Tuesday, September 16, 2008

Moral Hazard for Corporations

With all the talk about “moral hazard” lately, I have realized something: there is a basic flaw in the way the subject is typically discussed with respect to financial corporations. I’m not saying that the people discussing it are necessarily misunderstanding, but the terms in which it’s typically discussed will tend to lead the unwary into sloppy thinking or confusion.

Take, for example, the aphorism (regarding deposit insurance), “Heads stockholders win, tails taxpayers lose.” (This aphorism was recently used by, and may have been coined by, Paul Krugman. To be fair, if you read his whole entry, the language is more precise when he discusses the matter explicitly. But he also uses the misleading expression – which he did not coin – “FDIC put.”) This makes it sound as if deposit insurance were somehow protecting stockholders from the consequences of risky actions taken on their behalf. But what if there were no deposit insurance and the same risky actions were taken? What would happen to stockholders if those risks turned out badly? The stockholders would lose what they put into the corporation but no more – exactly the same as when there is deposit insurance. The moral hazard problem exists in general with stockholders, whether or not the assets are insured, because of the limited liability inherent in the corporate form of ownership. There is no “FDIC put” for stockholders; there is merely the “corporate put” that exists for all corporations.

When we talk about corporations whose assets are insured, either explicitly or implicitly, the special moral hazard problem is not with stockholders but with creditors. In the case of commercial banks, the creditors are known as depositors. The problem with deposit insurance is that it takes away the incentive that depositors would have to select and police their banks in such a way as to prevent excessive risk-taking. Overall, in the case of commercial banks, removing this incentive is a good thing, because depositors – with limited information and resources – aren’t able to do a very good job of policing and selecting banks. Their attempts to identify “bad banks” often result in “false positives” that precipitate bank runs. It makes much more sense to have regulators – who have more resources and better information – do the policing.

So I’ll repeat the point I’ve made several times before. When we talk about the implicit insurance that is (apparently not, as of yesterday) offered to investment banks and the like, the issue is not whether the stockholders are being protected – they’re always protected by the rules of corporate ownership – but whether the creditors are being protected. Are creditors being encouraged to make rash decisions about where to lend their money? Is the process of avoiding those rash decisions (as in the case of commercial banks) an inefficient one that could be done better by someone else (regulators, presumably)?

I have argued that, in the case of major investment banks, the moral hazard for creditors should not be a major concern. The comments have convinced me that I may have overstated my case, but I stand behind the policy recommendation. (Well, a “recommendation” after the fact is known as a “criticism,” but I would have recommended the same thing before the fact. The main reason I didn’t talk about it before the fact is that I expected officials to do what I would have recommended anyhow.) Large investment banks can, and perhaps should, be allowed to fail sometimes, but not when the country is already in the midst of an ongoing financial crisis and interest rates are low enough to limit the potential for using monetary policy to blunt the economic effects. Creditors should perhaps take the risk of losing their investment during generally good times, when the effect on the economy would not be potentially disastrous. I’ll reserve judgment as to whether creditors should be (implicitly or explicitly) insured (and I will certainly agree that such insurance should come with additional regulation), but I will not retract my opinion that the financial system as a whole should be insured. Sometimes implementing insurance for the system as a whole requires that individual institutions be bailed out.

Labels: , ,

47 Comments:

Anonymous Jim Glass said...

"But what if there were no deposit insurance and the same risky actions were taken?"

I am running the Casino Savings & Loan. In a world of 3% interest rates on deposits I offer 7%.

Prospective depositors reply: "Who are you kidding? I don't need the smarts of a Lehman investment banker to know you are taking some sort of crazy risk with my money to pay 7%! "

I tell them: "Your deposits are 100% guaranteed by the federal govt! Under that new law, you know. So what's the risk I'm taking to you?"

They say: "Well, if you put it that way, OK, sure. Here's our $X million, and give us that 7%!"

So I take the money, and as a top-owner exec of CS&L provide myself a merit-based compensation package that pays me the big bucks, based on the huge deposits I'm drawing in and the high investement returns produced by my proudly "aggressive and innovative" investment strategy. And as the share price of my now "growth stock" S&L shoots way up, I cash some of my shares out and deposit others in my secure-forever Keogh and 401(k) retirement plans, where I swap them tax-free for S&P 500 index shares.

