Word: banking
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Greg Fleming, former president of Merrill Lynch, is probably the highest-ranking Wall Streeter to make the move so far. Earlier this year, after Merrill was acquired by Bank of America, Fleming decided to exit the newly combined firm for Yale Law School. This semester, he is teaching a class that brings financial professionals to New Haven to explain the economic events of the past year - and the class is drawing praise not just from students but other teachers. (Read "Facebook's Latest Role: College Guidance Counselor...
...tempting to say that no executive, no matter how accomplished, can fix the nation's largest banks. They can only be fixed when the credit markets themselves are repaired. Antagonists to that way of thinking would refer to Jamie Dimon of JPMorgan (JPM) who they claim can fix anything in the financial world. That point of view fails to admit that he did not break his bank in the first place...
...bitterly ironic that the policies of privatization and the free-market system forced on Africa by the Western-controlled World Bank and IMF (that have devastated many African countries) are now being reversed in the U.S. Whereas poor, suffering Americans need to be protected from the full consequences of their free-market principles (which should allow AIG, GM and the rest of them to fail), Africans were afforded no such protection - presumably because they don't vote in U.S. elections. Alex Potter, CLAREMONT, SOUTH AFRICA...
...long overdue. "Who can possibly justify the fact that Belgium has a substantially larger quota than India, Brazil or Mexico?" asks Ariel Buira, of the Mexican Council for International Affairs. The IMF's legions of critics even include other international agencies. Malcolm Knight, a former general manager of the Bank for International Settlements - a sort of club for central bankers - recently blasted the IMF in an article that described its performance as "less than evenhanded or effective," and accused it of being asleep at the wheel in the months before the current economic turmoil. "The IMF was uncharacteristically disengaged from...
...these unanswered questions, the vote of confidence given to the IMF partly reflects its performance over the past few months under Strauss-Kahn, a former French finance minister who made an unsuccessful bid for the French presidency before being appointed to the job. Since the U.S. investment bank Lehman Brothers collapsed in September 2008, the IMF has lifted its game and put together rescue packages totaling more than $50 billion for Hungary, Iceland, Latvia, Ukraine and other financially overstretched countries...