Word: 1990s
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Dates: during 2000-2009
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Faced with criticism from foreign governments, Switzerland has changed some of its ways. It added laws to combat money-laundering and cracked down on numbered accounts in the 1990s. But that doesn't mean the banks open their vaults for just anyone. When the U.S., which loses an estimated $100 billion in tax revenues every year on assets stashed overseas, demanded that UBS release information on an additional 52,000 accounts, the bank refused, saying the move would violate Swiss law. Of course, with some 27,000 UBS employees working in U.S. offices, Switzerland might not be the jurisdiction...
...though. No matter how nicely packaged the subprime mortgages were or how pretty those overpriced houses looked, if it were not for the consumer's utter gullibility, we wouldn't be in this mess to begin with. Does no one remember the housing bust of the 1990s? How about the adage, If it sounds too good to be true, it probably is? Annalisa Michielli, MEDWAY, MASS...
...past have involved triage, in which government differentiated good banks from bad. That's been combined with a mechanism to take bad loans and other unwanted assets, like real estate, off banks' books. Beyond that, there's no precise recipe. The government response in Sweden in the early 1990s, now cited as a blueprint, involved the takeover of precisely two banks. The rest of the country's banks remained in private hands, even though the government guaranteed their assets. (See the worst business deals...
...spate of controversial church and school closings. His résumé indicates that he's well suited for the challenge: Dolan helped unite the fragmented Catholic community in Milwaukee and staved off bankruptcy amid costly lawsuits stemming from the Catholic Church's sex-abuse scandals of the 1990s...
...This is divisive and detrimental for democracy," says Mushahid Hussain, a prominent Senator and former Musharraf ally. "It has the worst political implications. Two provinces - Baluchistan and the North-West Frontier Province - are already destabilized. This adds the largest province to the list. We're headed back to the 1990s. Our political élite don't learn from their old mistakes. In pursuit of absolute power, they repeat the same mistakes...