nc33/MultiSpan_SQUAD huggingface dataset:
Financial_crisis_of_2007%E2%80%9308

The first visible institution to run into trouble in the United States was the Southern California–based IndyMac, a spin-off of Countrywide Financial. Before its failure, IndyMac Bank was the largest savings and loan association in the Los Angeles market and the seventh largest mortgage originator in the United States. The failure of IndyMac Bank on July 11, 2008, was the fourth largest bank failure in United States history up until the crisis precipitated even larger failures, and the second largest failure of a regulated thrift. IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. IndyMac Bancorp filed for Chapter 7 bankruptcy in July 2008.

Question: Who was Southern California-based IndyMac a spin-off of?
Answer: Countrywide Financial

Question: On what date did IndyMac fail?
Answer: July 11, 2008

Question: Which financial institution was the first one visible to run into trouble in the United States?
Answer: IndyMac

Question: Before its failure, which savings and loan association was the seventh largest mortgage originator in the United States?
Answer: IndyMac Bank

Question: Who was IndyMac's parent corporation?
Answer: IndyMac Bancorp
Financial_crisis_of_2007%E2%80%9308

IndyMac reported that during April 2008, Moody's and Standard & Poor's downgraded the ratings on a significant number of Mortgage-backed security (MBS) bonds including $160 million of those issued by IndyMac and which the bank retained in its MBS portfolio. IndyMac concluded that these downgrades would have negatively impacted the Company's risk-based capital ratio as of June 30, 2008. Had these lowered ratings been in effect at March 31, 2008, IndyMac concluded that the bank's capital ratio would have been 9.27% total risk-based. IndyMac warned that if its regulators found its capital position to have fallen below "well capitalized" (minimum 10% risk-based capital ratio) to "adequately capitalized" (8–10% risk-based capital ratio) the bank might no longer be able to use brokered deposits as a source of funds.

Question: When did Moody's and Standard & Poor downgrade a significant number of IndyMac's MBS bonds?
Answer: April 2008

Question: If IndyMac's downgraded MBS bond ratings had been in effect at March 31, 2008, what would the bank's capital ratio have been?
Answer: 9.27%

Question: What was the value of IndyMac's MBS bonds retained in its MBS portfolio that were downgraded in April 2008?
Answer: $160 million

Question: What was one of the agencies that downgraded a significant number of IndyMac's MBS bonds in April 2008?
Answer: Moody's

Question: What is a well capitalized ratio?
Answer: minimum 10% risk-based
Financial_crisis_of_2007%E2%80%9308

When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. Its reduced liquidity was further exacerbated in late June 2008 when account holders withdrew $1.55 billion or about 7.5% of IndyMac's deposits. This “run” on the thrift followed the public release of a letter from Senator Charles Schumer to the FDIC and OTS. The letter outlined the Senator’s concerns with IndyMac. While the run was a contributing factor in the timing of IndyMac’s demise, the underlying cause of the failure was the unsafe and unsound manner in which the thrift was operated.

Question: How much in deposits did account holders withdraw from IndyMac in late June 2008?
Answer: $1.55 billion

Question: What percent of IndyMac's deposits were withdrawn by account holders in late June 2008?
Answer: 7.5%

Question: What was the value of loans IndyMac was forced to hold when the secondary mortgage market collapsed in late 2007?
Answer: $10.7 billion

Question: Who is the Senator that released a letter to the FDIC and OTS that prompted a "run" on IndyMac?
Answer: Charles Schumer

Question: What was the underlying cause of the failure on IndyMac?
Answer: unsafe and unsound manner in which the thrift was operated
Financial_crisis_of_2007%E2%80%9308

On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into conservatorship. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July 14, 2008. Until then, depositors would have access their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access was restored when the bank reopened. The FDIC guarantees the funds of all insured accounts up to US$100,000, and has declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $100,000. Yet, even with the pending sale of Indymac to IMB Management Holdings, an estimated 10,000 uninsured depositors of Indymac are still at a loss of over $270 million.

