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Troubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was signed into law by President George W. Bush
George W. Bush
on October 3, 2008. It was a component of the government's measures in 2008 to address the subprime mortgage crisis. The TARP program originally authorized expenditures of $700 billion. The Emergency Economic Stabilization Act of 2008
Emergency Economic Stabilization Act of 2008
created the TARP program. The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion
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Hughes, Hubbard & Reed
Hughes Hubbard & Reed LLP (a.k.a. "Hughes Hubbard," or "HHR"), is a New York City-based international law firm among those that The American Lawyer calls "the top firms among the Nation's legal elite." The firm's history dates back to the late 19th century when it counted among its partners former U.S. Supreme Court Chief Justice Charles Evans Hughes. Hughes Hubbard's work has been recognized by several leading publications, including Chambers & Partners, the Legal 500, Global Arbitration Review, Global Restructuring Review, Airfinance Journal and LatinFinance magazine
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Mortgage-backed Securities
A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.[1] The mortgages of an MBS may be residential or commercial, depending on whether it is an Agency MBS or a Non-Agency MBS; in the United States they may be issued by structures set up by government-sponsored enterprises like Fannie Mae or Freddie Mac, or they can be "private-label", issued by structures set up by investment banks. The structure of the MBS may be known as "pass-through", where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs
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Volatility (finance)
In finance, volatility (symbol σ) is the degree of variation of a trading price series over time as measured by the standard deviation of logarithmic returns. Historic volatility is derived from time series of past market prices. An implied volatility is derived from the market price of a market traded derivative (in particular an option)Contents1 Volatility terminology 2 Mathematical definition 3 Volatility origin 4 Volatility for investors 5 Volatility versus direction 6 Volatility over time 7 Implied volatility parametrisation 8 Crude volatility estimation 9 Estimate of compound annual growth rate (CAGR) 10 Criticisms of volatility forecasting models 11 Volatility hedge funds 12 See also 13 References 14 External links 15 Further readingVolatility terminology[edit] Volatilit
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Meredith Whitney
Meredith Ann Whitney (born November 20, 1969)[1] is an American business woman. She is best known for successfully forecasting the difficulties of Citigroup
Citigroup
and other major banks during the financial crisis of 2007–2008,[2] and then for predicting in 2010 the still-unrealized default of US municipal bonds totaling hundreds of billions of dollars.[3]Contents1 Education and career 2 Professional recognition 3 Personal life 4 References 5 External linksEducation and career[edit] Whitney grew up in Bethesda, Maryland.[4] She graduated from Madeira School in 1987 before attending a post-graduate year at Lawrenceville School, becoming a member of its first co-ed graduating class. She graduated with honors from Brown University[5] in 1992 with a B.A. in History.[1] Whitney joined Oppenheimer Holdings in 1993 as a Director, and in 1995 she joined the company's Specialty Finance Group
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Paul Krugman
Keynesian economics New Keynesian
New Keynesian
macroeconomicsAlma mater Massachusetts Institute of Technology Yale UniversityDoctoral advisor Rüdiger DornbuschInfluences Avinash Dixit Rudi Dornbusch John Maynard Keynes Paul Samuelson Joseph StiglitzContributions International trade
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Stock
The stock (also capital stock) of a corporation is constituted of the equity stock of its owners. A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. In liquidation, the stock represents the residual assets of the company that would be due to stockholders after discharge of all senior claims such as secured and unsecured debt. Stockholders' equity cannot be withdrawn from the company in a way that is intended to be detrimental to the company's creditors.[1]Contents1 Shares 2 Types2.1 Rule 144 stock3 Stock
Stock
derivatives 4 History 5 Shareholder 6 Application6.1 Shareholder rights 6.2 Means of financing7 Trading7.1 Buying 7.2 Selling 7.3 Stock
Stock
price fluctuations 7.4 Share price determination 7.5 Arbitrage trading8 See also 9 References 10 External linksShares[edit] The shares together form stock
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Asset-backed Security
