Word: bond
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...Some of these shifts in what during budget debates are known as "spending priorities" will eventually have to be zero-sum games; the political desire for a balanced budget is real, and it has real economic benefits to America in terms of the bond markets and long-term interest rates. But for the immediate future, fiscal discipline is the last thing on anybody?s mind, and now that "we?re at war," war bonds are as good a way as any to pay for that $40 billion in relief funds and any other new defense expenditures that come along. Good...
...There is one difference between a War Bond and, say, your average T-Bill - by definition, War Bonds aren?t fixed-term notes; they get redeemed by the government when the war is over...
...terrorist assault caused BONY, with headquarters barely three blocks from the World Trade Center, to lose its two major computer centers for processing huge volumes of bond transactions. Ever since, it has been relying in part on a processing center in New Jersey, but many of the communication lines have been out of action for much of the week. "I had to send [records of] $400 billion in bond deals over to BONY in a taxi," said Thomas Costa, chief operating officer of Government Securities Clearing Corp., a firm that processes securities deals worth more than $875 billion daily...
...Even though the World Trade Center attack occurred at 8:48 Tuesday morning, a huge volume in unpaid-for bond transactions had already built up from dealmaking Monday, as well as early Tuesday morning, both in the US and in financial centers like London and Tokyo that open earlier. At one point in a Wednesday conference call, according to a participant, BONY predicted it would have its communications up and running in a matter of hours - only to be proven wrong by day's end. In another call, a US official promised to push phone service provider Verizon...
...bond market closed early Friday, and trading has been light following the terrorist attack. The Fed, meanwhile, on Friday announced it was injecting $81.25 billion into the banking system, after pledging another $70.2 billion on Thursday. But the plumbing at the heart of America's largest financial market remains semi-functional. "The financial system is fragile and this problem needs to be cleared up as soon as possible," says a federal official...