34-532: Kimba may refer to: People [ edit ] Kimba Wood (born 1944), U.S. federal judge Évariste Kimba (1926–1966), Republic of the Congo's Prime Minister in 1965 Places [ edit ] South Australia [ edit ] Kimba, South Australia , a town and locality District Council of Kimba , a local government area Kimba Airport Elsewhere [ edit ] Kimba District , District in
68-558: A Public-Private Investment Partnership (PPIP) to buy toxic assets from banks' balance sheets. The major stock market indices in the United States rallied on the day of the announcement rising by over six percent with the shares of bank stocks leading the way. PPIP has two primary programs. The Legacy Loans Program will attempt to buy residential loans from banks' balance sheets. The Federal Deposit Insurance Corporation will provide non-recourse loan guarantees for up to 85 percent of
102-615: A rapidly depreciating asset . Even those assets that might have gone up in value in the long-term depreciated rapidly, quickly becoming "toxic" for the banks that held them. Toxic assets , by increasing the variance of banks' assets, can turn otherwise healthy institutions into zombies . Potentially insolvent banks made too few good loans creating a debt overhang problem. Alternatively, potentially insolvent banks with toxic assets sought out very risky speculative loans to shift risk onto their depositors and other creditors. On March 23, 2009, U.S. Treasury Secretary Timothy Geithner announced
136-426: Is a bond that is rated below investment grade by credit rating agencies . These bonds have a higher risk of default or other adverse credit events but offer higher yields than investment-grade bonds in order to compensate for the increased risk. As of 2024, high-yield bonds have a higher yield than U.S. Treasury securities . As indicated by their lower credit ratings , high-yield debt entails more risk to
170-936: Is an American judge who is a senior district judge of the United States District Court for the Southern District of New York . Wood received her undergraduate education at Connecticut College before gaining an MSc at the London School of Economics . In 1969, she earned a J.D. from Harvard Law School . She was appointed by President Ronald Reagan to the U.S. District Court for the Southern District of New York , where she achieved senior status in 2009. In 1993, President Bill Clinton unsuccessfully nominated Wood to be United States Attorney General . Wood has presided over many high-profile cases involving such figures as " Junk Bond King" Michael Milken , Republican majority leader of
204-663: The Illegals Program . She accepted the defendants' guilty pleas and sentenced all ten to time served. The ten were then deported and exchanged for four prisoners previously held in Russia. On October 26, 2010, Wood issued an injunction in Arista Records LLC v. Lime Group LLC , forcing LimeWire to disable "the searching, downloading, uploading, file trading and/or file distribution functionality, and/or all functionality" of its software. A trial investigating
238-725: The New York State Senate Dean Skelos , and Donald Trump 's personal attorney, Michael Cohen . Wood was born in Port Townsend, Washington . Wood was named for the small town of Kimba , South Australia , which her mother saw in an atlas. Her father was a career officer and speechwriter in the United States Army . Wood lived in Europe during her youth, where her father was stationed in several places, and she received early education at
272-602: The Sorbonne . In 1965, Wood graduated from Connecticut College with a bachelor's degree in government, cum laude . In 1966, she received a Master of Science in political theory from the London School of Economics . While in London, she spent five days training as a Playboy bunny , but quit before beginning to work at a club. She then earned a Juris Doctor from Harvard Law School in 1969, where there were fewer than twenty women in her class. From 1969 to 1970, Wood
306-496: The bris , but that "if a daughter is born, there will be a public celebration in court, with readings from poetry celebrating girls and women." In 2016, Wood presided over the case against Dean Skelos , Republican majority leader of the New York State Senate , who was accused of federal corruption charges. In April 2018, Wood was assigned to preside over motions arising out of the search pursuant to warrant of
340-732: The Pool Department of Republic of the Congo Kimba Payam , South Sudan Other uses [ edit ] Kimba language , language in Nigeria Kimba the White Lion , a manga and anime series by Osamu Tezuka See also [ edit ] Kemba (disambiguation) Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Kimba . If an internal link led you here, you may wish to change
374-823: The U.S. Treasury's Troubled Asset Relief Program monies, private investors, and from loans from the Federal Reserve's Term Asset Lending Facility (TALF). The initial size of the Public Private Investment Partnership is projected to be $ 500 billion. Nobel Prize–winning economist Paul Krugman has been very critical of this program arguing the non-recourse loans lead to a hidden subsidy that will be split by asset managers, banks' shareholders and creditors. Banking analyst Meredith Whitney argues that banks will not sell bad assets at fair market values because they are reluctant to take asset write downs. Removing toxic assets would also reduce
