By Stuart A. Kallen
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At one point, police used an armored jeep to disperse the crowds before trapping a handful of violent protesters on a bridge over the dangerously flooded Tiber River. The students flung their helmets, bottles, and Molotov cocktails [gasoline bombs] into the water before finally giving up. More than a dozen police officers were injured in Rome and more than 60 protesters were detained. Quoted in Barbie Latza Nadeau, “Europe’s Day of Austerity Rage,” Daily Beast, November 14, 2012. com. 62 To hide the extent of Greece’s deficit, its financial officials had used accounting tricks for decades.
When stock prices plunge, it indicates that economic hardships are ahead. Some of the largest historic drops of the Dow Jones Industrial Average occurred between September and December 2008. And it was a small number of banks, brokers, and insurance firms located on Wall Street that sent the Dow tumbling and spread financial panic across the globe. “The Monster That Ate Wall Street” The Wall Street meltdown was triggered by the plunging value of mortgage-backed securities, which were bundles of subprime mortgages.
A corporation with a triple-A credit rating is considered extremely safe for lenders to invest their money in. According to Robert O’Harrow Jr. and Brady Dennis, 35 Car insurers are required by law to have money available to pay for repairing or replacing a policyholder’s car after a wreck. Credit default swaps were wrongly viewed as similar to car insurance. S. ”24 As one of the largest insurance companies in the world, AIG, not surprisingly, would take part in the CDS business. In 2001 AIG Financial Products generated a $300 million profit from premiums on CDS contracts.