Word: bankes
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...country accustomed to surprises from its government, Nicaraguans received another curiosity on May 15 when they awoke to find that the Central Bank, moving in the night as stealthily as the Tooth Fairy, had snuck a new legal tender into their economy while the markets were sound asleep...
...ratty paper bills that cause germaphobes to collapse in conniptions every time they are handed change. The problem is the new bills were slipped into the economy without any public awareness campaign and minimal forewarning. A week after the plastic money was let loose on the economy, the Central Bank still hadn't updated its website to indicate that the new bills even existed. (See the top 10 public panics...
...Capital Markets analyst Gerard Cassidy says the U.S. banking system at the end of 2006 was more exposed to commercial real estate than at any other time that regulators have measured. That exposure, Cassidy believes, could result in as many as 1,000 bank failures by the end of 2012. "All the indicators on commercial real estate that we have seen suggest that there are real problems ahead for regional banks," says Cassidy. "It is just going to take a little while to get there...
...deal brokered by the Federal Deposit Insurance Corp., which closes banks that are insolvent or nearly so, BankUnited is being taking over by a group of private-equity investors, including famed vulture investor Wilbur Ross. The group isn't paying much for the bank - because BankUnited isn't worth much. The FDIC figures cleaning up the mess at BankUnited will cost its insurance fund nearly $5 billion, which makes this the most expensive bank failure this year...
Across Central Asia, they are a common sight: portraits glorifying each nation's leader. Rising above the people on roadside billboards and taking pride of place on the walls of local government offices, visual tributes to the region's sitting presidents outnumber internet cafes, independent newspapers and working bank machines. But Tajikistan President Emomali Rakhmon aims to change all that. He has issued a decree that all portraits depicting him with local politicians are to be torn down immediately...