Word: either...or
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...protecting its debt, through an instrument called a credit default swap, began to rise rapidly as investors feared that Bear would not be good for the money it promised on its bonds. Not familiar with credit default swaps? Well, we didn't know much about collateralized debt obligations (CDOs) either - until they began to undermine the economy. Credit default swaps, once an obscure financial instrument for banks and bondholders, could soon become the eye of the credit hurricane...
...this makes it tough for banks to value the insurance contracts and the securities on their books. And it comes at a time when banks are already reeling from write-downs on mortgage-related securities. "These are the same institutions that themselves have either directly or through subsidiaries invested in the subprime market," said Andrea Pincus, partner at Reed Smith LLP. "They're suffering losses all over the place," and now they face potentially more losses from the CDS market...
...Indeed, commercial banks are among the most active in this market, with the top 25 banks holding more than $13 trillion in credit default swaps - where they acted as either the insured or insurer - at the end of the third quarter of 2007, according to the Comptroller of the Currency, a federal banking regulator. JP Morgan Chase, Citibank, Bank of America and Wachovia were ranked among the top four most active, it said...
...Irish dance troupe "The Celtic Dragons," and the chorus from the Bai Nian Vocational School, a free school that serves the children of migrant workers and to which the Irish embassy has donated a language lab. Bedecked in green, orange, and violet, giddy participants proudly carried the flags of either country. On the apples of their cheeks, most marchers wore the three-leaf clover stickers that had been handed out by embassy employees. When Bai Nian students asked their chaperone if the stickers were of Ireland's national flower, the amused teacher could only think to explain that the shamrock...
...elections again, to prepare the ground for a challenge to Ahmadinejad in next year's presidential race. Khoshchehreh even sees what he calls an "unwritten, tactical coalition of moderate conservatives and reformists" gradually fortifying into a "real, strategic coalition." These two groups are closer to each other than either is to Ahmadinejad's camp in terms of their pragmatic outlook on foreign policy and the economy. With about a third of the new parliament consisting of reformist and independent candidates, Atrianfar says there is a good chance that this bloc could attract critical members among conservatives, especially if Ahmadinejad continues...