Word: banke
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...damage at Citi was former Treasury Secretary Robert Rubin. He is gone, but the problems he helped create are not. According to William Shakespeare, "The evil that men do lives after them; the good is oft interred with their bones." If that is true, almost no one on the bank board is likely to have a peaceful passing...
...Time Warner (TWX). He may take Bischoff's place as Citi chairman but he did not do a bang up job at the media company. He has also been sitting on the Citi board during most of the period when the decisions were made that nearly brought the bank down. It would be hard to defend the position that he is blameless...
...Citi is still going through a period when it is important for the government, which loaned the bank money, and investors, who lost most of theirs, to see someone humiliated for the company's missteps. That is a fine way to focus on the past but not on the future. That means the board is compounding its mistakes by continuing to take its eye off the real problems...
Meanwhile, a Hamas commander in the West Bank denied reports, apparently passed on by Egypt to Israeli envoys, that the Damascus wing of Hamas wanted to persist with the fighting, while its Gaza leaders wanted to quit. He told TIME, "There's no place in a war for disagreements and splits. This talk of a difference between Damascus and Gaza is just wishful thinking on the part of the Israelis and some Arabs...
...borrowing funds cheaply and keeping loan defaults and overhead expenses sufficiently low. Microlenders overseas, including Grameen, do that by charging hefty interest rates - as high as 60% or 70%. (Yes, that's a colossal rate but one that's necessary to compensate for the risk and to attract bank funding.) But in the U.S., loans at rates much above Grameen America's standard 15% would most likely be attacked as usurious. (See 10 ways your job will change...