Word: problem
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...something that has developed over the past decade," says Joseph Mason, a finance professor at Louisiana State University's E.J. Ourso College of Business. "This isn't just one black swan. It's a bunch of black swans that have hung out for a while and created a giant problem." (Read George W. Bush's top 10 economic mistakes...
...banks as part of the Troubled Asset Relief Program (TARP) will plug the hole in the banking system's bucket. Paul Miller, an analyst at FBR Capital Markets who has written a number of reports on the capital issues of banks, says the only way to solve the problem is for the government to stop buying preferred shares and start taking direct ownership stakes. Of course, the issue with that approach is that the problem at the banks is so large, Uncle Sam may end up owning a good portion of the banking sector. Few seem to want nationalization. Unfortunately...
...Another problem is lack of flexibility. Citigroup is just protected against losses in the $300 billion portfolio it sets up with the government. Any losses outside of that loan group are all Citi's. As a result, some investors are worried that Citigroup even with the new guarantees won't have enough capital pay for the loan losses it will have to realize. By some estimates, Citigroup's shareholder capital could be wiped out if just 2% of its loans go unpaid...
...Today show to sing a love ballad penned for her husband, "Le President." Most importantly, Carla Bruni, a.k.a. Madame Nicolas Sarkozy, has won over the skeptical French public with a well-calibrated Gallic mix of dynamism and demure. Still, the First Lady of France has a major public relations problem on her hands, in the last place you might have guessed: her native Italy...
...plan for Afghanistan goes into effect, even though U.S. and NATO commanders have long warned that the rampant corruption and inefficiency of the Karzai government are undermining the war effort. NATO Secretary-General Jaap de Hoop Scheffer recently wrote in the Washington Post that "the problem in Afghanistan is not too much Taliban; it's too little good governance" and warned bluntly that the alliance expects Karzai to do a better job. Vice President Joe Biden visited Kabul shortly before the Inauguration and reportedly warned Karzai that the new Administration would hold his feet to the fire over governance complaints...