Word: augustness
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...becoming the family's primary breadwinner. When Obama's mother returned to Indonesia, a teenage Obama wanted to stay in Hawaii; Dunham made space for him in her small Honolulu apartment. She was "the one who taught me about hard work," Obama said, accepting his party's nomination in August. "She poured everything she had into...
...housing market was in an asset bubble, line managers could often see how slapdash the standards being employed were. But with compensation aligned with metrics like revenue and market share, and not risk mitigation, the forward push continued. When managers did articulate problems, they were often ignored. In August 2007, one of Merrill Lynch's top risk managers warned his boss that a decision to wager $3 billion on indexes of mortgage-related securities was too risky. The firm made the bet anyway; three months later, the risk manager left. "The psychology during a boom makes it very difficult...
That is exactly the sort of top-down control financial firms now say they want. Citigroup CEO Vikram Pandit vows to be a "hands-on participant" in risk management. In August, UBS chairman Peter Kurer broke the firm into three separate units partly because the old structure, he said, encouraged "the blurring of the true risk-reward profile of individual businesses." In July, the Institute of International Finance, which counts large banks and insurance companies among its members, put out a 174-page report detailing best practices in the wake of the financial crisis. Among them: developing a corporate culture...
...thought “The Bubble” couldn’t be burst, think again. 02138, a magazine by Harvard alumni, for Harvard alumni, has recently suspended publication (read: folded). Is nothing sacred anymore?THE FALL OF 0213802138, a lifestyle magazine for Harvard alums, was founded in August, of 2006 by alumni Bom Kim ’00 and Daniel M. Loss ’00. Its first seven issues were produced by the publication’s original owner, The Atlantic Monthly. In its early glory days, the magazine featured articles on everything from the ongoing legal debate...
...Texas: A Primary Ghost, 7:30 a.m. E.T. Yesterday, Dallas was witness to shades and shadows of what might have been. Onetime presidential contender John Edwards sat with family mourners at the funeral of his former national finance chairman, Dallas attorney Fred Baron,. It was Baron who confirmed in August that he had sent funds to Edwards' now acknowledged mistress. The multimillionaire attorney and key Democratic fundraiser, who made a fortune in asbestos lawsuits, died of cancer just days before the climax of the main event in American politics. Baron had played a key role in reviving the Texas Democratic...