Word: instead
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Dates: during 2010-2010
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According to a report produced by a division of bond manager BlackRock in November 2008, AIG would probably have been able to strike settlements that, at least at the time, could have saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into...
What's more, the deals the banks wanted to strike with AIG would have involved the insurer and the government giving up their right to reclaim the underlying bonds. Some have argued that would have led to a worse deal for AIG. Instead, the Federal Reserve decided to give AIG the money to pay off the CDS contracts in exchange for the soured bonds. As credit markets have rebounded, those investments, most of which were risky mortgage bonds, have risen in value...
...expense of Main Street," says California Congressman Darrell Issa, a Republican, who questioned Geithner and others on Wednesday. "Given the circumstances and the fact that they were dealing with taxpayer dollars, the Fed had an obligation to try and secure the best deal possible for the taxpayers and instead brokered a deal that helped the rich get richer and then tried to cover...
Don’t expect people to replace Dwayne Wade jerseys with Harvard crew unis (you don’t want them to, trust me) or to watch Eastern Sprints instead of the NBA Playoffs...
...elections were called early by Rajapaksa, who is seeking to validate his victory against the LTTE. Instead, many voters are taking the opportunity to send him a message that they are still suffering economically. Karu de Silva, a resident of Colombo and father of two, says he plans to vote for Fonseka because he feels that Rajapaksa's government has not given families any relief from rising prices. "This year I spent probably twice as much as I spent last year on the books for the new school year," de Silva says. "We need some kind of help...