Word: banking
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...conservatism and very little new lending--by the mid-1940s, more than half of City's assets were in U.S. government bonds--gave way to a new era of growth in the 1950s. The drivers were international expansion and domestic innovation, and the leader was Walter Wriston. The bank's CEO from 1967 to 1984, Wriston changed the y in City to an i. After years of success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's protégé John...
...1800s, it stood by while banks failed. That's not a real option today. The modern world simply isn't prepared to survive a financial shutdown. But handing banks cash and hoping things will work out is no solution either. What's needed is a new beginning: new management, new investors, new boards of directors, in some cases new institutions. That's how Citi, and the financial system in general, returned to health in the past. And that's what the next stage of the bank bailout will have to emphasize if it's going to stand a chance...
...Troubled Assets Relief Program (TARP) lacked transparency, the Senate voted 52-42 to release the remaining bailout funds. The same day, House Democrats unveiled an even larger stimulus plan that would funnel money to local governments, fund infrastructure development and provide middle-class tax cuts. Britain, meanwhile, announced a bank-bailout plan as the European Commission predicted the loss of 3.5 million jobs in the European Union...
...experience of the Gaza pullout convinced even some of the most ardent peace activists that turning over full control of the West Bank to the Palestinians could be dangerous. With land for peace discredited, the Israeli public turned to deterrence, using the strongest army in the region to crush opponents. Once Palestinians realize that they cannot defeat Israel - the thinking goes - Israel's other adversaries will...
...find it in a terrible state. He had to sell off land to make repairs, since eight years away had "despoiled my buildings but also deranged my private affairs." Truman, who had only modest savings and $112.56 a month from his Army pension, had to take out a bank loan in his last couple of weeks in office and could barely afford the stamps to answer all the letters that came in. It wasn't until 1958 that Congress got around to actually voting for a presidential pension and allowance to cover overhead...