Word: solding
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...other big difference is that while most residential mortgages are chopped into securities and sold, the bulk of commercial mortgages - and virtually all land and construction loans - stay on banks' books. Banks have leeway to delay recognizing losses on these loans - that is, they don't have to "mark to market." With banks facing total commercial real estate losses of $200 billion to $300 billion or more by Parkus' estimate, regulators have so far encouraged banks to exploit that leeway. (See the financial crisis after one year...
After driving them eight hours north to Bloemfontein, the recruiter sold them to a Nigerian drug and human-trafficking syndicate in exchange for $120 and crack cocaine. "[The recruiter] said we could find a job," Sindiswa recalled, "but as soon as we got here, she told us, 'No. You have to go into the streets and sell yourselves.' " The buyer, Jude, forced them into prostitution on the streets of central Bloemfontein for 12 straight hours every night. Each morning, he collected their earnings - Sindiswa averaged $40 per night; Elizabeth, $65. Elizabeth tried to escape three times, once absconding for several...
...unclear if Sindiswa contracted HIV before or after she was sold, but some of her clients didn't use condoms. She was diagnosed with the virus only a week before I met her. When she was too sick to stand and thus useless as a slave, Jude had thrown her onto the street. Nurses expected her to die within days...
...attend, tens of thousands of children have become ensnared in sexual slavery, and those who profit from their abuse are also preparing for the tournament. During a three-week investigation into human-trafficking syndicates operating near two stadiums, I found a lucrative trade in child sex. The children, sold for as little as $45, can earn more than $600 per night for their captors. "I'm really looking forward to doing more business during the World Cup," said a trafficker. We were speaking at his base overlooking Port Elizabeth's new Nelson Mandela Bay Stadium. Already, he had done brisk...
...scale trafficking syndicates - Nigerian, Chinese, Indian and Russian, among others - collude with South African partners, including recruiters and corrupt police officials, to enslave local victims. The country's estimated 1.4 million AIDS orphans are especially vulnerable. South Africa has more HIV cases than any other nation, and a child sold into its sex industry will often face an early grave...