Word: arms
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...past few months, experts say, the IRS has been unusually aggressive in doing what it can to lower corporate taxes, going above and beyond what has been allowed in the past. The result is that the IRS has become, in effect, a much less public arm of the federal-bailout machine. "There have been all sorts of Administration announcements that relax the tax law," says Thomas Humphreys, an attorney at Morrison and Foerster. "I don't remember a wave of provisions like this." (See pictures of the global financial crisis...
...climate-change negotiations can be a depressing experience - maximum rhetoric expended on minimum accomplishment. In Poznan the atmosphere seems even bleaker. For one thing, economic catastrophe has made it harder for leaders to justify cutting carbon. A recent study by the Government Accounting Office (GAO), the independent investigative arm of Congress, sharply criticized the Clean Development Mechanism, the U.N. body that oversees the Kyoto Protocol's carbon-trading practices. The GAO found that carbon offsets - whereby a company in a rich nation pays for a carbon-reducing project elsewhere in lieu of cutting emissions itself - were at best a "temporary...
Taking the lead in pricing up the market are the institutions most battered by the credit crisis and flagging economy. Among the companies offering the highest yields on CDs are GMAC, the financing arm of the carmaker GM; Corus, a Chicago bank that has lost substantial money on construction loans; Wachovia, the Charlotte, N.C., bank whose sale to Wells Fargo was brokered by regulators in October; and the bank affiliate of the insurance company AIG, which the Federal Government started bailing out in September...
...horizon. In the past two months, Goldman Sachs, Morgan Stanley, Raymond James, GMAC, American Express and business financier CIT have all applied to convert into bank holding companies, partly in order to be able to get access to cheap funding through deposits. GE Capital, the finance arm of GE, is planning on doubling its deposit base, which it garners through broker-sold CDs, to $81 billion next year. Goldman Sachs is on track to open an online bank. Morgan Stanley, which already has $36 billion in deposits, is selling billions of dollars' worth of new CDs and looking at other...
...this morning.'" He grimaces at the memory of his suicidal depression, and winces at what followed: his tardy dismissal of his two closest aides, Ehrlichman and Chief of Staff H.R. Haldeman. "They agreed to leave. And so, it was late, but I did it. I cut off one arm, then cut off the other." He shakes his head at each "slash" and his mouth falls into the famed Nixon frown...