Word: banking
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...Perhaps Hillary should have jettisoned Bill before she began her campaign. A Hillary presidency could eclipse Bill's, and that would rub his ego the wrong way. And you can take this to the bank: if Hillary does not get the Democratic presidential nomination, their marriage is toast. Patricia Chlum, Homer Glen...
...official: amid a bout of global financial instability not seen in years, Japan, the world's second-largest economy, has no central bank governor. Toshihiko Fukui, the current Bank of Japan (BoJ) chief, has packed his bags-his five-year term ended at midnight, March 19-and due to a political deadlock in Japan's parliament, it may be weeks before a successor is appointed...
...course, this doesn't mean the country is facing economic chaos. Central bank policies will continue to be carried out by Masaaki Shirakawa, who was approved by parliament last week as a deputy BoJ governor and who will temporarily take over for Fukui. But the Diet's inability to compromise with Prime Minister Yasuo Fukuda and choose a new bank chief is seen by many as unsettling evidence that Japan has reached political gridlock and could face serious problems in the months ahead. "This is the kind of thing harms the image of Japanese governability," says Jun Iio, director...
...central bank debacle is just the latest example of paralysis. After months of bickering over Fukui's successor, DPJ politicians last week rejected Fukuda's first nominee, BoJ deputy governor Toshiro Muto, and this week shot down his second choice, Koji Tanami, the governor of the Japan Bank for International Cooperation. Both Muto and Tanami are former Ministry of Finance (MOF) officials; the DPJ says it won't accept a former MOF bureaucrat as central bank chief because it wants to ensure the independence of the central bank and to insulate monetary policy from meddling by the administration...
...squabbling comes as the U.S. central bank chief, Federal Reserve Board chairman Ben Bernanke, is scrambling to shore up shaky financial markets. Among other actions, Bernanke this week helped prevent the bankruptcy of a major brokerage house, Bear Stearns, and cut U.S. interest rates 0.75 of a percentage point to try to keep America from slipping into recession. But in Japan, there's little central bank activity, despite the threat of recession, a sliding stock market, and the decline of the dollar to its lowest level against the yen in 13 years. "At this moment the situation is very...