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...office, representatives of Alabama's Republican attorney general and an attorney from the Justice Department's public-integrity unit in Washington. But in an unusual exercise of prosecutorial discretion, nearly all the payments and donations went uninvestigated. And when Siegelman's defense team, which had obtained Young's statements amid tens of thousands of documents provided in discovery, raised his accusations briefly in court, a judge quickly ruled them irrelevant...
That description could also fit Fernàndez and her husband Néstor Kirchner. Both cut their political teeth not amid the upper crust of Buenos Aires but in his home province of Santa Cruz, in the country's Patagonian south. When they moved to the capital, she was already a seasoned politician, known for anticorruption and human-rights crusades. Although she had greater name recognition with voters, the couple decided that Kirchner would run for President in 2003 because his greater familiarity with economic policy made him better suited to a country on the verge of bankruptcy. Smart call...
...Amid the chaos and confusion that has accompanied the credit crisis at British bank Northern Rock, Bank of England Governor Mervyn King has remained tight-lipped. There was barely a word from him when the Bank, as Britain's lender of last resort, made emergency cash available to Northern Rock last week. When that triggered a run on the High Street lender, with customers lining up for days to take back their savings, King still failed to utter a word. And when the government finally stepped in Monday to offer a gilt-edge guarantee for spooked depositors in the form...
...Cambridge, Harvard and MIT, first got wind of problems at Northern Rock on Aug. 14. The Newcastle-based bank - Britain's fifth-largest mortgage provider - leaned heavily on wholesale money markets to fund its own mortgage loans. When those inter-bank markets started to freeze up in recent weeks amid a global credit squeeze triggered by the subprime mortgage crunch, so too did the source of 75% of Northern Rock's funds. "At that point," King said, still hopeful the market would step in to help out the troubled bank, "there didn't seem much point in blowing...
...Still, playing by the rules - annoying though that can be sometimes - wouldn't have mattered if Northern Rock customers had believed their savings were safe amid the bedlam. They didn't. Many were aware the U.K.'s industry-funded Financial Services Compensation Scheme only guaranteed deposits up to around $63,000; in the U.S., savers can expect to get back as much as $100,000 should their bank go under. The British scheme, King said, was in desperate need of an overhaul...