Word: banking
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...heart of the program - and the biggest cause of complaints - is an effort to reignite the process by which most banks get the money they use to make consumer loans. To fund credit-card, auto and education lending, banks typically gather up loans they already have made and pass them off to an investment bank. Wall Street firms then package these into bonds that pay interest based on borrowers' loan payments. Completing the money-recycling loop, investors buy the bonds, and investment banks pass most of that money, minus a fee, back to the lenders. The lenders can then...
...burgeoning army of unemployed workers. At Taiwan's Hsinchu Science and Industrial Park, home to many of the island's flagship tech firms, most workers are taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of the job-search website 1111 Job Bank, says conditions at Hsinchu have never been so dire. "There's extreme panic right now," Wu says...
Until recently, business networking sites like LinkedIn were a mystery to Lisa Estabrook, 50, who left her advertising job at a bank in Philadelphia when her first child was born 16 years ago. Now she finds herself haunting YourOnRamp, which her husband - who was laid off from a reinsurance firm six weeks ago - heard about from a career counselor at a local church. She rattles off all the networking sites she's trying to get a handle on, including Facebook and Tweeter. Um, make that Twitter. "To my kids," she says, "it's funny to see Mom trying...
...court. "As the years went by, I realized my risk and this day would inevitably come," he said. "I cannot adequately express how sorry I am for my crimes." Madoff explained that his Ponzi scheme, run through an account held by his investment-advisory business at the Chase Manhattan Bank, began during a "recession" in the early 1990s. He believed he would be able to extricate himself and his clients from the scheme with time - but couldn't. But while admitting that the investment-advisory half of his company was fraudulent, he insisted that the proprietary-trading and market-making...
Japan's gross domestic product dropped 13% in the fourth quarter. The Russians are so short of cash, they are signing a lopsided 20-year deal for oil sales to China in exchange for a $25 billion loan. Iceland is bankrupt. The World Bank predicted on March 8 that in 2009 the global economy will shrink for the first time since the 1940s...