(Very possibly I sell out on top right there, having made a name for myself as a "star banker" forever. Thereafter you watch me on Charlie Rose opining about periodic banking crises. )

A few years later market conditions turn, my innovative investment strategy blows up (my card counters get kicked out of the casino), and CS&L goes bust.

If I'm still running it I'm a bit chagrined but walk away still plenty rich enough on the money I've put away, and immune from liability on my common shares (those I still own) -- having done not a thing that was illegal. And the FDIC gets stuck with $X of deposit liabilities it has to pay off. All because of the risky investments I could never have made but for the deposit insurance that drew the extra $X of deposits to me.

A true story writ many times over during the great S&L boom and bust.

Create a free lunch opportunity for borrowers and you create a free lunch opportunity that lenders and their equity owner can game for profit too -- through taking riskier actions -- every time.

That's why these things have to be done with care, and with the tradeoffs full in mind.

Sat Sep 20, 06:24:00 PM EDT  
Blogger knzn said...

You're saying that "the same risky actions" could not have been taken in the first place if there were no deposit insurance, and that is of course true. But a counterfactual hypothesis ("if...the same risky actions were taken") does not have to be one that represents an actual possibility. Deposit insurance allows those actions to be taken, not by the way it affects stockholders or managers directly, but by the way it affects depositors and the consequent way in which depositors' behavior affects stockholders or managers. The insurance is not creating a moral hazard for stockholders; it is creating a moral hazard for depositors, and the stockholders' and managers' actions are being affected by the consequent behavior of the depositors.

Certainly the equity owners and managers can game the system, but only because their depositors have no incentive to police them or to exercise prudence in their selection. There is no moral hazard problem with respect to the owners and managers, except the ones that always exist with corporations. The problem is not that the owners and managers have a special moral hazard created by deposit insurance but that they lack oversight to prevent them from taking advantage of the moral hazard that they already had.

Sun Sep 21, 02:53:00 AM EDT  
Blogger sexy11 said...

情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣用品,情趣用品,情趣,情趣,A片,A片,情色,A片,A片,情色,A片,A片,情趣用品,A片,情趣用品,A片,情趣用品,a片,情趣用品

A片,A片,AV女優,色情,成人,做愛,情色,AIO,視訊聊天室,SEX,聊天室,自拍,AV,情色,成人,情色,aio,sex,成人,情色

免費A片,美女視訊,情色交友,免費AV,色情網站,辣妹視訊,美女交友,色情影片,成人影片,成人網站,H漫,18成人,成人圖片,成人漫畫,情色網,日本A片,免費A片下載,性愛

情色文學,色情A片,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色視訊,免費成人影片,視訊交友,視訊聊天,言情小說,愛情小說,AV片,A漫,AVDVD,情色論壇,視訊美女,AV成人網,成人交友,成人電影,成人貼圖,成人小說,成人文章,成人圖片區,成人遊戲,愛情公寓,情色貼圖,色情小說,情色小說,成人論壇


av女優,av,av片,aio交友愛情館,ut聊天室,聊天室,豆豆聊天室,色情聊天室,尋夢園聊天室,080聊天室,視訊聊天室,080苗栗人聊天室,上班族聊天室,成人聊天室,中部人聊天室,一夜情聊天室,情色聊天室,情色視訊

A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖

Wed Jan 14, 06:40:00 AM EST  
Blogger sex999 said...

