Word: bankes
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Dates: during 2000-2009
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...heart of the program - and the biggest cause of complaints - is an effort to reignite the process by which most banks get the money they use to make consumer loans. To fund credit-card, auto and education lending, banks typically gather up loans they already have made and pass them off to an investment bank. Wall Street firms then package these into bonds that pay interest based on borrowers' loan payments. Completing the money-recycling loop, investors buy the bonds, and investment banks pass most of that money, minus a fee, back to the lenders. The lenders can then...
...even within the E.U., there are vastly different attitudes toward spending. Some member states are pumping huge sums into the economy: Spain's $115 billion public-works-led program is equivalent to 8.1% of GDP, while the Bank of England has just begun a $100 billion bank-note print run. Others, such as the Czech Republic and Estonia, are holding back because they don't believe in jump-starting their economies with stimulus packages - or because, like Italy, their ragged budgets cannot stretch to offer more than...
...everyone back," says Elmar Brok, a German member of the European Parliament with Merkel's conservative Christian Democratic Union. "We are already doing a lot at home, both federally and at state level. And we are doing it differently to the U.S., because we have made a lot of bank guarantees. But we also need to think about repaying our debts. Who will do it? The next generation...
...court. "As the years went by, I realized my risk and this day would inevitably come," he said. "I cannot adequately express how sorry I am for my crimes." Madoff explained that his Ponzi scheme, run through an account held by his investment-advisory business at the Chase Manhattan Bank, began during a "recession" in the early 1990s. He believed he would be able to extricate himself and his clients from the scheme with time - but couldn't. But while admitting that the investment-advisory half of his company was fraudulent, he insisted that the proprietary-trading and market-making...
Japan's gross domestic product dropped 13% in the fourth quarter. The Russians are so short of cash, they are signing a lopsided 20-year deal for oil sales to China in exchange for a $25 billion loan. Iceland is bankrupt. The World Bank predicted on March 8 that in 2009 the global economy will shrink for the first time since the 1940s...