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Open Access (free)
Oonagh McDonald

Darling's words as a ‘red flag’. McCarthy's conversation with Geithner seems to have been more explicit. 20 On Saturday 13 September discussions continued throughout the day between the FSA and Barclays over the possible terms of an acquisition. Neither the FSA nor the board wanted Barclays to take on the assets proposed by Lehman's for REIGlobal, though Barclays were advised by the US authorities that a consortium of banks would take on these assets. Barclays also wanted the continuation of the Primary Dealer Credit Facility

in Lehman Brothers
Open Access (free)
January to September 2008
Oonagh McDonald

Reserve Bank was aware of the possible use of the ‘Freedom CLO’ on 20 March, since Jan Voigt of the FRBNY reports that during the same March 20 meeting, the Freedom CLO came up near the end of the conversation. We were surprised when they noted that their debt structure team had converted unencumbered corporate loans into an investment grade facility (pending rating review), with internal pricing assuming a range of 10–30 per cent haircuts on the underlying assets. The corporate loans had been financed using cash capital at the

in Lehman Brothers
Problems of polysemy and idealism
Andrew Sayer

, and again actual markets are seen as their natural consequence, unless somehow blocked. Once everything is seen as having a price, notional or real, then it is tempting to look upon the range of resources and projects in society as one big market. A loaf of bread, a picture, a house, a field, a letter, a haircut, a motorway, a worker, a conversation – all these things and countless others might be thought of as having a price which someone might possibly be prepared to pay for them, though even under capitalism, some of them may never be offered for sale. In some

in Market relations and the competitive process
Open Access (free)
Oonagh McDonald

, shocks to the overall economic system will be better absorbed and less likely to create the cascading failures that could threaten financial stability. 6 To be fair, the conversation was not without its warnings. Risk management capabilities had to be improved. The ‘underlying human traits which lead to excess are scarcely likely to be reformed’, and the role of central banks is in preventing major market disruptions through the ‘development and enforcement of prudent regulatory

in Lehman Brothers