A片,A片,情色,情色,A片,A片,情色,情色,A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖

美女交友,AIO交友愛情館,AIO,成人交友,視訊交友網,視訊交友,拓網交友,PC交友,視訊交友90739,交友,情色交友,聊天室交友,辣妹視訊,視訊辣妹,美女視訊,視訊美女,情色視訊,日本AV,免費視訊聊天,視訊聊天,AV女優,AV,視訊聊天室,視訊,免費視訊,情人視訊網,本土自拍,自拍,AVDVD,SEX,微風成人,微風論壇,微風成人區,成人網站,成人,成人電影,嘟嘟成人網,成人貼圖,成人影片,成人圖片區,成人圖片,18成人,成人小說,成人影城,成人文章,成人論壇,愛情公寓,情色論壇,情色,色情聊天室,色情,情色貼圖,情色文學,色情小說,情色小說,寄情築園小遊戲,色情遊戲,情色電影,情色網,做愛,UT聊天室,聊天室,聊天,哈拉聊天室,豆豆聊天室,尋夢園聊天室,聊天室尋夢園,080苗栗人聊天室,苗栗人聊天室,080中部人聊天室,080聊天室,中部人聊天室,柔情聊天網,6K聊天室,小高聊天室,上班族聊天室,免費A片,A片,成人聊天室,一夜情聊天室,情色聊天室,色色網,免費AV

Wed Jan 14, 10:15:00 PM EST  
Anonymous Anonymous said...

看房子,買房子,建商自售,自售,台北新成屋,台北豪宅,新成屋,豪宅,美髮儀器,美髮,儀器,髮型,EMBA,MBA,學位,EMBA,專業認證,認證課程,博士學位,DBA,PHD,在職進修,碩士學位,推廣教育,DBA,進修課程,碩士學位,網路廣告,關鍵字廣告,關鍵字,廣告,課程介紹,學分班,文憑,牛樟芝,段木,牛樟菇,日式料理, 台北居酒屋,燒肉,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,住宿,訂房,HOTEL,飯店,造型系列,學位,牛樟芝,腦磷脂,磷脂絲胺酸,SEO,婚宴,捷運,學區,美髮,儀器,髮型,牛樟芝,腦磷脂,磷脂絲胺酸,看房子,買房子,建商自售,自售,房子,捷運,學區,台北新成屋,台北豪宅,新成屋,豪宅,學位,碩士學位,進修,在職進修, 課程,教育,學位,證照,mba,文憑,學分班,網路廣告,關鍵字廣告,關鍵字,SEO,关键词,网络广告,关键词广告,SEO,关键词,网络广告,关键词广告,SEO,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,居酒屋,燒烤,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,小套房,小套房,進修,在職進修,留學,證照,MBA,EMBA,留學,MBA,EMBA,留學,進修,在職進修,牛樟芝,段木,牛樟菇,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,住宿,民宿,飯店,旅遊,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA

Sun Mar 08, 11:25:00 AM EDT  
Blogger 风和日丽 said...

搬家搬家搬家公司搬家搬家 百家乐 轮盘 21点 德州扑克 百家乐系统 真人娱乐场 百家乐 足球 德州扑克 电子游戏 英格兰超级联赛 德国甲组联赛 意大利甲组联赛 西班牙甲组联赛 法国甲组联赛欧冠杯 英超 足球比分 足球彩票 体育彩票 即时比分 免費a片 a片 免費av 色情影片 情色 情色網 色情網站 色情 成人網 成人圖片 成人影片 18成人 av av女優 av av女優 情慾 走光 做愛 sex H漫 情色 情趣用品 情色 a片 a片 成人網站 成人影片 情趣用品 情趣用品 アダルト アダルト アダルトサイト アダルトサイト 情趣用品徵信社徵信徵信徵信社外遇徵信徵信社外遇

Mon Mar 09, 11:39:00 PM EDT  
Blogger Happy New Year 2009! said...

兼職小姐

 

室內設計



室內設計

室內設計


裝潢,室內設計,室內設計室內設計公司


搬家公司,搬家公司,台北搬家公司,搬家公司,室內設計
這一家租屋網免費刊登不用錢耶
搬家公司,健身,茶葉A片,SEO,SEO,SEO,motel,led手電筒,棧板,二胎,隔熱紙,照明,健身,a383,a383,,二手家具,a383,胸章,車燈
文山搬家
,南港搬家,大安區搬家,松山搬家,中山區搬家,八里搬家,
五股搬家,
泰山搬家,大同區搬家,中正區搬家,士林搬家,萬華搬家,

台北搬家公司,台北搬家公司,客人,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品

Wed Mar 11, 04:41:00 AM EDT  
Anonymous Anonymous said...

福~
「朵
語‧,最一件事,就。好,你西.............................................................................................................
..................

Wed Apr 01, 09:30:00 AM EDT  
Anonymous Anonymous said...

