It wasn't until the 1960s that televising sports became so expensive that multiple sponsors were needed to underwrite the cost--and the need for ever more commercial breaks during games.
The optimists' gloss on all that was that Italy's financial woes are being quarantined - and the rest of the eurozone is galloping towards the kind of fiscal integration that would (at the last) allow the European Central Bank to (in effect) underwrite the credit-worthiness of all member states (see my post, The eurozone's borrowing costs may stay lethally high, for more on this).
So, in order to underwrite Augusts' multi-national festival, the Narino government inaugurated a special licensing stamp for state contractors, costing two percent of their contract revenue.
China's demand for iron ore and coal will underwrite projected growth of 3-4% in 2011-12.
But the high prices of many patent-protected drugs generate the revenues needed to underwrite the massive research and development expenses that the inventors of brand-name drugs incur.
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Many investors came to believe that central banks would underwrite the markets (the so-called Greenspan, now Bernanke, put).
Which is why the chancellor is committed to using taxpayers' money to underwrite the riskier elements of small-business loans, in a new initiative called "credit easing" - whose details are yet to be announced.
France, Italy and Spain clearly believe it will be easier to persuade Germany to underwrite their broken economic models with euro-zone bonds than to persuade their electorates to accept change.
Ministers have already suggested that they want to find ways to use Britain's low long-term interest rates to underwrite private sector investment in roads, broadband and other infrastructure, which will increase Britain's long term growth rate.
Banks that underwrite these deals are also becoming less risk-averse amid the low-volatility environment and have become more aggressive in bidding to win the deals, also driving down discounts, market participants said.
E-Rate is a mammoth federal effort to underwrite costs associated with wiring needy schools and libraries to the Internet.
Because loans were kept in-house, banks had every reason both to underwrite cautiously and also to keep tabs on the borrower after the money left the vault.
It will matter when and if critical mass is reached, and online-only merchants, who don't have to underwrite the expense of having traditional stores on city streets, reach dominance.
If so, then why assume equity markets wouldn't throw up new business models to finance small businesses and credit-worthy consumers if government-insured deposits were no longer available at all to underwrite such risks?
Currently, the site has a number of big-name corporate sponsors, including Roche and Intel, who underwrite parts of it.
It takes as much work for a bank to underwrite small loan as a large loan, says Bob Coleman, an SBA-loan analyst in La Canada, Calif.
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Unfortunately for potential S3 consumers, TiVo is at a disadvantage compared to the deep-pocketed cable companies and satellite providers who operate under a different business model and underwrite hardware costs.
He began collecting horse-drawn vehicles shortly thereafter, offering trips by coach and carriage as a way to underwrite his costly hobby.
Or to put it another way, there may be no long-term survival for the eurozone unless Germany is prepared to use its balance sheet to underwrite the whole project.
Or to underwrite New York City Mayor Michael Bloomberg's nanny statism or Chicago Mayor Rahm Emanuel's anti-Second Amendment agenda?
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