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...wait, there's more. Unlike other CDOs, Strata is a so-called single tranche CDO. Most CDOs own hundreds of millions of dollars of loans. Those loans are pooled together and then various bonds are sold based on the portfolio. But all the bonds are not the same. They are stacked based on risk. The highest tranche bond gets paid its dividends based on the first loan payments that come in the door. Bonds at the bottom of the stack get paid last, which means those investments are wiped out first if borrowers fail to pay back their loans. Those...
...what is Strata worth today? Certainly not the original $20 million it's investors paid for it. According to research firm Markit, the average CDO tied to mortgage bonds lost half its value last year. CDOs based on corporate bonds have performed better. However, Strata sold insurance against high-yield corporate bonds, and those will be the first corporate debts to go bad if the economy gets worse. Indeed, one of the companies in Strata's bond pool, Hawaii Telcom Communications, recently filed for bankruptcy. In mid-January, Moody's put Strata on its list of bonds it was thinking...
...honors by recording a goal and three assists.This is the second time Yale has overwhelmed Harvard this season. In early January, the Bulldogs controlled the Crimson and came away with an easy 6-2 victory at the Bright Hockey Center. The result was similar this time around at the sold-out Ingalls Rink in New Haven.The Yale win extended the Bulldogs’ unbeaten streak to six games, and made Harvard look like a team far removed from the squad that challenged No. 1 Boston University in the Beanpot last week.“I guess we disregarded...
...know if we even had the implicated flavors,” she said. Later on, Martin confirmed that Lamont had indeed offered the tainted bars, and said that the box had probably been mixed up in the store room. She said that multiple recalled CLIF bars had been sold to students, but that the rest of the stock had been thrown away. “In theory they had all been removed,” she said, calling the Lamont Library instance an “unfortunate mistake.” Martin said that students could return the recalled bars...
...testing, each of the capsules proved to be laced with potassium cyanide at a level toxic enough to provide thousands of fatal doses. Police were baffled - the pills came from different production plants and were sold in different drug stores around the Chicago area. Their conclusion was that someone was most likely tampering with the drug on the store shelves. The deaths set off a nationwide panic, as stores rushed to remove Tylenol from their shelves and worried consumers overwhelmed hospitals and poison control hotlines. Chicago police went through the streets with loudspeakers, warning residents of the dangers of taking...