酒店喝酒,禮服店,酒店小姐,酒店領檯,便服店,鋼琴酒吧,酒店兼職,酒店兼差,酒店打工,伴唱小姐,暑假打工,酒店上班,酒店兼職,ktv酒店,酒店,酒店公關,酒店兼差,酒店上班,酒店打工,禮服酒店,禮服店,酒店小姐,酒店兼差,暑假打工,酒店經紀,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,台北酒店,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,寒假打工,酒店小姐,禮服店 ,酒店小姐,酒店經紀,酒店兼差,暑假打工,酒店小姐,酒店傳播,酒店經紀人,酒店,酒店,酒店,酒店 ,禮服店 , 酒店小姐,酒店經紀,酒店兼差,暑假打工,招待所,酒店小姐,酒店兼差,寒假打工,酒店上班,暑假打工,酒店公關,酒店兼職,禮服店 , 酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工,酒店,酒店,酒店經紀,酒店領檯 ,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,禮服店 ,酒店小姐 ,酒店經紀 ,酒店兼差,暑假打工, 酒店上班,酒店經紀

Mon Apr 20, 10:23:00 PM EDT  
Anonymous Anonymous said...

There are ed hardy shirts
,pretty ed hardy shirt for men,

ed hardy womens in the ed hardy online store

designed by ed hardy ,
many cheap ed hardy shirt ,glasses,caps,trouers ed hardy shirts on sale ,

You can go to edhardyshirts.com to have a look ,you may find one of ed hardy clothing fit for you
Top qualitymen's jacket,
These cheap jacket are on sale now,you can find
north face jackets inmage on our web

Mon Jun 08, 01:52:00 AM EDT  
Anonymous Anonymous said...

Do you wannaghd hair straighteners for you own , we have many
cheap ghd hair straightenersin style and great,you can choose one from these
hair straighteners
Authentic chaussure puma
chaussure sport
And chaussure nike shoes
Come here to have a look of our Wholesale Jeans
Many fashionMens Jeans ,eye-catching
Womens Jeans ,and special out standing
Blue Jeans ,you can spend less money on our
Discount Jeans but gain really fine jeans, absolutely a great bargain.
www.crazypurchase.com
China Wholesale
wholesale from china
buy products wholesale
China Wholesalers
http://weddingdressseason.com

Mon Jun 08, 01:55:00 AM EDT  
Blogger tank said...

情趣用品,情趣用品,情趣,情趣,情趣商品,情趣商品,情趣睡衣,情趣內衣,自慰器,飛機杯,按摩棒,潤滑液,跳蛋,C型褲,C字褲,角色扮演,情趣按摩棒,AV女優,SM,充氣娃娃,自慰套,情趣用品,情趣,情趣商品,情趣精品,電動按摩棒,日本按摩棒,小S跳蛋,無線跳蛋,A片,自慰器,情趣用品,成人用品,性愛用品,

Sat Jul 11, 06:51:00 AM EDT  
Anonymous Anonymous said...

現在來談談
台中搬家公司的未來展望,買新房子想從北屯搬到台中七期,當然要找台中搬家公司來執行台中搬家,明年台中縣市就要合併升格,到時候就無所謂台中縣搬家公司了,就只剩下台中市搬家公司。一搬來說大台中地區包括台中縣市,也包含彰化及南投,所以網路上找中部地區搬家公司,就會用南投搬家公司或者彰化搬家公司


再來談行的問題,景氣不是很好很多人買不起新車只好買中古車囉!中古車買賣是需要技巧的,胡亂買中古車可能會吃大虧的,消費者可要睜大眼睛看清楚,免得買了後悔不已。如果買新車的話,就沒有剛剛的問題,新車業務員在交車時一般都會幫車主貼隔熱紙,就是我們所說的汽車隔熱紙,不過他們貼的隔熱紙品質都不是挺好的,相信很多車主有許多不愉快經驗吧!有了車之後免不了要學開車吧!一般學開車是要到駕訓班,當然也可以叫做汽車駕訓班,聽說學費不便宜喔!還是省一點好,不要亂花錢。

