Word: bankses
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The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 makes it illegal for a bank to accept funds it knows, or has reason to believe, were derived from fraud. In addition, it's obliged to report its suspicions to authorities. A tangle of federal and state agencies...
There has been little definitive discussion of the actual benefits of the Treasury's new program that will fund the purchase of toxic assets from banks using federal money, and then allowing private money managers to purchase and trade this paper. There has only been speculation about the outcome, and...
The market knows next to nothing about the fundamentals that should drive money into equities at this point. The skepticism about the Treasury's plan is enough so that it would be fair to guess that it has less than a 50/50 chance of succeeding. The toxic assets that may...
Others look beyond the bare facts and see the silver lining. Reading about nude hikers, says the tourist board's Kanel, "is so much more fun than reading about the Swiss banks."
Tata Troubles While the company seeks to redefine the low end of the market, Tata Motors is struggling with its attempt to gate-crash the luxury-car segment. Last year, the Indian carmaker made auto-industry waves when it spent $2.3 billion to buy Ford Motor's lossmaking Jaguar and...