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#1732791657969408-594: The US Treasury to seek congressional appropriations to buy those assets in September 2008 to prevent a systemic crisis of the banks. Such assets represent a serious problem for purchasers because of their complexity. Having been repackaged perhaps several times, it is difficult and time-consuming for auditors and accountants to determine their true value. As the recession of 2008–09 hit, their value decreased further as more debtors defaulted, so they represented
442-681: The case of the Greek Orthodox Patriarchate of Jerusalem v. Christie's, Inc. , in which the ownership of the Archimedes Palimpsest was disputed. Wood also later presided over Leonard v. Pepsico, Inc. , 88 F. Supp 2d 116 (S.D.N.Y. 1996), more widely known as the Pepsi Points Case . On July 8, 2010, Wood was the presiding judge over the US case against ten alleged Russian ' illegals ' involved in
476-425: The damages necessary to compensate the affected record labels was held in 2011 and ended in a negotiated settlement. On November 19, 2010, Wood received attention in connection with a letter to the court from Bennet M. Epstein, an attorney, who asked for time off from a trial to attend his then-unborn grandson's bris , if the baby proved to be a boy. In response, Wood wrote that Epstein would be permitted to attend
510-442: The details of which were detailed in his diaries; those diaries came to light during divorce proceedings between Richardson and his first wife Nancy. The revelations resulted in the breakdown of Wood's marriage to Kramer, and earned her the nickname "The Love Judge". Wood and Richardson married in 1999. High-yield debt In finance , a high-yield bond ( non-investment-grade bond , speculative-grade bond , or junk bond )
544-578: The economic and social consequences of transforming firms through the aggressive use of financial leverage. In 2005, over 80% of the principal amount of high-yield debt issued by U.S. companies went toward corporate purposes rather than acquisitions or buyouts. In emerging markets, such as China and Vietnam, bonds have become increasingly important as short term financing options, since access to traditional bank credits has always been proved to be limited, especially if borrowers are non-state corporates. The corporate bond market has been developing in line with
578-461: The first quarter of 2022 are estimated to be about $ 1.8 trillion, comprising about 16% of the U.S. corporate bond market, which totals $ 10.7 trillion. New issuances amounted to $ 435 billion (~$ 505 billion in 2023) in 2020. Indices for the high-yield market include: Some investors, preferring to dedicate themselves to higher-rated and less-risky investments, use an index that only includes BB-rated and B-rated securities. Other investors focus on
612-537: The first women to break into the male-dominated world of antitrust law, and became partner at LeBoeuf in 1978. On December 18, 1987, based upon a recommendation from Senator Al D'Amato , Wood was nominated by President Ronald Reagan to a seat on the United States District Court for the Southern District of New York vacated by Judge Constance Baker Motley . Wood was confirmed by a unanimous United States Senate on April 19, 1988, and received her commission on April 20, 1988. She entered on duty on July 28, 1988. Wood
646-409: The general trend of capital market, and equity market in particular. High-yield bonds can also be repackaged into collateralized debt obligations (CDO), thereby raising the credit rating of the senior tranches above the rating of the original debt. The senior tranches of high-yield CDOs can thus meet the minimum credit rating requirements of pension funds and other institutional investors despite
680-424: The home and office of Michael Cohen , a personal attorney for Donald Trump . In 1970, Wood married Robert Lovejoy, a partner at Davis Polk & Wardwell . She went by the name Kimba Wood Lovejoy from 1970 to 1982, until the time of their divorce. In 1982, Wood married Time magazine political columnist Michael Kramer. They had a son, Ben, in 1986. Wood allegedly had an affair with Frank E. Richardson II,
714-430: The investor compared to investment grade bonds. Investors require a greater yield to compensate them for investing in the riskier securities. In the case of high-yield bonds, the risk is largely that of default: the possibility that the issuer will be unable to make scheduled interest and principal payments in a timely manner. The default rate in the high-yield sector of the U.S. bond market has averaged about 5% over
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#1732791657969748-418: The largest purchasers of high-yield debt. Individual investors participate in the high-yield sector mainly through mutual funds. Some institutional investors have by-laws that prohibit investing in bonds which have ratings below a particular level. As a result, the lower-rated securities may have a different institutional investor base than investment-grade bonds. . U.S. high-yield bonds outstanding as of
782-511: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Kimba&oldid=1201693345 " Categories : Disambiguation pages Disambiguation pages with given-name-holder lists Disambiguation pages with surname-holder lists Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Kimba Wood Kimba Maureen Wood (born January 21, 1944)