經濟不景氣,討論借錢的話題很多人應開有興趣,在台北想借錢或者汽車借款可以到台北當舖或者是台北市當舖台北縣當舖當然也可以,如果是住在台北火車站到台北市當舖借錢比較方便。那我住在內湖就可以到內湖區當舖借錢融資囉!住在東區就找信義區當舖借錢,以此類推。一般支票貼現也有辦理,銀行有辦理票貼當舖也有阿,而且比銀行更方便,利息雖然高一點不過時效性卻非常好,一般工商人士短期借款就很喜歡到當舖的原因。我家現在住在桃園想融資票貼就得到桃園當舖,住新竹的人往新竹當舖借貸是比較方便。來到台中手頭不方便,想週轉借貸一下台中當舖是有這樣的服務,報紙或者網路上隨時都可以查到台中
縣當舖
的資訊,因為台中當舖是非常有名的,服務也相當好。往台灣南部走先碰到的是嘉義當舖,借錢票貼一樣容易,聽說嘉義還蠻好玩的,火雞肉飯不錯吃喔!再往南走將會遇到高雄當舖,高雄人是很熱情的,借錢當然也不囉唆,依據話就搞定。鳳山再過一點點就到達台灣最南邊的屏東,一樣有屏東當舖可以服務缺錢的人,住在台灣真方便,哪裡都可以週轉融資。

有錢之後男人花樣變多了,想輕鬆一下,台中大大有名的就是台中護膚台中指油壓,不去體驗一下怎麼可以呢!食色性也這是孔老夫子講的,想找一些網路上情色消遣,只要關鍵字打上一夜情,視訊聊天,免費視訊聊天,免費視訊,視訊交友,情色貼圖,讓你看的眼花撩亂,爽快不已,E時代就是這麼方便,彈指可取情色
資訊。找女朋友到motel去休息,要挑好一點有情趣的汽車旅館,這種錢是一定不能省的,燈光美氣氛佳才能辦好事。

身體要強、要勇,買花旗蔘來補身一定有用,不過要用加拿大來的西洋蔘功效比較好,不信可以問一下專家的意見,相信他所給的答案就是粉光蔘。

Thu Jul 30, 11:22:00 PM EDT  
Blogger 酒店上班請找艾葳 said...

艾葳酒店經紀提供專業的酒店經紀,酒店上班,酒店打工、兼職、酒店相關知識等酒店相關產業服務,想加入這行業的水水們請找專業又有保障的艾葳酒店經紀公司!
艾葳酒店經紀是合法的公司、我們是不會跟水水簽任何的合約 ( 請放心 ),我們是不會強押水水辛苦工作的薪水,我們絕對不會對任何人公開水水的資料、工作環境高雅時尚,無業績壓力,無脫秀無喝酒壓力,高層次會員制客源,工作輕鬆。
一般的酒店經紀只會在水水們第一次上班和領薪水時出現而已,對水水們的上班安全一點保障都沒有!艾葳酒店經紀公司的水水們上班時全程媽咪作陪,不需擔心!只提供最優質的酒店上班環境、上班條件給水水們。

Mon Aug 03, 11:39:00 PM EDT  
Blogger tjutrfjutrjirt said...

情趣用品,情趣用品,情趣,情趣,情趣商品,情趣商品,飛機杯,充氣娃娃,自慰套,自慰,電動按摩棒,按摩棒,G點,跳蛋,潤滑液,SM道具,SM,酒店,情趣,情趣內衣,性感睡衣,角色扮演,丁字褲,吊帶襪,巨乳,18禁,美女自拍,美女自拍,免費聊天,免費視訊,一對一視訊,一對多視訊,聊天人緣,談情說愛,成人視訊,影音視訊聊天室,相片,靚辣妹群

Thu Aug 13, 07:03:00 AM EDT  
Blogger ming said...

I tell them: "Your deposits are 100% guaranteed by the federal govt!
--------------------------------------
Under that new law, you know. So what's the risk I'm taking to you?"

Mon Aug 24, 10:45:00 AM EDT  
Blogger ming said...

And as the share price of my now "growth stock" S&L shoots way up, I cash some of my shares out and
--------------------------------------
deposit others in my secure-forever Keogh and 401(k) retirement plans, where I swap them tax-free for S&P 500 index shares.

