Word: banks
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...industrialists, analysts say that circle has, ironically, grown even tighter with the rise of globalization - and is now dominated by financiers. Analyses show that a disproportionate number of people sitting on the boards of the CAC 40 companies come from the country's largest and most influential corporations - mainly banks and financial firms - giving them considerable influence over the operations of the other companies. Four executives from the French bank BNP Paribas, for example, sit on the boards of 12 other CAC 40 companies, including the environmental-services group Veolia, the oil giant Total and the aerospace consortium EADS. (Read...
...Over that time, ETF assets under management have more than tripled, to $742 billion. That's still far short of the $7.14 trillion in assets held by mutual funds, but the ETF growth rate is fast closing that gap, with new products covering every subsector of the markets, from bank stocks to silver to Vietnam's public companies. (See pictures of TIME's Wall Street covers...
Obama outlined his plan for $117 billion worth of bank taxes to recoup the costs of bailouts even before Scott Brown's Massachusetts victory gave Republicans the 41st vote they need to filibuster the Senate. The newest proposals - further limits on the size and risk profiles of financial firms, plus bans on commercial banks playing the markets with their own cash or owning hedge funds or private-equity funds - had also been debated internally for months. But no matter what the White House spinners say, the heightened emphasis on taming Wall Street is a direct response to Obama's political...
...real message behind all the bank-bashing is that Obama is shifting gears for his second year in office. Instead of calling for general reforms and letting Congress work out the details, he wants to draw bright lines and force lawmakers to choose sides: Do you want to reform the financial system after the worst financial crisis since the Great Depression or do you want to protect the status quo on Wall Street? After cobbling together 60 Senators for health reform through endless delays and deals - which thanks to Brown would now require cooperation from at least one Republican along...
...curb property speculation, Beijing has reintroduced a sales tax on residences resold within five years of their purchase. Earlier this month the State Council introduced a rule that requires a 40% down payment on the purchase of a second home, and on Jan. 12, China's central bank raised the reserve requirement for commercial lenders in an effort to control the torrid growth of credit after the value of new loans more than doubled last year. (See pictures of the best-selling cars in China...