round trip transaction
n.— «According to prosecutors, Stockman lied to banks about the firm’s financial condition, inducing them to loan the company money it couldn’t repay. He engaged in “round trip” transactions that involved masking loans—which were supposed to be repaid—as income. He exaggerated the manufacturer’s prospects, knowing his claims were untrue, which led people to buy company securities that quickly became worthless.» —“David Stockman’s Second Act” by Michael Kinsley Time Apr. 5, 2007. (source: Double-Tongued Dictionary)
Further reading
When you had sleepovers as a child, what did you call the makeshift beds you made on the floor? In some places, you call those bedclothes and blankets a pallet. This word comes from an old term for “straw.” And: What’s the story...
Are there words and phrases that you misunderstood for an embarrassingly long time? Maybe you thought that money laundering literally meant washing drug-laced dollar bills, or that AM radio stations only broadcast in the morning? • A moving new...