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Dick Fuld was warned. Years before Lehman Brothers tumbled into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief loaded up on overpriced property from the 31st floor of Lehman's New York City headquarters, his bond traders were downstairs shorting shares of mortgage brokers. Lawrence G. McDonald was one of those traders, and in his rendering of Lehman's demise--nimbly told with novelist Patrick Robinson--the bond...
...Indian companies who make those products, and their shareholders, will soon ask themselves the same question. A recent report from analysts at Bank of America/Merrill Lynch in Mumbai projects "a 10 to 15% pullback in equities led by drought-led growth cuts." Every major drought in India has a pervasive impact on the economy, which is unlikely to meet the government's projected 7% GDP growth this year. (Analysts expect 6% or less.) With crops failing, food prices will go up everywhere, pushing up inflation. Mohammed Nadim, a vendor in Hoshiarpur, says the wholesale price of his cartful of sweet...
...especially crucial for areas without irrigation, also failed in 2002 and 1987 - and the government is responding in the usual way, by expanding rural subsidies. In his Independence Day speech to the nation on Aug. 15, Prime Minister Manmohan Singh promised to postpone the date for repayment of farmers' bank loans and to give breaks on interest payments for short term crop loans. This comes on top of last year's $14 billion farm loan waiver program, price supports for agricultural products and an ambitious jobs scheme, which guarantees 100 days of work to the poor in rural areas. "There...
...decision by the Israeli interior and defense ministers that "any foreign national who wants to enter the Palestinian Authority must have a permit issued by the army, and entry is permitted only into PA territory." (Read a story about Mike Huckabee's visit to Israeli settlements in the West Bank...
Palestinians say it violates international law and the promise of unhindered movement for foreign travelers under the 1995 Oslo II Accords. "Israel wishes to strictly regulate travel of visitors who come to the country, especially those curious to see the West Bank," says Toufic Haddad, a Palestinian-American activist. (Read about Ezra Nawi, the Israeli activist jailed for aiding Arabs...