Word: bankers
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...balancing the budget, the Speaker offered a one-word response: "Intuition.'' (This was a sharp contrast to his reasoned response to the same question by Time last September, when he explained that he'd settled on that time frame after consulting with former Federal Reserve chairman Paul Volcker, banker Pete Peterson and others.) Then he devoted much of the remaining time to fuming about his mistreatment aboard Air Force One. "This is petty," Gingrich allowed. "I'm going to say up front it's petty ...but I think it's human." He pumped a final bullet into his foot...
...Investcorp bought Saks Fifth Avenue. Since its founding in 1982, Kirdar's bank has arranged more than 50 acquisitions in the U.S. and Europe, valued at more than $7 billion. Such deals have spawned press accounts praising the bank's "gold-plated reputation" and Kirdar as "the banker to billionaires...a legend in financial circles." Says G. William Miller, a former Treasury Secretary: "Investcorp [has] shown a tremendous ability to buy, develop and sell businesses...
...West. He spoke their language, sprang from their culture, yet was Western educated (he has an M.B.A. from New York's Fordham University) and had trained in a big U.S. bank. Kirdar understood his clients' taste in brand names. One reason Investcorp bought Gucci, says an Arab banker, is that "the Arabs wear the shoes." Many were happy to hand millions of dollars to Kirdar with few strings attached...
...five of its board members, as well as other defendants, of fraud and extortion. According to the complaint, the defendants tried to loot the Saudi European Bank, an Arab-owned institution in Paris. The lawsuit was filed by the bank's former parent company, headed by Syrian-born banker Jamal Radwan. The complaint charges that several defendants concocted a scheme for Investcorp to take over Saudi European Bank. In addition, Kirdar allegedly threatened to persuade other banks to stop doing business with Radwan's. Some of the individuals named in the complaint are also accused of trying to bribe...
THEY ASKED ME TO CONTINUE CONcealing the losses." With head bowed, the jailed banker in a gray, pinstriped suit read those words to U.S. District Judge Michael Mukasey. But Toshihide Iguchi's words last week reverberated far beyond the New York City courtroom. Not only was he pleading guilty to covering up the $1.1 billion in losses he had incurred for Daiwa Bank's New York operations (and personally profiting by more than $500,000). He was also implicating unnamed senior executives at the bank--the world's 13th largest--in a conspiracy with him to keep the catastrophe secret...