816-474: The long term. During the liquidity crisis of 1989–90, the default rate was in the 5.6% to 7% range. During the COVID-19 pandemic , default rates rose to just under 9%. A recession and accompanying weakening of business conditions tends to increase the possibility of default in the high-yield bond sector. Institutional investors (such as pension funds , mutual funds , banks and insurance companies ) are
850-620: The lowest quality debt rated CCC or distressed securities , commonly defined as those yielding 1,000 basis points over equivalent government bonds. The original speculative grade bonds were bonds that once had been investment grade at time of issue, but where the credit rating of the issuer had slipped and the possibility of default increased significantly. These bonds are called "fallen angels". The investment banker Michael Milken realized that fallen angels had regularly been valued less than what they were worth. His experience with speculative grade bonds started with his investment in these. In
884-643: The mid-1980s, Milken and other investment bankers at Drexel Burnham Lambert created a new type of high-yield debt: bonds that were speculative grade from the start, and were used as a financing tool in leveraged buyouts (LBOs) and hostile takeovers . In a LBO, an acquirer would issue speculative grade bonds to help pay for an acquisition and then use the target's cash flow to help pay the debt over time. Companies acquired in this manner were commonly saddled with very high debt loads, hampering their financial flexibility. Debt-to-equity ratios of at least 6 to 1 were common in such transactions. This led to controversy as to
918-522: The nanny, even when she had been directly asked. In her statement, however, Wood said she had not misled the White House. One of Wood's notable decisions was sentencing Michael Milken , known as "The Junk Bond King", in 1990 to ten years in prison. In 1991, Milken's sentence was reduced to two years' imprisonment and three years' probation at the request of prosecutors, to reward his cooperation in other investigations. In 1998, Wood presided over
952-423: The purchase price of legacy loans. Private sector asset managers and the U.S. Treasury will provide the remaining assets. The second program is called the legacy securities program which will buy mortgage backed securities (RMBS) that were originally rated AAA and commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) which are rated AAA. The funds will come in many instances in equal parts from
986-573: The required taxes on the employee's wages. Wood employed the immigrant at a time when it was legal to do so, before the Immigration Reform and Control Act of 1986 made the hiring of undocumented immigrants unlawful. The threat of a repetition of the same controversy nevertheless led to the withdrawal of Wood from consideration. Janet Reno was later nominated and confirmed for the post. White House officials said they were angry at Wood because she had not told Clinton and other officials about
1020-441: The significant risk in the original high-yield debt. When such CDOs are backed by assets of dubious value, such as subprime mortgage loans, and lose market liquidity , the bonds and their derivatives become what is referred to as "toxic debt". Holding such "toxic" assets led to the demise of several investment banks such as Lehman Brothers and other financial institutions during the subprime mortgage crisis of 2007–09 and led
1054-687: The volatility of banks' stock prices. Because stock is akin to a call option on a firm's assets, this lost volatility will hurt the stock price of distressed banks. Therefore, such banks will only sell toxic assets at above market prices. On 27 April 2010, the Greek debt rating was decreased to "junk" status by Standard & Poor's amidst fears of default by the Greek Government . They also cut Portugal 's credit ratings by two notches to A, over concerns about its state debt and public finances on 28 April. On 5 July 2011, Portugal's rating
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1088-556: Was a member of the Judicial Conference of the United States from 2006 to 2007. She served as Chief Judge from 2006 to 2009 and assumed senior status on June 1, 2009. In the Nannygate matter of 1993, Wood was Bill Clinton 's second unsuccessful choice for United States Attorney General . Like Clinton's previous nominee, Zoë Baird , Wood had hired an illegal immigrant as a nanny , but unlike Baird, she had paid
1122-427: Was decreased to "junk" status by Moody's (by four notches from Baa1 to Ba2) saying there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again, and private lenders might have to contribute. On 13 July 2012, Moody's cut Italy's credit rating two notches, to Baa2 (leaving it just above junk). Moody's warned the country it could be cut further. With
1156-509: Was in private practice in Washington, D.C. , working at Steptoe & Johnson where she was the only female attorney. From 1970 to 1971, she worked at the Office of Economic Opportunity . After relocating to New York City in 1971, Wood returned to private practice from 1971 to 1988, working as an antitrust law expert at the firm of LeBoeuf, Lamb, Leiby & MacRae . She became one of
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