Question: What was the name of the bridge bank established to assume control of IndyMac Bank's assets, liabilities and deposit accounts?
Answer: IndyMac Federal Bank, FSB

Question: What is the maximum amount of funds the FDIC guarantees in insured accounts?
Answer: US$100,000

Question: How many IndyMac account holders held funds in excess of the FDIC's insured amount of US$100,000?
Answer: roughly 10,000 depositors

Question: On what date did the FDIC put IndyMac Bank into conservatorship?
Answer: July 11, 2008

Question: On what date did the FDIC plan to open IndyMac Federal Bank, FSB?
Answer: July 14, 2008
Financial_crisis_of_2007%E2%80%9308

In September 2008, the crisis hit its most critical stage. There was the equivalent of a bank run on the money market funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008.

Question: The equivalent of a bank run on which funds occurred in September 2008?
Answer: money market funds

Question: What do money market funds frequently invest in?
Answer: commercial paper issued by corporations

Question: When did the financial crisis hit its most critical stage?
Answer: September 2008

Question: How much was withdrawn from money markets during one week in September 2008?
Answer: $144.5 billion

Question: What was the record high for the TED spread on October 10, 2008?
Answer: 4.65%
Financial_crisis_of_2007%E2%80%9308

The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.

Question: What was the U.S. unemployment rate in October 2009?
Answer: 10.1%

Question: What was the average hours per work week in October 2009?
Answer: 33

Question: What was the annual rate of decrease for the output of goods and services produced by labor and property in 4Q 2008 and 1Q 2009?
Answer: 6%

Question: The U.E. employment rate was 10.2% in October 2009, which was the highest rate since what year?
Answer: 1983

Question: The decline of gross domestic product also caused a decline in innovation, evidenced by the flat-lining of what?
Answer: patent applications
Financial_crisis_of_2007%E2%80%9308

European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.

Question: Critics argue that Basel III doesn't address which problem?
Answer: faulty risk-weightings

Question: What term describes creating risk-free assets out of high risk collateral?
Answer: financial engineering

Question: What did European regulators introduce to increase the oversight of banks?
Answer: Basel III regulations

Question: Who argued that regulations led to excessive lending to risky governments?
Answer: Johan Norberg

Question: What was increased by Basel III regulations?
Answer: capital ratios
Financial_crisis_of_2007%E2%80%9308

The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."

Question: When did the U.S. recession that began in December 2007 end?
Answer: June 2009

Question: When did the financial crisis appear to have ended?
Answer: June 2009

Question: When does the United States Financial Crisis Inquiry Commission date the crisis to?
Answer: 2008

Question: What was the name of the article that appeared in TIME magazine in April 2009 declaring the crisis over?
Answer: More Quickly Than It Began, The Banking Crisis Is Over."

Question: On what date did President Barack Obama declare that the markets are stabilized?
Answer: January 27, 2010
Financial_crisis_of_2007%E2%80%9308

Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.

Question: Who led global economic growth after the financial crisis?
Answer: "emerging" and "developing" economies

Question: How much global GDP did emerging and developing economies account for from 2007 to 2014?
Answer: 69%

Question: What relationship between advanced and emerging/developing was completely overturned by the financial crisis of 2007?
Answer: global economic growth

Question: How much global GDP did "advanced" economies account for from 2007 to 2014?
Answer: 31%

Question: What economies led global economic growth prior to the financial crisis?
Answer: Advanced economies
Financial_crisis_of_2007%E2%80%9308

Falling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of banking institutions. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses are estimated in the trillions of U.S. dollars globally.

Question: How much are total losses estimated to be from falling home prices?
Answer: trillions of U.S. dollars

Question: What is the financial incentive when a home is worth less than the mortgage loan?
Answer: foreclosure

Question: What year did the foreclosure epidemic begin?
Answer: late 2006

Question: What other financial instruments had significant defaults and losses as a result of the crisis expanding from housing to other parts of the economy?
Answer: other loan types

Question: What continues to drain consumer wealth and erode the strength of banks?
Answer: foreclosure epidemic
Financial_crisis_of_2007%E2%80%9308

The majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. Paul Krugman has even claimed that the GSE never purchased subprime loans – a claim that is widely disputed.

