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...lonely figure who lacks Zuma's common touch, Mbeki has proved to be an astute policy architect, but ultimately lost out in what many say essentially boils down to a bruising popularity contest between the two leaders. Mbeki fired Zuma, his then deputy, in 2005 amid a corruption scandal over shady arms procurement deals. But the President's political star has waned since last December, when a party leadership conference removed him as ANC leader and replaced him with Zuma...
...Amid fierce debate in the local media over how to counter the extremist threat, analysts have criticized government leaders for leaving Islamabad on Sunday. The President left for New York where he will attend the U.N. General Assembly, and will meet with President Bush on the sidelines. Prime Minister Yousaf Raza Gilani, meanwhile, flew to the eastern city of Lahore. "Political forces need to join hands at this moment," says Talat Masood, a retired general turned analyst. "There should have been a day or two of meeting with the political parties and religious parties to try and develop a consensus...
...Companies don't routinely have to back up their money market funds this way, but they do from time to time. In 1994, for example, amid the bankruptcy of Orange County, Calif., more than 20 money market funds were bailed out by their corporate parents. Only one fund was liquidated. And even then, investors received 96 cents on the dollar. The reason Moody's is considering downgrading 13 of Lehman's money markets isn't because of what they own, but because the ratings agency isn't sure the parent company, which is in bankruptcy, would be able to step...
Forget that portfolio of dodgy debt. Don't fret the lack of liquidity. If you really want to know who's in for a dusting amid the global downturn, check out the jerseys on show in English football's Premier League...
...today," says Jim Leach, a Republican former Congressman from Iowa (and current Barack Obama supporter) whose name is on the Gramm-Leach-Bliley Act that repealed Glass-Steagall. Leach is no neutral observer, and there can be no proving that Glass-Steagall repeal has made the world safer. But amid the predictable debate now underway about how much new financial regulation is needed, it just doesn't make a very convincing scapegoat for the crisis...