An asset-backed security (ABS) is a security whose income payments and hence value are derived from and collateralized (or "backed") by a specified pool of underlying assets. The pool of assets is typically a group of small and illiquid assets which are unable to be sold individually. Pooling the assets into financial instruments allows them to be sold to general investors, a process called securitization, and allows the risk of investing in the underlying assets to be diversified because each security will represent a fraction of the total value of the diverse pool of underlying assets. The pools of underlying assets can include common payments from credit cards, auto loans, and mortgage loans, to esoteric cash flows from aircraft leases, royalty payments and movie revenues. Often a separate institution, called a special purpose vehicle, is created to handle the securitization of asset backed securities
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Commercial Mortgage-backed Security
Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets.[1] CMBS issues are usually structured as multiple tranches, similar to collateralized mortgage obligations (CMO), rather than typical residential "passthroughs."[citation needed] The typical structure for the securitization of commercial real estate loans is a real estate mortgage investment conduit (REMIC), a creation of the tax law that allows the trust to be a pass-through entity which is not subject to tax at the trust level. Many American CMBSs carry less prepayment risk than other MBS types, thanks to the structure of commercial mortgages
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Residential Mortgage-backed Security
A residential mortgage-backed security (RMBS) is a reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages (because it would be impossible to receive permission from individual homeowners), it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investors to become comfortable with the certainty of receipt of cash at any point in time. There are multiple important differences between mortgage loans originated and serviced by banks and kept on the books of the bank and a mortgage loan that has been securitized as part of an RMBS
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Federal Deposit Insurance Corporation
The Federal Deposit Insurance
Insurance
Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The FDIC was created by the 1933 Banking Act
1933 Banking Act
during the Great Depression (June 16, 1933) to restore trust in the American banking system; more than one-third of banks failed in the years before the FDIC's creation, and bank runs were common.[2] The insurance limit was initially US $2,500 per ownership category
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Executive Compensation
Executive compensation
Executive compensation
or executive pay is composed of the financial compensation and other non-financial awards received by an executive from their firm for their service to the organization. It is typically a mixture of salary, bonuses, shares of or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive, and rewards for performance.[1] The three decades starting with the 1980s saw a dramatic rise in executive pay relative to that of an average worker's wage in the United States,[2] and to a lesser extent in a number of other countries
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Christopher Dodd
Christopher John Dodd (born May 27, 1944) is an American lobbyist, lawyer, and Democratic Party politician who served as a United States Senator from Connecticut
Connecticut
for a thirty-year period from 1981 to 2011. Dodd is a Connecticut
Connecticut
native and a graduate of Georgetown Preparatory School in Bethesda, Maryland, and Providence College. His father, Thomas J
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Solvency
Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity.[1] Solvency can also be described as the ability of a corporation to meet its long-term fixed expenses and to accomplish long-term expansion and growth.[2] This is best measured using the net liquid balance (NLB) formula. In this formula solvency is calculated by adding cash and cash equivalents to short-term investments, then subtracting notes payable.[3]Contents1 See also 2 Notes 3 References 4 External linksSee also[edit]Accounting liquidity Debt ratio Going concern Insolvency Quick ratioNotes[edit]^ Zietlow 2007, p. 5 ^ Gaist 2009, p. 34 ^ Zietlow 2007, p. 30References[edit]Gaist, Paul A (2009). Igniting the Power of Community: The Role of CBOs and NGOs in Global Public Health. Springer. ISBN 0-387-98156-X. OCLC 310400989.  Zietlow, John T; Seidner, Alan G (2007)
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Golden Parachute
A golden parachute is an agreement between a company and an employee (usually upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. Most definitions specify the employment termination is as a result of a merger or takeover,[1][2][3] also known as "Change-in-control benefits",[4] but more recently the term has been used to describe perceived excessive CEO (and other executives) severance packages unrelated to change in ownership (also known as a golden handshake).[5] The benefits may include severance pay, cash bonuses, stock options, or other benefits.Contents1 History1.1 Studies and reports2 Arguments for and against2.1 Support 2.2 Opposition3 See also 4 ReferencesHistory[edit] The first use of the term "golden parachute" is credited to a 1961 attempt by creditors to oust Howard Hughes
Howard Hughes
from control of Trans World Airlines. The creditors provided
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