Word: unwindings
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...called him on his scam. Sgarbi's usual ploy, according to investigators, was to prowl hotel bars. Not just any hotel bars, though. The soft-spoken man booked himself into exclusive spas in Austria and Switzerland, places that invite well-paying clientele to leave their normal life behind, to unwind and open up. Selling himself as someone in need of rest as well, Sgarbi would strike up conversation when his victim's guard was down. For some of his victims, the handsome man must have seemed just like part of the therapy...
...excessive and unnecessary industrial capacity to die off naturally, keeping alive sick companies that could drag down the economy in the future. "By throwing money into the economy ... Beijing is running the risk of turning a nasty cyclical downturn into a structural problem that will take years to unwind," Walker writes. "Beijing is now embarked on perhaps the greatest policy mistake in its history." So much for optimism...
...riskiest portions of other bonds, some of which are themselves a collection of other poorly rated mortgage bonds. In a rising real estate market, such risks were deemed acceptable. When it was issued in March 2007, 93% of the Jupiter deal was rated AAA. But when things unwind--and have they ever--any default gets compounded by the chain of linked bonds. The multiplier effect works like this: while 4.4% of the typical loans tied to Jupiter's bonds are in default, nearly 59% of Jupiter's investments are now worthless. Hello, toxic asset. (See the top 10 financial collapses...
...There are lots of young people in Washington and plenty of opportunities to unwind. Is having fun on your agenda...
...speculators in oil futures battled one another, suspecting that a top was near. In the ensuing weeks, oil would come crashing down to earth as traders everywhere - including hedge funds, banks and pension funds - unwound their positions. And as SemGroup demonstrated, getting the timing wrong on this great unwind can have catastrophic results. (Read "Iraq's Pain at the Pump...