Sublime

The accounting rules allowed them to assume the loans would be repaid, and not prematurely. This assumption became the engine of their doom.

When Commodity Futures Trading Commission chairperson (1996–99) Brooksley Born wanted to regulate the derivatives that would later be a major cause of disaster, the PBS program Frontline detailed how she was blocked in 1998 by the triumvirate of Federal Reserve chairman Alan Greenspan, US Treasury Secretary Robert Rubin, and Deputy US Treasury Secr

According to the investigators’ findings, the brothers had been selling securities owned by depositors without authorization. They had also failed to cancel loans and mortgages that had been paid off months earlier, instead diverting the proceeds into their own financially strapped commercial endeavors and falsifying state banking reports to cover

L’endettement gouvernemental était dû au financement des guerres. Lorsque les monarchies voulaient lever des fonds pour aller faire la guerre, elles empruntaient auprès de familles riches comme les Baring. Les Baring leur faisaient payer un intérêt et le pays était ainsi endetté de façon permanente. Selon Cobbett, c’est Henri VIII qui initia ce sys

The exporting of wolfram became conditional on payment in gold, and so another layer of intrigue entered Lisbon.

Securitization had produced the most toxic financial assets in the world – Fabrice Tourre was just one of an army of financial engineers manufacturing them – and had spread them far beyond the originating banks; revealingly, the near-total collapse of securitization in the course of 2008 was a key feature of the crisis.

He had a sort of sunken depth of expression, and a grave, slow smile, suggesting no great quickness of wit, but an unimpassioned intensity of feeling which promised well for Martha’s happiness. He had little of the light, inexpensive urbanity of his countrymen, and more of a sort of heavy sincerity in his gaze which seemed to suspend response until

William Keeling,