Word: 1990s
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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...
...outskirts of Lahore, Nawaz Sharif raised the political temperature with a fiery attack on Zardari. "The nation should rise against this unconstitutional decision and this villainous act of Zardari," he said, his face swollen with rage. In a sign that the country was returning to the politics of the 1990s - a period when four civilian governments collapsed in the span of a decade - the former Prime Minister resurrected accusations of corruption. "Where are those millions of dollars?" Sharif asked in reference to allegations that Zardari salted away the spoils of power during the two times his late wife...
...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...