Word: prices
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...cost of insurance against a Morgan Stanley credit default recently exceeded an unheard of 1000 basis points, even after the bailout bill was signed into law. That means the market price for insurance against a $10 million Morgan Stanley default hit $1 million per year, more than 10 times the typical ceiling cost for such insurance in a normally functioning bank sector. "The bailout is a step forward, but it's not at all clear that it's going to work," says Darrell Duffie, professor of finance at the Stanford University Graduate School of Business...
...lending money to financial institutions willing to buy up questionable bank assets at discounted rates. But first the Treasury seems ready to dip into its $700 billion to establish a reverse auction set-up to ensure that the government doesn't pay too high, or too low, a price for the distressed securities. The auction system will likely take at least a month...
...1980s, Ferrari had become the ultimate status symbol, drawing collectors as diverse as Prince Bernhard of Holland (who owned 14), Eric Clapton (8) and Ralph Lauren (13). In the past 10 years, the Ferrari has won more Formula One races than any other car?which has created record prices in recent sales. McQueen's 1963 Ferrari Berlinetta Lusso went for $2.31 million and James Coburn's 1961 Ferrari California Spyder sold for a whopping $11.4 million. "It's the price you pay," says Ferrari historian Michael Sheehan, "for tradition and cutting-edge styling that is available to only a select...
...political coverage, for instance. Candidates must take especial care when uttering anything in a public forum; the efficiency with which throwaway statements are enlarged, diagrammed, and deconstructed would do the academy proud. Barack Obama’s reference in front of an Iowa crowd last year to the rising price of arugula (as opposed, one imagines, to iceberg lettuce or a nice thick T-bone) was touted by many as proof of his elitist disconnect from middle America. The official comment that John McCain was “aware of the Internet” was neatly transfigured into an image...
College students have always scraped by on less-than-nutritious food - ramen noodles, pizza, Diet Coke - but as the price of grocery shopping climbs, more of them are struggling to find their next meal. With the economy tanking and a 5% increase in food prices this year, the highest in nearly two decades, college students are increasingly turning to a new kind of financial aid: food pantries...