Word: banking
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...that I could do business and do good at the same time,” she said. “There wasn’t a huge trade-off.” Scharpf then enrolled at the Kennedy School and then the Business School before working for the World Bank in Africa. The creation of the Social Entrepreneurship Fellowship, which will be given annually to an HBS alum, is indicative of a growing focus on social enterprise at the Business School. In 2001, the HBS Business Plan Contest added a social enterprise track, and attendance at the school?...
...This week it's been Fred Goodwin's turn. The former boss of the stricken Royal Bank of Scotland is rumored to be mulling a move to South Africa after vandals smashed windows and his car at his Edinburgh home. Britons are livid that Goodwin was awarded a $1 million annual pension after he quit RBS in disgrace last year. The 50-year-old oversaw a disastrous expansion that almost felled one of Europe's largest banks, prompted a $30 billion government bailout last fall and triggered the biggest annual loss in U.K. corporate history. "We are angry," a group...
...Things might get even hotter in the coming days. On the eve of a meeting between leaders of the G-20 in London next week, thousands of protesters are expected to converge on the Bank of England as part of "Financial Fool's Day." G-20 Meltdown, the umbrella of anti-capitalist groups behind the demonstration, promises a "carnival" atmosphere. But here's a spoiler alert: "We are going to be hanging a lot of people like [RBS's Fred Goodwin] from lampposts on April Fool's Day and I can only say let's hope they are just effigies...
...Protesters plan to "lay siege" to London's financial institutions, according to G-20 Meltdown's website. There's even the promise of a "Banquet at the Bank" and the chance to "feast on a rare delicacy: bankers' brains!" Features like that are all meant in jest, says Michael Rainsbro, a spokesman for the group. "It's April Fool's day," he says. "Do you seriously think we're gonna go down and eat bankers' brains? Come...
Several tests of investor optimism will come in the weeks ahead, as U.S. companies begin reporting first quarter earnings (or losses). Moreover, the U.S. Treasury will probably make public the results of the bank stress tests that it has conducted in recent weeks. If stocks perform well in the face of bad quarterly numbers, or mixed news on the stress tests, market analysts will take that as a strong indicator that investor sentiment is truly turning...