Word: bankes
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Dates: during 2000-2009
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...Despite the undergrad uptick, Moretto says about 60% of the Michigan patrons are graduate students, who often have families of their own to support. Jana Simmons, 26, a Ph.D candidate in biochemistry, started going to the food bank last summer shortly after her daughter was born. Simmons' husband is a certified teacher, but in the state's struggling economy, she says, he hasn't been able to find a classroom job in over four years, working as a roofer instead. Simmons' stipend, meanwhile, "isn't enough to live on," she says. Paying for day-care and diapers...
...matter how much it may help, though, using a food bank is an adjustment for many students like Makolin. Back in 2004, when she was a senior in high school, Makolin was named Ann Arbor News Young Citizen of the Year - in large part because she volunteered at multiple food banks. "I find somewhat ironic that I am now on the other side of the counter," she says...
...much for European unity. Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled in the face of a still worsening credit crisis in Europe's banks. German Chancellor Angela Merkel, faced with the breakdown of a government-brokered deal with German banks to save one of Germany's biggest mortgage lenders, announced that all German bank deposits would be guaranteed by the government, causing consternation and anger among her European neighbors, many of whom felt compelled to follow...
...Elsewhere, French bank BNP-Paribas said it was taking control of the Belgian and Luxembourg assets of finance and insurance group Fortis, less than a week after it was partially nationalized as part of a $16.4 billion rescue plan. The Dutch government had moved on Friday to nationalize fully the group's Dutch assets, including the bank ABN-Amro. As a consequence of its estimated $21 billion move for Fortis, BNP will be the largest commercial bank in Belgium - and the Belgian government becomes BNP's biggest shareholder...
...However, bearish traders should consider the alternatives. Despite budget-deficit restrictions and other rules applied to government members of the euro zone - and their often petulant submission to the European Central Bank 's currency and monetary policies - there is precious little to build on toward a harmonization of the E.U.'s finance sector. Regulation of banks and credit groups is still handled on the national level, and even national banks of euro-zone countries still have some decision-making power. Given that disunity, governments have little option beyond national action to stave off company meltdowns and any broader temptation...