Word: bailouts
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Since then, the bailout program has been widely criticized as wasteful, in part because it was clear prior to 9/11 that the airline industry had too much capacity and some carriers were in trouble. In this capitalism-without-a-parachute view, the demise of a carrier or two was inevitable and the attacks, however brutal, served to accelerate that process...
...longer able to meet their pension obligations and the magnitude of their shortfalls, labeled as "high risk" a quasi-federal agency that steps in to pay retirees when companies cannot. Saddled with a deficit of $5.4 billion and counting, the Pension Benefit Guaranty Corp. (PBGC) might need a government bailout--a predicament that Treasury Secretary John Snow told the Wall Street Journal was "a brewing problem somewhat analogous to the savings-and-loan situation," the U.S. financial fiasco of the late 1980s...
...Bailout from Abroad...
...customarily the season of the Hollywood blockbuster, but last week Japan's sickly banking sector produced one of its own. Resona Holdings, Japan's fifth largest bank, declared it no longer had the capital to meet regulatory requirements and was asking the government for a massive $17.2 billion bailout?which could effectively lead to a nationalization of the bank. Resona's president Yasuhisa Katsuta also announced his resignation...
...meltdown of one of the country's top lenders has long been expected given Japan's chronic economic problems, and Resona's plight will only add to fears that the worst is yet to come. Curiously, however, the bank's bailout request may be something of a victory for Prime Minister Junichiro Koizumi's much-maligned financial-services czar, Heizo Takenaka. A Harvard-trained economist, Takenaka took up his current post last fall, vowing to clean up the banking sector, but powerful politicians thwarted his initial reforms. Takenaka retreated, seemingly having made yet another false start in Japan's halfhearted...