Word: writings
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...this makes it tough for banks to value the insurance contracts and the securities on their books. And it comes at a time when banks are already reeling from write-downs on mortgage-related securities. "These are the same institutions that themselves have either directly or through subsidiaries invested in the subprime market," said Andrea Pincus, partner at Reed Smith LLP. "They're suffering losses all over the place," and now they face potentially more losses from the CDS market...
...situation is already taking a toll on insurers, who have been forced to write down the value of their CDS portfolios. American International Group, the world's largest insurer, recently reported the biggest loss in the company's history largely due to an $11 billion writedown on its CDS holdings. Even Swiss Reinsurance Co., the industry's largest reinsurer, took CDS writedowns in the fourth quarter and warned of more to come in the first quarter...
...It’s the reason our classes make us write papers. The mere specter of a skeptical reader forces us to translate our inchoate thoughts into clear, convincing language. Margin notes, for those who live in fear of posterity’s judgments, are just papers writ small...
...Personally, I take a less indulgent view. Whenever I write notes of my own, I try to imagine they are for posterity, or at least for the future owner of my book...
Veltroni has asked me to join his electoral list to fight against organized crime. But I will not be entering politics. My job is to write, which is the strongest tool available to me to combat these problems. I know how to portray power, but I wouldn't be able to manage it. I am not renouncing the responsibility to do my share; I consider that my daily work. And doing our jobs well may be the last form of resistance we have. That, and refusing to be satisfied with the way things...