back up the truck v. phr.— «The safety of these securities caused financial firms to load upon on them (“back up the truck,” in Wall Street parlance). They were considered so safe that financial firms used borrowed funds to buy more, and...
waterfall structure n.— «A single trust might be further sliced and diced to create different derivative securities, each one subordinated to the next in terms of the claim on cash flow. In the event of a default, the highest-rated—and...
pass-back n.— «In the past, Spa GP had used paper tickets, which had to be visually checked by stadium employees as ticket-holders arrived. This process often led to long queues as visitors entered the stadium. Spa GP had also struggled...
short-kiting n.— «Naked short sellers do not have to borrow the stock. Thanks to smart lobbying by certain hedge funds, the rules have been subtly bent to say that “a broker dealer must have reasonable grounds to believe that the...
sleepover n.— «Ohio’s elections chief is reconsidering a plan to prohibit poll workers from taking voting machines home for safekeeping in the days before the November presidential election. Secretary of State Jennifer Brunner announced...
micro-expression n.— «The TSA aims to have 500 “behavior detection officers” (BDOs) in airports by the end of this year. The job of the BDOs will be that of examining passengers for “body language and facial cues…...