A continuous thread runs through the collapse of Orange County, Enron, Bear Stearns and the issuers of collateralized debt obligations: All received high ratings and then promptly collapsed.
Actual friendship is more than a thumbnail photo on your Facebook page; it is a claim that people make on one another, with ethical obligations all its own.
The firm also wrote to clients, explaining that although several firm members had military obligations, all commitments to clients would be met.
Now, he is president, he has all the powers, he has all the obligations, all the duties of the presidency and all the legitimacy of the presidency.
"Look, you can talk about collateralized debt obligations all day long," he said, referring to a type of asset-backed security that has turned famously toxic.
That budget, which will surpass $100 billion in the fiscal year that began July 1, is a minefield of constitutional mandates, court orders, public employee union contracts and pension obligations, all of which drive state spending ever higher.
