With the end to easy money in 2008, banking sectors around the world were over-levered and under-capitalized.

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Institutions deemed under-capitalized must curtail dividends, share buybacks, and acquisitions, and they also may be forced to raise additional capital.

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Hedge fund billionaires have played an important roll in financing sports teams the past decade, often injecting cash into under-capitalized franchises.

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Shortly thereafter Koules and Barrie sold the under-capitalized hockey team to Boston Red Sox minority owner Jeff Vinik for much less than they paid for it.

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For decades the U.S. power grid has been grossly under-capitalized, which is at least part of the reason why it routinely operate near the limits of its abilities.

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But it has also arguably left large parts of the European small business sector under-capitalized and impeded the development of a healthy market for corporate control, holding back economies such as Italy in an age when scale matters.

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She refuses to share her balance sheet with stressed countries by allowing the issuance of euro-bonds, until they reform, even though such reforms cannot be implemented in time to head off sovereign defaults that would take down many under-capitalized European banks, now desperately juggling their books to inflate their capital ratios.

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