How Much Did Capital Forbearance Add to the Cost of the S&L Insurance Mess

Federal regulators characterize capital forbearance as an efficient way of nursing weak banks and thrifts back to health. An alternative hypothesis is that forbearance reflects inefficient costs of agency that fall on federal deposit-insurance funds. Divergences between regulatory measures of a troubled institution's net worth and GAAP and market-value measures relieved FSLIC from having to book de facto encumbrances that industry losses were imposing on the FSLIC fund. This omission protected the reputations and careers of top officials. Delays in insolvency resolution intensified FSLIC exposure to future losses by distorting management and risk-taking incentives and squeezing profit margins for surviving thrifts. Besides accumulating projects with negative net present value, delay hurt FSLIC indirectly by undermining the average profitability of the industry it insured. This paper seeks to measure the opportunity cost of FSLIC forbearance during 1985-1989. Although the opportunity cost of delay did not increase every year, it did increase on average. Had opportunity-cost standards of capital adequacy been routinely enforced, FSLIC guarantees would not have displaced private capital on a mammoth scale, surviving members of the industry would have proven more profitable, and investments in commercial real estate would have been restrained.

Static Monopoles and Their Anti-Configurations

Recently, we have reported on the existence of some monopoles, multimonopole, and antimonopoles configurations. In this paper we would like to present more monopoles, multimonopole, and antimonopoles configurations of the magnetic ansatz of Ref.\cite{kn:9} when the parameters $p$ and $b$ of the solutions takes different serial values. These exact solutions are a different kind of BPS solution. They satisfy the first order Bogomol'nyi equation but possess infinite energy. They can have radial, axial, or rotational symmetry about the z-axis. We classified these serial solutions as (i) the multimonopole at the origin; (ii) the finitely separated 1-monopoles; (iii) the screening solutions of multimonopole and (iv) the axially symmetric monopole solutions. We also give a construction of their anti-configurations with all the magnetic charges of poles in the configurations reversed. Half-integer topological magnetic charge multimonopole also exist in some of these series of solutions.Comment: 20 pages with 4 figure

Conceptual definition of a high voltage power supply test facility

NASA Lewis Research Center is presently developing a 60 GHz traveling wave tube for satellite cross-link communications. The operating voltage for this new tube is - 20 kV. There is concern about the high voltage insulation system and NASA is planning a space station high voltage experiment that will demonstrate both the 60 GHz communications and high voltage electronics technology. The experiment interfaces, requirements, conceptual design, technology issues and safety issues are determined. A block diagram of the high voltage power supply test facility was generated. It includes the high voltage power supply, the 60 GHz traveling wave tube, the communications package, the antenna package, a high voltage diagnostics package and a command and data processor system. The interfaces with the space station and the attached payload accommodations equipment were determined. A brief description of the different subsystems and a discussion of the technology development needs are presented