Mon Aug 24, 10:46:00 AM EDT  
Blogger ming said...

The insurance is not creating a moral hazard for stockholders; it is creating a moral hazard for
--------------------------------------
depositors, and the stockholders' and managers' actions are being affected by the consequent behavior of the depositors.

Mon Aug 24, 10:46:00 AM EDT  
Blogger ming said...

A true story writ many times over
--------------------------------------
during the great S&L boom and bust.

Mon Aug 24, 10:47:00 AM EDT  
Blogger beautyli said...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I like it

Tue Aug 25, 08:31:00 PM EDT  
Blogger beautyli said...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . good,very good!

Tue Aug 25, 08:31:00 PM EDT  
Blogger beautyli said...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .

This article is very good,I like it !

Tue Aug 25, 08:32:00 PM EDT  
Blogger beautyli said...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . good!good!

Tue Aug 25, 08:33:00 PM EDT  
Blogger yi said...

Failure to agree with them is 'heresy'. Failure to behave properly is a 'sin'.
have lost or abandoned religion in the traditional sense by now, or have retained only a tenuous, formulaic connection, or have veered off into various unsatisfying concoctions of "spirituality"....................................

Sat Sep 19, 03:24:00 AM EDT  
Blogger poston said...

wholesale gemstone jewelry
wholesale crystal jewelry
crystal wholesale
rock crystal


crystal jewelry
wholesale jewelry
jewelry wholesale
cheap jewelry

Sun Sep 27, 10:55:00 PM EDT  
Blogger anran said...

Your blog is wonderful, I like it very much, thank you!
By the way, do you like polo shirts, which are very chic, especially the polo t shirts, I love them very much. I also like playing tennis rackets, it can keep healthy, what do you like to do?
We are the outlet of polo t shirts women, polo t shirts on sale, polo t shirts for women, polo shirts on sale, these products are best-seller in our store online.besides we also sell polo shirts men, men's polo shirt, men polo shirt, mens polo shirts, mens polo shirt and cheap polo shirts, discount polo shirts, men's polo shirts, women's polo shirts We are also the outlet of cheap tennis racket, discount tennis racket and the main product is prince tennis racquet, head tennis rackets, wilson tennis racket, babolat tennis racquet. So if you love sports, you should not miss our store, we can meet what you want, and you can find many surprise in our store

Wed Jan 20, 08:00:00 AM EST  
Anonymous Anonymous said...

借錢借貸網 借貸與借錢資訊網
借貸資訊 5880借貸救急網
票貼與借貸優質網 支票貼現
二胎,貼現,週轉優質網 貼現融資救急網

Tue Jan 26, 12:34:00 PM EST  
Blogger 心情部落格 said...

星座星座星座
星座運勢星座運勢星座運勢
12星座12星座12星座
十二星座十二星座十二星座
星座星座星座
星座配對星座配對星座配對
星座運勢星座運勢星座運勢
星座排名星座排名星座排名
愛情運勢愛情運勢愛情運勢
愛情配對愛情配對愛情配對
減肥餐減肥餐減肥餐
異性緣異性緣異性緣
黃金價格黃金價格黃金價格
金價金價金價
食譜食譜食譜
美食美食美食
心理測驗心理測驗心理測驗
2010虎年2010虎年2010虎年
2010生肖運勢2010生肖運勢2010生肖運勢

Wed Feb 03, 03:11:00 AM EST  
Anonymous cheap electronics said...

I am running the Casino Savings & Loan. In a world of 3% interest rates on deposits I offer 7%.

Prospective depositors reply: "Who are you kidding? I don't need the smarts of a Lehman investment banker to know you are taking some sort of crazy risk with my money to pay 7%! "

I tell them: "Your deposits are 1

Mon Feb 14, 03:53:00 AM EST  
Anonymous prom dresses 2011 said...

way I'll be subscribing to your feed and I hope you post again soon.

Thu Feb 24, 02:23:00 AM EST  
Blogger 魅惑 said...

 

楚;

Thu Apr 14, 01:41:00 AM EDT  
Blogger 魅惑 said...

; 

Thu Apr 14, 01:42:00 AM EDT  
Blogger game vera said...