Question: How many Democratic appointees wrote the majority report of the Financial Crisis Inquiry Commission?
Answer: six

Question: Who claimed that the GSE never purchased subprime loans - a claim that is widely disputed?
Answer: Paul Krugman

Question: Several reports written by various agencies  concluded that which policy was not the primary cause of the financial crisis?
Answer: government affordable housing policy

Question: According to reports, which loans performed better than some loans securitized by private investment banks?
Answer: GSE loans

Question: How many Republican appointees wrote the minority report of the Financial Crisis Inquiry Commission?
Answer: 4
Financial_crisis_of_2007%E2%80%9308

In his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by HUD in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Later, based upon information in the SEC's December 2011 securities fraud case against 6 ex-executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $2 trillion.

Question: How many estimated substandard loans did Fannie and Freddie have in 2008? 
Answer: 13 million

Question: What was the value of the estimated 13 million substandard loans held by Fannie and Freddie in 2008?
Answer: over $2 trillion

Question: Which government-sponsored entities had massive risky loan purchases?
Answer: Fannie Mae and Freddie Mac

Question: Peter J. Wallison believes that the one of the roots of the financial crisis can be traced to affordable housing policies by which agency in the 1990s?
Answer: HUD

Question: How many ex-executives of Fannie and Freddie were named in the SEC's December 2011 securities fraud case?
Answer: 6
Financial_crisis_of_2007%E2%80%9308

In the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging of the administration to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of the committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded.

Question: Who uncovered accounting discrepancies in Fannie Mae and Freddie Mac?
Answer: Office of Federal Housing Enterprise Oversight (OFHEO)

Question: Which administration called for investigation into the soundness of GSEs in the early and mid-2000s?
Answer: Bush administration

Question: On what date did the House Financial Services Committee hold a hearing to assess safety and soundness issues regarding Fannie Mae and Freddie Mac?
Answer: September 10, 2003

Question: What was the result of the House Financial Services Committee on September 10, 2003 regarding Fannie Mae and Freddie Mac?
Answer: The hearings never resulted in new legislation or formal investigation

Question: Who rebuked OFHEO in 2003 for their attempt at regulation of Fannie Mae and Freddie Mac?
Answer: House Financial Services Committee
Saint_Barth%C3%A9lemy

Located approximately 250 kilometres (160 mi) east of Puerto Rico and the nearer Virgin Islands, St. Barthélemy lies immediately southeast of the islands of Saint Martin and Anguilla. It is one of the Renaissance Islands. St. Barthélemy is separated from Saint Martin by the Saint-Barthélemy Channel. It lies northeast of Saba and St Eustatius, and north of St Kitts. Some small satellite islets belong to St. Barthélemy including Île Chevreau (Île Bonhomme), Île Frégate, Île Toc Vers, Île Tortue and Gros Îlets (Îlots Syndare). A much bigger islet, Île Fourchue, lies on the north of the island, in the Saint-Barthélemy Channel. Other rocky islets which include Coco, the Roques (or little Turtle rocks), the Goat, and the Sugarloaf.

Question: How many Miles East of Puerto Rico is St. Barts?
Answer: 160

Question: What lies between St. Barts and Saint Martin island?
Answer: the Saint-Barthélemy Channel

Question: What does "Roques" mean in English?
Answer: little Turtle rocks

Question: St. Barts is one of the what group of islands?
Answer: the Renaissance

Question: What is Île Frégate in relation to St Barts?
Answer: satellite islets
Saint_Barth%C3%A9lemy

Residents of Saint-Barthélemy (Saint-Barthélemoise people) are French citizens and work at establishments on the island. Most of them are descendants of the first settlers, of Breton, Norman, Poitevin, Saintongeais and Angevin lineage. French is the native tongue of the population. English is understood in hotels and restaurants, and a small population of Anglophones have been resident in Gustavia for many years. The St. Barthélemy French patois is spoken by some 500–700 people in the leeward portion of the island and is superficially related to Quebec French, whereas Créole French is limited to the windward side. Unlike other populations in the Caribbean, language preference between the Créole and Patois is geographically, and not racially, determined.[page needed]

