Word: banking
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...latest way for the government to decide what it should do with troubled banks is to put them though what it calls a "stress test". The criteria that will be used, among others, is how a bank will do if unemployment rises to 10% and housing prices drop another 25%. Those conducting the tests don't think the economy will get that bad, but they plan to set the bar as high as possible...
...scale of 1 to 10, with 10 being a bank in perfect condition, Citigroup may end up with a 2 on its stress test. The government will require it to take more taxpayer capital and the firm may then have ample reserves. Wells Fargo (WFC) could achieve a grade of 8 and then not need to take any financial support from the Treasury. Wells Fargo's shareholders then benefit because their shares are not diluted...
Only part of the bank risk problem is solved by evaluating mundane factors such as the strengths of bank balance sheets and forecasts of a more dire economic future. Regulators have created a bell shaped curve for bank risk based on too few variables...
...fewer chickens to fry. At the Hsinchu Science and Industrial Park, home to many of Taiwan's flagship technology companies, more than three out of four workers are currently taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of job-search website 1111 Job Bank, says that conditions at Hsinchu have never been so dire in the park's 29-year history. Wu says that two years ago, the companies that job hunters most often sought out using his service were microchip makers and electronics manufacturers; last year, the most-searched-for company was convenience...
London: Sir John Soane's Museum John Soane, architect of the Bank of England when it was rebuilt in 1833, created this museum in his own house to showcase his massive collection of antiquities, artifacts and copies of Greek and Roman sculptures. Accessed via winding staircases, the narrow galleries are filled with plaster oddities: men fighting with griffins, single feet and knees, an acanthus leaf, a devil's face. Soane intended to create an Academy of Architecture, but ended up with a richly eccentric folly. For more information, go to www.soane.org. - by Lucy Fisher (See 10 things...