Word: cashes
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Banks looking to invest the money they raise through deposit-gathering are finding that the numbers barely work at all. Easton Bank's Menzies, for example, recently lost a bid to get $5 million in cash from a local government in exchange for the bank's issuing the government a one-year CD. The winning bidder agreed to pay the government 3.72%. Menzies had offered 2.69%, which he considered a high rate, one that probably would have netted him just a 0.04- or 0.05-percentage-point profit after he rolled the money into an investment like a Fannie Mae mortgage...
Harvard sold $1.5 billion in debt last Friday and plans to offer at least $600 million more in an effort to raise available cash following its endowment’s largest decline in recent history, the Wall Street Journal reported this weekend...
Proceeds from the sale will allow Harvard to push back payments for outstanding debt and provide more cash to meet the demands of University budgets without selling the endowment’s other holdings at depressed prices...
...last week’s announcement, Harvard officials said they planned “to take advantage of Harvard’s strong credit ratings to increase the University’s flexible cash resources in the near term...
...demands - essentially playing the role that a bankruptcy judge would if the company filed for Chapter 11. Almost everybody on Capitol Hill liked the idea, and the other two automakers endorsed it. But GM and Chrysler both say that because of plummeting auto sales they won't have enough cash to pay their bills by the beginning of next month, long before an effective oversight board could get up and running...