Word: absents
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Clawing back gains absent fraud--and where there are no preset clawback agreements--is another matter. The concept is foreign to most of Wall Street. Hedge funds generally have only what you might call "claw forwards": high-water-mark provisions that prevent managers from pocketing performance fees after a loss until they've made up that loss to their investors. Investment banks, meanwhile, have for decades paid out bonuses on the basis of one year's profits and worried about the consequences later...
...back and crime is expected to rise and civilization as we know it to break down. Someone somewhere is stirring the tar and plucking the feathers for Lehman's Richard Fuld and Merrill's Stan O'Neal and of course Bernie Madoff of the $50 billion swindle, because absent any effective sanction, we're all vigilantes...
Iraqi Prime Minister Nouri al-Maliki was absent from the ceremony. On Monday he was scheduled to return from a two-day visit to the U.S.'s adversary, Iran, where he met with Iranian President Mahmoud Ahmadinejad and Supreme Leader Ayatullah Khamenei. According to Iranian state news agency IRNA, Khamenei told al-Maliki on Sunday that the U.S. presence in Iraq was the root cause of terrorism, and that the U.S. seeks to establish a permanent base there to dominate the region. He urged further political and economic cooperation with Iran...
...Bybee, then chief of the Office of Legal Counsel, acknowledged in a later memo that the act generally prohibits use of the military for law enforcement purposes unless there's a constitutional or statutory reason for doing so. However, he and others came to the conclusion that even absent constitutional or statutory support, the act "does not forbid the use of military force for the military purpose of preventing and deterring terrorism within the United States...
...vicissitudes of political controversy, to place them beyond the reach of the majorities and officials and to establish them as legal principles to be applied by the courts." Brown has apparently now taken that as a touchstone, arguing that some rights cannot be taken away by the majority, absent special circumstances. "The Declaration of rights in Article I gives certain rights a privileged status," Brown told TIME. "Those rights, including the right to marry, are in a unique position. And while we cite no precise precedent saying so, our argument does follow from that position, and from the logic...