1. 쌍둥이 적자→IT버블 붕괴, 911→저금리→이라크 침공→고유가, 원자재 가격 상승→인
플레이션 압력→금리 인상→서브프라임 모기지 부실→금리 정책 타이밍 실기
2. 실질적인 원인은 30배 이상 달하는 부동산 관련 파생상품에 대한 레버리지, 부실자산
(toxicassets) 규모의 불투명성, 파생상품 장외
ASSETS, NOT HOW THEY ARE PAID FOR. AT THE EXTREMES, IT CAN BE VERY LOW. A FIRM THAT OWNED ONLY GOVERNMENT BONDS YIELDING 5% WOULD HAVE A COST OF CAPITAL OF JUST 5% EVEN IF ENTIRELY EQUITY-FINANCED.
이 이론은 주주들이 채권자들보다 더 높은 수익률을 요구함에도 불구하고, 자기자본이 증가함에 따라 이자비용을 공제한 후의 이익의 변동성이 약화되
assets and a straight liquidation.
We have over a thousand man hours
in this deal.
STUCKEY
(losing patience)
This is a "no brainer". Theres
no risk for you. No one has ever
lost money backing Mr. Harris.
INVESTMENT BANKER 2
Not yet. But ship building is
a new endeavor for you...
STUCKEY
(cuts him off)
Come on. You know were not
going to go into ship building.
Besides, youre the ones with the
tro
toxic air. In a
LONG LENS STACK it is a marching torrent of anonymous
isolated souls.
INT. JAKE몶S APARTMENT - NIGHT
The room is a tiny CUBICLEprison cell meets 747 bathroom.
Narrow cotwall-screen droning away in the B.G. --
PERKY NEWSCASTER
The Bengal tigerextinct for over a
centuryis making a comeback. These
cloned tiger cubs at the Beijing Zoo
are...
Jake laboriously pulls his pants off -- ro
toxic chemical.
There was a small company which produces toxic chemical and expanded their business to pest control through the toxic chemical. With that work, CESCO has developed pest control skills continually and grew up to a big company which is capable of undertaking pest control of big events such as Olympic and EXPO. 1
CESCO, a front runner in the pest control market which was “Blue