to elicit confessions of witchcraft...
...Chávez is a very Latin American problem. Like his hero Simón Bolívar, he thinks he is indispensable to Venezuela, an oil-rich country that has terrible internal problems, most notably a lack of durable democratic institutions and entrenched economic inequality. In fact, he was originally an army paratrooper who became famous in 1992 when he attempted to overthrow the constitutional government in a failed coup d’etat. Old habits die hard...
...challenge Chávez on a national level, the leftist revolutionary looks likely to win this new bid for indefinite re-election. Chávez "is playing a more effective role against us," concedes student leader Juan Mejia, 22, an engineering major at Simón Bolívar University in Caracas. "But he's doing it mainly by criminalizing...
...seem only to be moved by a similar sense of hypocrisy. Venezuelan President Hugo Chávez is a case in point. In honor of the 50th anniversary some days ago, he pledged to fly the Cuban flag forever, next to the mausoleum of Simón Bolívar, a key independence fighter of the 1810s. He said: “Cuba is part of this nation, of this union.” But in truth, Chávez’s regime is rooted in his desire to perpetuate his own unchecked power to the detriment of democratic...