Word: bankes
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...beloved Philadelphia Phillies, who have won just a single World Series title in their 126-year existence. So Reynolds didn't hesitate to shell out $80 for his ticket earlier this month to watch his team pound the Los Angeles Dodgers on a perfect October afternoon at Citizens Bank Park...
...world champions this month, its offseason will test the resilience of the sports economy. Will ticket purchases for 2009 drop? And will free agents command the same salaries? Legends like Los Angeles Dodgers outfielder Manny Ramirez, the prime catch in the free-agent market, will always break the bank. But don't expect those left-handed middle relievers to score the same ludicrous contracts as in recent years. "Player salaries are extremely sensitive to market conditions," says Stanford University economist Roger Noll. "These players are going to get paid less next year." During the post-9/11, post-tech-bubble...
...Some argue Bretton Woods and the International Monetary Fund (IMF) and World Bank it created should have undergone revamping even before the crisis broke. Initially tasked with overseeing currency exchange rates and providing funds and advice to nations suffering trade deficits, the IMF has watched its field of action wane as economies developed and globalized. As part of that evolution, financial trading began spanning borders and generating previously unimaginable transactions through highly-leveraged and complex derivatives - all within a virtually unregulated atmosphere that national governments couldn't manage to police. Sarkozy and his European partners hope that...
...Karel Lannoo, chief executive officer of the Center for European Policy Studies in Brussels, thinks the European Union's "collective structures and recent history of harmonization" leave it well-placed to come up with coordinated national rules - or eventually even common regulation - for financial markets. Yet he says spotty bank balance sheets were just as evident and untreated in Europe as the were in the U.S. until the crisis hit. "Europe, like America, decided it was easier to assume the sun would keep shining and the grass would remain green," Lannoo says...
...Many fewer banks are recruiting on campus this year than in years past, and many fewer Harvard seniors have secured job offers from their summer internships. But in one sense, it is not so much that we have fallen into crisis as much as we are witnessing the end of a holiday. We’ve been living in a collective delusion. Since i-banking’s rise in the last several decades, many Harvard students and their peers at other competitive institutions have become accustomed to a post-college world paved in gold: You graduate, you secure your...