Word: america
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What was up is now down and the other way around, and it's going to stay that way for some time. Former powerhouses such as Bank of America and Citicorp have turned into shadows of their former selves as they shed assets and withdraw from foreign markets. Meanwhile, lenders in China and India that are little known outside their home countries now have the wherewithal to expand internationally. They have the potential to become the Citicorps of tomorrow. (See pictures of the global financial crisis...
When Treasury Secretary Timothy Geithner unveiled the details of his plan to save America's banks a little over two months ago, the markets raved, the country sighed with relief and Geithner went from punch line to potential hero overnight. Now the plan is in trouble, as parts of it struggle to get off the ground and others are dead in the water, Administration officials say. But oddly, that may be good for Geithner...
...Instead, the banks went out and raised capital from private sources, including $65 billion in a matter of weeks. On June 2, Bank of America announced that it had raised $33 billion of the $33.9 billion the feds were requiring it to. JPMorgan announced new plans to sell stock. Part of the motivation for the banks is to get out from under government constraints - Congress has passed strict limits on executive salaries, bonuses and other benefits bankers love to love...
When the Class of 2009 arrived on campus, Lehman Brothers and Merrill Lynch were still solvent.But between freshmen move-in and the Office of Career Services Career Forum at the end of September of their senior year, Merrill Lynch was sold to Bank of America and Lehman Brothers collapsed.And as might be expected in a time of economic turmoil, fewer seniors—usually looking for their first full-time jobs—were able to find work this year than in the recent past.In this year’s Crimson survey of over 500 seniors, 59 percent of those...
...small boy amidst the patriotism of the Second World War. I learned to love America as the face of liberty, the palladium of justice, and the embodiment of the ideal of government under law, not under men. This paramount place of Law is etched in Latin above the entrance to our law school; it is our shining national ideal, the religion of America, the essence of the enlightenment that flowed from our Declaration of Independence, our Constitution, our Bill of Rights...