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...earlier this year, it was revealed that the head of that unit, Andrew Hall, had been paid $100 million for his work in 2008 and was set to get a similarly large check for 2009. Citigroup is subject to government-imposed pay caps as a term of the financial aid it received. The government was reviewing Hall's pay package and was reportedly moving closer to forcing Citi to either reduce or restructure Hall's pay. Rather than risk losing the trader - and the profits of the unit - Citi decided to sell...
...Standing Up to Taliban Corruption In your article "How the Taliban Thrives," you state that a local businessman, Hajji Lala Jan, was subcontracted by a local firm working for the German government's aid agency GTZ to build a road in Kunduz, in Afghanistan, and that Jan handed some cash to a Taliban middleman [Sept. 7]. We would like to point out that the project mentioned is not a GTZ project, and no one of that name has ever worked as a subcontractor for us. Neither we nor our partners make any payments to antigovernment groups. All of our projects...
Standing Up to Taliban Corruption In your article "How the Taliban Thrives," you state that a local businessman, Hajji Lala Jan, was subcontracted by a local firm working for the German government?aid agency GTZ to build a road in Kunduz, in Afghanistan, and that Jan handed some cash to a Taliban middleman [Sept. 7]. We would like to point out that the project mentioned is not a GTZ project, and no one of that name has ever worked as a subcontractor for us. Neither we nor our partners make any payments to antigovernment groups. All of our projects...
Torrential rains brought on by Typhoon Ketsana ravaged the Philippine capital, causing flooding that killed at least 250 people, displaced thousands and submerged buildings beneath up to 20 ft. (6 m) of water. Several countries pledged aid, and President Gloria Macapagal Arroyo opened her palace to those left homeless. But critics, who note that the city of 12 million has long been considered flood-prone and lacking in proper drainage systems, blamed the government for not doing more to head off the disaster...
Even with all this aid, though, U.S. homeowners haven't been doing so well. The value of their real estate holdings has fallen by $4 trillion since 2006, according to the Federal Reserve. Millions of people have been booted from their dwellings over the past couple of years because they couldn't make their mortgage payments. Millions more foreclosures are on the way. The housing market, despite some hopeful signs over the summer, remains a terrible mess. (See high-end homes that won't sell...