Word: bankses
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German Chancellor Angela Merkel and her Finance Minister, Peer Steinbrück, have spent months saying they will never let irresponsible German banks off the hook by taking their toxic assets and putting them into some sort of government-backed bad bank.
But that was before U.S. Treasury Secretary Timothy Geithner unveiled his plan to do just that with the toxic debts of U.S. banks. The move has won plaudits on Wall Street and even a knowing nod from Main Street U.S.A., which understands that the plan is a necessary evil. In...
With an election just six months away, Merkel simply doesn't have the political capital with voters enjoyed by the newly elected Obama Administration. She already faces rising criticism and demonstrations against her policies to bail out the banks, such as the government stakes in Commerzbank and struggling mortgage bank...
This week it's been Fred Goodwin's turn. The former boss of the stricken Royal Bank of Scotland is rumored to be mulling a move to South Africa after vandals smashed windows and his car at his Edinburgh home. Britons are livid that Goodwin was awarded a $1 million...
For politicians, anger directed at bankers is also anger that's not being channeled toward them. Gordon Brown, Britain's Prime Minister, has hardly emerged unscathed from the collapse of the U.K. economy - he was, after all, the country's finance minister for a decade until 2007 - but he's...