Word: bankses
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Madoff pleaded guilty on March 12 to 11 felony counts, including securities fraud, perjury, investment-adviser fraud, mail fraud, wire fraud, three counts of money laundering, false filings with the SEC and theft from an employee benefit plan. The scam's victims included high-profile celebrity names such as actress...
Emerging markets have often been unkind to banks. Unstable governments, dubious corporate management practices and wild swings in investor confidence can make the developing world far less predictable than the more advanced economies of the West. But the current financial crisis has stood a lot of the conventional wisdom on...
Although the bank's emerging-markets exposure in the past may have been something of a liability, it's turning out to be a strength today. StanChart derives 80% of its operating profits from Asia. While growth has plunged in some of the bank's most important regional markets, like...
In recent days, 10 top banks have begun to repay some $68 billion in TARP funds. According to Warren, knowing exactly what happened to money spent under TARP is less important than simply keeping the pressure on. "We certainly haven't achieved perfect transparency," she says.
Does this sound familiar? The financial history of the past decade is replete with echoes of Fisher's colossal 1929 miscalculation. A brilliant Fed chairman was credited with banishing panics and ushering in what economists called the Great Moderation. An explosion of financial innovation was deemed to have provided investors...