Word: giante
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...dangerously giddy level and that investors weren't being compensated for assuming outsize risk in securities like esoteric bonds and Chinese stocks. Blankfein was right, of course, but even he wasn't paranoid enough. Though Goldman stands, along with Morgan Stanley, as one of the last two giant U.S. investment banks not to collapse (as Lehman and Bear Stearns have) or be sold (à la Merrill Lynch), Goldman too has been pummeled. The firm's quarterly profit plunged 70% - results considered to be relatively good. While analysts generally believe that Goldman and Morgan Stanley will survive the meltdown, that view...
...wake of the government's unprecedented take-over of insurance giant AIG, the shares were punished. Mack got in touch with the chairman of the Securities and Exchange Commission and the Treasury Secretary, and then sent out an e-mail to employees: "It's very clear to me," he wrote, "we're in the midst of a market controlled by fear and rumors, and short sellers are driving our stock down...
...been a turbulent few weeks for U.S. Secretary of the Treasury Henry Paulson, Jr. As a principal architect of America's economic policy, Paulson (known as Hank) helped orchestrate the Sept. 7 government takeover of mortgage institutions Fannie Mae and Freddie Mac and the $85 billion bailout of insurance giant American International Group (AIG) on Sept. 16. By the close of business two days later, he was reportedly looking to find a long-term solution to the nation's ongoing credit crisis, buoying markets on rumors that the Treasury would create some sort of government agency to absorb banks...
...Paulson was nominated by President George W. Bush to assume the secretary's post in 2006 and unanimously confirmed by the U.S. Senate, replacing John Snow. Previously he had served as Chairman and CEO of investment banking giant Goldman Sachs from 1999 to 2006, during which he led the firm through a period of whopping growth. He embraced risk, taking on debt and betting big when the odds dictated it. Now he is charged with cleaning up the sizable mess left by an epidemic of risk-taking run amok...
McCracken is a novelist (The Giant's House), and Figment is the story of her pregnancy, her grieving and finally the birth of her second child, a baby boy, a year later. It is, as McCracken writes, "a story so grim and lessonless it's better not to think about at all." But reading it is a mysteriously enlarging experience. It could pair neatly with Joan Didion's The Year of Magical Thinking: it's hard to imagine two more rigorous, unsentimental guides to enduring the very bottom of the scale of human emotion...