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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
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Monday, June 30, 2008
Harman International Earns 2008 Technology Award from Ferrari
Comtex
KARLSBAD, Germany, Jun 30, 2008 (BUSINESS WIRE) ----Harman/Becker Automotive Systems, a unit of Harman International, (NYSE:HAR) announced today that it has been selected by Ferrari S.p.A. as the Italian automaker's Ferrari Technology Award winner for 2008. The award was presented on June 26 at the eighth edition of Podio Ferrari, the automaker's annual awards event for suppliers and partners that have demonstrated particularly high standards of excellence, technology, innovation and product development in partnership with Ferrari.
"This award is a tribute to the cooperation and team spirit between our two companies that has thrived for more than a decade," said Dinesh C. Paliwal, Harman International Chairman and Chief Executive Officer. "We are delighted to blend our leading-edge audio and infotainment technology with Ferrari's legendary engineering to create a truly exciting experience for drivers."
Harman/Becker provides original-equipment navigation and entertainment systems for virtually all current Ferrari models and has recently been selected as the infotainment supplier for the new California model. For additional information, visit www.ferrari.com.
Harman/Becker is the automotive division of Harman International Industries, Incorporated (www.harman.com) which designs, manufactures and markets a wide range of audio and infotainment products for the automotive, consumer and professional markets. Harman International maintains a strong presence in the Americas, Europe and Asia, and employ more than 12,000 people worldwide. The Harman International family of brands includes AKG, Audioaccess, Becker, BSS, Crown, dbx, DigiTech, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson, Revel, QNX, Soundcraft and Studer. Harman International's stock is traded on the New York Stock Exchange under the symbol "NYSE: HAR."
SOURCE: Harman/Becker Automotive Systems
Harman/Becker Automotive Systems Stephanie Sauter Global Brand & Product Marketing Manager + 49 (0) 7248/71-1419 SSauter@HarmanBecker.com or Harman International Industries, Incorporated Brad A. Hoffman Vice President, Corporate Communications +1 248-592-3171 bhoffman@harman.com
Copyright Business Wire 2008 ********************************************************************** As of Thursday, 06-26-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 06-05-2008 for HAR @ $46.26. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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