Word: bankes
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Dates: during 2000-2009
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Much of the crisis in the banking industry has been blamed on the inaction of the boards of directors at companies including Bank of America (BAC) and Citigroup (C). Some of Citi's most prominent members have left, probably not entirely of their own volition. The board at B of A has been savagely attacked over the last several weeks because it did not insist on better due diligence in the buyout of Merrill Lynch and for allowing large bonuses to be paid to employees after the firm had taken TARP money...
Each of these four companies has directors who chose not to ask hard questions and demand answers. How does a bank that was making $1 billion a year suddenly make $10 billion? How does a car company that nearly went out of business when oil prices rose sharply over three decades ago decide to reduce spending for the development of fuel-efficient vehicles...
...rations of wheat, rice and sugar sold on the black market in Bangladesh, as well as cough syrup (used as an intoxicant across the border), account for the rest. Altogether, this informal trade is nearly as large as the formal trade, according to a 2006 study by the World Bank. Mohammad Jalal Uddin Sikder, a researcher with the Refugee and Migratory Movements Research Unit (RMMRU) at the University of Dhaka, describes typical smugglers: "They are landless, most of them are female, sometimes divorced. They have no other choice." Criminalizing the trade makes this already poor border population vulnerable to abuse...
...Huge Problems Remain After a nearly five-month impasse, opposition leader Morgan Tsvangirai (below) has agreed to serve as Prime Minister in a power-sharing arrangement with President Robert Mugabe. Although the political turmoil may be over, Zimbabwe faces a cholera epidemic, mass hunger and hyperinflation. The central bank has said it will permit the use of foreign currency and announced on Feb. 2 that it would chop 12 zeros off new notes, making an old trillion-dollar bill equal to one new Zimbabwean dollar...
...easy to overstate the problem. Daschle will be a footnote in the history of the Obama Administration, certainly when compared with monumental projects like the stimulus package and the bank bailout. But it might be time for Obama to take a breath, to rethink, if not reboot. The more I think about the stimulus supertanker, the more questionable it seems. Not substantively: most of the money in it is justifiable. But a case can be made that it should have been divided into discrete packages: a short-term booster with tax cuts, state aid and shovel-ready public works; then...