Word: banking
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...mobilization to bail out Eastern Europe has begun in earnest. According to MarketWatch, "The World Bank, the European Bank for Reconstruction and Development and the European Investment Bank issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) in aid to support Eastern Europe's bank sector." That is almost certainly only the beginning of the process...
...Svalbard is a repository for samples from national seed banks across the globe - almost every country in the world has one. Their purpose, of course, is to backup native plant varieties. If climate conditions change or a disease threatens crops currently in use, plant breeders can dip into seed banks to try to grow new crops. The seed diversity preserved in these banks can mean the difference between feast and famine. But the banks that contain our most diverse and important collections of seeds tend to be located in developing countries, where budgets are tight and conditions are less than...
This week, President Barack Obama called for the 19 largest banks in the country to undergo “stress tests” to determine whether they are adequately capitalized to withstand a significant economic downturn. Critics have claimed that the government’s worst-case economic condition forecasts are too weak, making the tests inadequate. Still, the tests should provide valuable information on the health of our banking system, and the administration was wise to order them. Should the results eventually show that any major bank is undercapitalized, the government should not hesitate in taking it into receivership...
Though Sweden is, of course, an attractive model, we must remember that it was successful because the banks were successfully reprivatized. We must make sure that, if we do nationalize the banks, we minimize the barriers for the private sector to buy healthy bank assets in the future. Also, we must limit this approach to the banking sector. Not all companies should receive this special treatment—in the automotive sector, for instance, we must strongly consider allowing firms to fail if they cannot compete in the open market...
...contain further details for the program, and both JPMorgan and a number of Harvard financial aid officers declined to comment Friday afternoon. International students have historically had difficulty finding suitable loan options, as they are ineligible for federal aid. A previous arrangement with Citibank, the consumer and corporate banking arm of Citigroup, allowed international students to take out loans without a cosigner, a requirement for most student loans. The announcement did not specify whether the newly negotiated partnership with JPMorgan will contain the same provision. Citibank terminated its arrangement with Harvard in early October, citing the effects of the frozen...