Word: aid
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Dates: during 2000-2009
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...there is not much talk about what could bring the banking industry to its knees again. That talk has gone away and been replaced by a childish hopefulness that decades of overleveraging can be fixed by a few months of losses and hundreds of billions of dollars in government aid...
...bonuses were retention payments promised early last year, when it was clear that London-based AIG FP was in trouble but not yet apparent that its parent company wouldn't survive without $170 billion (and counting) in taxpayer aid. Without that aid, AIG would have gone bankrupt in September and the bonus promises would have been torn up. AIG was not allowed to go bankrupt because Lehman Brothers had just failed and the people at the Treasury Department and the Federal Reserve worried (with reason) that another failure - in particular, the failure of a firm that wrote default insurance...
...Dead Aid By Dambisa Moyo FSG; 188 pages...
Poor Africa. It's both the literal and figurative meanings of that phrase that gall Dambisa Moyo. A Zambian-born, Harvard- and Oxford-educated economist who worked at Goldman Sachs for almost a decade, Moyo is particularly angry at the way overly solicitous Western financial aid has made Africa's "poor poorer." As she writes, "The notion that aid can alleviate systemic poverty ... is a myth." That $1 trillion-plus the U.S. has poured into Africa? Mostly useless. All that Bono-supported "glamour aid"? Somewhat insulting. The truth, Moyo argues, is that massive foreign aid encourages corruption and stifles...
...anger, pundits warn the answer is: No. Though Sarkozy granted $3.5 billon in additional tax cuts to workers following January's walk-out, unions denounce that as a pittance compared to the $35 billion poured into business investment under the government's economic stimulus package and $468 billion in aid handed to French banks and finance groups. The protesters now have three main demands: that major funding be given to employees to increase purchasing power; that planned moves to cut public sector jobs be frozen for two years; and that Sarkozy roll back $595 million in tax cuts passed...