Word: weren
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...lost 17% of its value in a matter of hours. At that point the market was down almost 60% for the year, its lowest level since early 2006, although it has since been boosted by measures taken by the Russian central bank and the Kremlin. Those measures, however, weren't enough to shore up the nation's largest investment bank, Renaissance Capital, which on Sept. 21 sold a 50% stake to the Russian oligarch Mikhail Prokhorov for $500 million. Just over a month ago, Forbes magazine, in a profile of Renaissance and its New Zealand - born chief executive, Stephen Jennings...
...started working closely together from the day I arrived. I chair something called the President's Working Group on Financial Markets, and although we weren't predicting this, we certainly knew we were bound to have stress and turmoil in the capital markets. It had been a long time, you have to go back to '98 since we'd had the last serious bout, and so we've worked very closely together for over two years now. And we work very well...
...show, including Todd Palin, may be held in contempt by the legislature (he didn't mention, though, that the legislature won't be in session to do that until next January). And he explained that seven other witnesses, who have said through lawyers that they too will not appear, weren't given subpoenas because the investigator had relied on the word of assistant attorney general Michael Barnhill that they would testify without a subpoena. That cooperation was "abrogated," said French, who called the investigator's reliance on an informal agreement "regrettable...
...Goldman Sachs, presciently quipped that he hadn't "felt this good since 1998," referring to the Wall Street wipeout precipitated that year by Russia's defaulting on its ruble debt. Blankfein argued that confidence in global markets had built up to a dangerously giddy level and that investors weren't being compensated for assuming outsize risk in securities like esoteric bonds and Chinese stocks. Blankfein was right, of course, but even he wasn't paranoid enough. Though Goldman stands, along with Morgan Stanley, as one of the last two giant U.S. investment banks not to collapse (as Lehman and Bear...
...Currency oversaw the nation's big banks from 1993 to 1998. What that did, Ludwig explains, was to motivate banking companies to move activities to their less-regulated affiliates, and give a leg up to competitors (stand-alone investment firms, hedge funds, mortgage brokers, you name it) that weren't being watched by banking regulators...