Question: What are the people of St. Barts called?
Answer: Saint-Barthélemoise

Question: What is the native language of St. Barts?
Answer: French

Question: About how many people speak Patois French in St. Barts?
Answer: 500–700

Question: Of what nation do the people of St. Barts claim citizenship?
Answer: French

Question: How does the determination between Patois and Creole French usually determined?
Answer: racially
Saint_Barth%C3%A9lemy

On 7 February 2007, the French Parliament passed a bill granting COM status to both St. Barthélemy and (separately) to the neighbouring Saint Martin. The new status took effect on 15 July 2007, when the first territorial council was elected, according to the law. The island has a president (elected every five years), a unicameral Territorial Council of nineteen members who are elected by popular vote and serve for five-year terms, and an executive council of seven members. Elections to these councils were first held on 1 July 2007 with the last election in March 2012.

Question: What island besides St. Barts was granted COM status by France in 2007?
Answer: Saint Martin

Question: How many years does a president have in office in St. Barts?
Answer: five

Question: When was the last election held for the executive council positions?
Answer: in March 2012

Question: When did the COM status for St. Barts take effect?
Answer: 15 July 2007

Question: How many people are on the Territorial Council?
Answer: nineteen
Saint_Barth%C3%A9lemy

One senator represents the island in the French Senate. The first election was held on 21 September 2008 with the last election in September 2014. St. Barthélemy became an overseas territory of the European Union on 1 January 2012, but the island's inhabitants remain French citizens with EU status holding EU passports. France is responsible for the defence of the island and as such has stationed a security force on the island comprising six policemen and thirteen gendarmes (posted on two-year term).

Question: When was the last senate election in St. Barts?
Answer: September 2014

Question: What organization did St. Barts become a part of in 2012?
Answer: the European Union

Question: How many senators represent St. Barts in France?
Answer: One

Question: What year was the first senate election held for the St. Barts?
Answer: 2008

Question: How many policemen does the French government pay for on St. Barts?
Answer: thirteen
Saint_Barth%C3%A9lemy

Agricultural production on the island is difficult given the dry and rocky terrain, but the early settlers managed to produce vegetables, cotton, pineapples, salt, bananas and also fishing. Sweet potato is also grown in patches. The islanders developed commerce through the port of Gustavia. Duty-free port attractions, retail trade, high-end tourism (mostly from North America) and its luxury hotels and villas have increased the island's prosperity, reflected in the high standard of living of its citizens.

Question: What is often difficult on the island?
Answer: Agricultural production

Question: What is grown in patches on the island?
Answer: Sweet potato

Question: What seasoning is found naturally on the island?
Answer: salt

Question: What type of activity did early settlers use to get food that didn't involve farming?
Answer: fishing

Question: What is the name of the main commercial port in St. Barts?
Answer: Gustavia
Saint_Barth%C3%A9lemy

International investment and the wealth generated by wealthy tourists explain the high standard of living on the island. St. Barthélemy is considered a playground of the rich and famous,[citation needed] especially as a winter haven, and is known for its beaches, gourmet dining and high-end designers. Most of the food is imported by airplane or boat from the US or France. Tourism attracts about 200,000 visitors every year. As a result, there is a boom in house building activity catering to the tourists and also to the permanent residents of the island, with prices as high as €61,200,000 for a beachfront villa.

Question: St. Barts is considered a playground for whom?
Answer: the rich and famous

Question: How many tourists visit St. Barts each year?
Answer: 200,000

Question: What is the highest propoerty value recorded in St. Barts?
Answer: €61,200,000

Question: What besides investment is responsible for the high standard of living on the island?
Answer: wealth generated by wealthy tourists

Question: Besides boats how does St. Barts import most of its food?
Answer: by airplane