Meredith Whitney of Oppenheimer has calculated that banks may have to write off $10.1 billion of the paper they insured with ACA.Because the CDS market is barely regulated, it is impossible to know how much of this monoline "counterparty risk" banks are exposed to.
First, heavily downgraded insurers would lose their raison d'être and thus face the prospect of selling up or going into "run-off": closing to new business and gradually winding down.Worse, from a systemic point of view, when a monoline is downgraded all of the paper it has insured must be downgraded too.
As discussed above, we focus on non-insured immigrants in this paper because there are considerably more non-western immigrants who are non-insured than insured, and, in particular, immigrants are over-represented among long-term recipients of social assistance.
All legal systems provide, at least on paper, guarantees that insure certain basic rights of the accused.
One day, when Egan made us ham and turkey sandwiches for lunch, she neatly squeezed each slice of meat between paper towels to insure that all were equally dry.
It collects a premium, typically between a cheap 0.05% and 1.5% a year, for insuring paper against default.
One of Ambac's complaints was that Mr. Zerbe did not give it enough credit for having insured not just paper based on the mortgages going bad — the ones written in 2006 and 2007 — but on the earlier mortgage pools that have shown fewer problems.
But the following year a paper in Health Affairs showed the opposite phenomenon for commercial insurers: spending for privately insured patients was higher in El Paso than in McAllen.
Sherman Juice was a sort of witches' brew of all these different things — speed, PCP, cocaine — that one could soak rolling papers in, thus insuring days of paranoia and confusion.
The paper analyzes insurance contracts where the benefits of the insured depend on the performance of an investment strategy and which guarantee a certain interest rate on the contributions made by the insured.
