Word: worthely
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...Forbearance and modification programs are helping for now," says analyst Paul Miller, who follows the banks at FBR Capital Markets. "We still have a lot of people who owe more than their house is worth. It's not sure how that will play...
...Amro. Santander joined forces with the Royal Bank of Scotland and Belgium's Fortis to buy the ailing Dutch giant for $103.7 billion. But while both RBS and Fortis are now on the casualty list themselves, Santander's $17 billion stake in the Brazilian wing of ABN Amro is worth about $49 billion after merging with Santander's existing business in Brazil. In 2007, the firm spent just under $10 billion for Italy's Banca Antonveneta, which it promptly sold off for a $3.74 billion profit. (See pictures of the global financial crisis...
...Spanish firm spent $2.9 billion to buy 25% of Sovereign Bancorp, a regional bank in the northeast. By October 2008 Sovereign's stock had fallen 85% and Santander exercised its right of first refusal to buy the remaining 75% for $1.9 billion. Now it has to hope Sovereign is worth more than the peanuts Santander paid for it. "If a bank is strong, it is not for sale. Banks are sold, not bought," says Juan Rodríguez Inciarte, Santander's director general and an architect of its international expansion. Inciarte says Santander will give Sovereign the same treatment...
Kudos to Bernanke for blunting the recession both in the U.S. and around the world. Critics are a dime a dozen, but the Fed chairman's visionary innovation is worth a million times his weight in gold. Innovation such as this is the only path out of our current economic slump...
...other floors, as many as four girls slept on a single mattress. Police raided the Maitland in 2008 and shut the place down last January. Traffickers had been tipped off about the final raid, yet officials still rescued dozens of underage girls and seized weapons and thousands of dollars' worth of drugs. Though still officially closed, the Maitland was active. Next door, a club blasted music by Tupac, and several girls worked the front of the hotel, where a makeshift concierge took rents. (See TIME's tribute to people who passed away...