He also admitted that "on or about 2 July 2012 the registrant signed a time sheet confirming that he was working during the afternoon of 8 June 2012 when he was engaged in sexual activity with A at this time".
The sector may be paying a price for its cleverness, and for all those complex products and-off balance-sheet vehicles that seemed to be working so well in the good years.
The shift to agency model will have a negative impact on working capital as well, but Expedia feels that it has a strong balance sheet to support the same.
America's government is working hard to revive markets for securitised debt, aware that banks lack the balance-sheet capacity to absorb all of those credit-card receivables and auto loans.