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...Wall St.'s primary argument for keeping a high level of compensation for its best investment bankers and traders is that, if they leave, overall losses at banks could get worse. People can be profit centers. The most successful ones help offset the red ink created by the series of poor decisions that big financial firms made about mortgage-backed paper and commercial credit loans. It is easy to assess the value of the best traders by looking at a bank's books. (See pictures of TIME's Wall Street covers...
...According to The Wall Street Journal, Citi is asking to lift "pay restrictions that could break apart its legendary energy-trading unit." If the government turns the request down, it is indeed likely that many of these people will leave for hedge funds, start their own businesses, of join banks based outside the U.S. The bank is not making an idle statement. If critical people leave, so does critical income. (See pictures of the Top 10 scared traders...
Melonie Griffiths-Evans, a CityLife/Vida Urbana organizer, recounted her personal experience with foreclosure. Before receiving help from CityLife/Vida Urbana, Griffiths-Evans said that she felt that she had no other option but to enter a homeless shelter. But CityLife/Vida Urbana barricaded her home to prevent the bank from evicting her and her family. Ultimately the bank entered into negotiations with Griffiths-Evans...
Ahmadinejad is softening his tone when he says that Iran would not stand in the way if Palestinians opted for the two-state solution, establishing their own state in the West Bank and Gaza Strip and relinquishing claims to territory that constitutes the state of Israel. Still, Parsi says, this simply echoes the view expressed by Ahmadinejad's predecessors, including former President Mohammed Khatami. "For Ahmadinejad, this is a rather halfhearted shift, but it is important nonetheless," Parsi says. (See pictures of Scott MacLeod's interview with Ahmadinejad...
...somewhat less than it appears. Unlike the U.S., where companies slash jobs at the first sign of financial trouble, many of Singapore?s largest companies are controlled by the government. Retrenchments at such government-linked giants as offshore oil rig builder Keppel Corporation, shipper Neptune Orient Lines, or DBS Bank are considered a last resort, after pay cuts, reduced employer contributions to retirement funds, and unpaid leave. A spokesperson for Singapore Airlines, for example, confirmed that in early April roughly a tenth of the airline's 14,000 employees had agreed to take unpaid leave. (See 25 people to blame...