Buy high quality nds card, nintendo ds card online, www.ndstrade.com provide best r4 revolution, nintendo ds r4 for DS Lite with the lowest purchase high quality r4 ds, r4 card, r4 sdhc, r4i sdhc, r4i gold, Nintendo DS R4, n5. Enjoy the cheapest cards for R4 Adapter.
Discount ds m3 card, m3i zero, m3 real, m3 ds real for DS Lite at ndstrade.com,enjoy m3 card with high quality and low price.
Cheap ez flash card - Get quality ez flash vi Card, ez flash 3 in 1, Ez Flash DS at hottest prices.
Discount acekard 2i, Purchase acekard Card for acekard 2i online to save more.
Buy DSTT Card online, Choose from Cheap supercard, Enjoy wonderful cyclods game with quality micro sd from r4dsnds.com.
Buy PS3 Jailbreak, PS3 key online, Choose from Cheap PS3 Controller and PS3 move. Enjoy wonderful Ps3 games with quality PsBreak.

Fri Jun 03, 11:05:00 PM EDT  
Anonymous Your Escort Agency said...

Your Escort Agency offers exclusive and most beautiful London escort girls of various nationalities.

Sun Jun 26, 06:16:00 AM EDT  
Anonymous London escort agency said...

Your Mademoiselle escorts agency is select the most charming, friendly and the finest London escorts for our Escort gallery and provide the best escort services in London.

Sun Jun 26, 11:42:00 AM EDT  
Anonymous Olive Green Ball Gown said...

At the end of the day we have an image which is 35 years old, with an interesting and sordid history. Albums with the controversial image are still available *world wide* in recent pressings. You can walk into a record store in the UK and buy it. The image is widely available on the internet, including sites like amazon.co.uk. So blocking the Wikipedia article discussing the image simply makes no sense. (they didn't even block the image itself!)

Sun Jun 26, 09:39:00 PM EDT  
Anonymous London escorts said...

If you are looking for European escorts Bestescort4U is the best place in London

Thu Aug 04, 01:12:00 PM EDT  
Anonymous Escorts London said...

London escort agency which provides genuine female escort models in Central London area

Thu Aug 04, 05:31:00 PM EDT  
Anonymous Elite escorts said...

Beautiful escorts can be found at Elite Club International. Elite Club International is an elite escort agency operating mostly in Dubai and London.

Sun Aug 07, 02:32:00 PM EDT  
Anonymous Porn Star Escorts said...

Bunny Planet is an Exclusive Online Gentlemen's Club filled with Adult Stars, Adult Entertainers, Centerfolds and Erotic Models who want to meet you in person now!

Mon Aug 08, 09:48:00 AM EDT  
Anonymous Japanese London Escorts said...

We are a Central London agency with many of girls exclusive to London Japanese Paradise.

Fri Sep 02, 03:53:00 AM EDT  
Anonymous Escort Models said...

Adoras Models is an escort agency in London where you can find the beautiful and exclusive London escorts. Adoras Models prides itself in running a honest and efficient London escort agency.

Sat Sep 03, 08:22:00 AM EDT  
Anonymous London Asian Escorts said...

London Asian Escorts is an Asian and Oriental escort agency operating in Central London. The agency provides escort service for a true gentlemen.

Fri Sep 09, 11:18:00 AM EDT  
Anonymous Escorts of London said...

Escort of London agency a well-established and respected agency. We have a great selection of girls in London for your pleasure.

Tue Oct 11, 10:43:00 AM EDT  
Anonymous London Escorts said...

Only Pleasures is a well established and respected London escort agency. We are pride of ourselves on having the most exquisite selection of escort girls in London for your pleasure…

Mon Oct 17, 04:17:00 AM EDT  
Anonymous Anonymous said...

閒聊一族超級說說說新奇事物來聊天流浪之旅明天一樣美好快樂之家

Fri Oct 21, 02:23:00 AM EDT  
Anonymous Anonymous said...

宜蘭民宿花蓮民宿宜蘭民宿宜蘭美食房屋網台北房屋

Sat Oct 22, 12:45:00 PM EDT  

Post a Comment

Links to this post:

Create a Link

<< Home