Now at the helm of Overseas Shipholding Group in New York City, the second-largest publicly traded shipping company (after Teekay Shipping) with a 90-ship fleet, Arntzen learned a valuable lesson from being a lender.
Now at the helm of Overseas Shipholding Group in New York City, the second-largest publicly traded shipping company (after Teekay Shipping (nyse: TK - news - people )) with a 90-ship fleet, Arntzen learned a valuable lesson from being a lender.
Now at the helm of Overseas Shipholding Group (nyse: OSG - news - people ) in New York City, the second-largest publicly traded shipping company (after Teekay Shipping (nyse: TK - news - people )) with a 90-ship fleet, Arntzen learned a valuable lesson from being a lender.
On this view, the eurozone has a lot of problems, but at least it does not now have the added problems associated with being a currency area without a true lender of last resort.
Mr Fox turned the institute from being an ineffective housebuilder into a mortgage lender for its members, who now have individual accounts with it.
ECONOMIST: Laying the foundations of a property-owning democracy
But it is far less than the haircuts being imposed in the current environment, and the lender has a claim to the appreciation of the collateral--a claim that could be packaged, priced and sold.
Initially, it described collective investment vehicles, often organised as private partnerships, that specialised in combining two investment techniques, short sales (borrowing a security and selling it in the hope of being able to repurchase it more cheaply before repaying the lender) and leverage (buying securities with borrowed money) in a way that reduced risk.
ECONOMIST: The villains of global finance deserve a better reputation
Now they are being forced into repurchases of a nastier kind: securitised mortgages whose flaws allow buyers to toss them back to the original lender.
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