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...sure, we have a long way to go until the stimulus is finished. The government has spent just $100 billion of the $787 billion that Congress approved in stimulus spending in February. Much of the rest of the money is due to be spent in 2010. As of now, the stimulus spending looks to be having a positive affect on the economy. If that continues, 2011 could be strong as well. If the stimulus affect peters out - or worse, causes hyper-inflation, as some worry - 2011 could be a year when economists and analysts eat a big slice of humble...
...rare move, a federal judge threw out a proposed $33 million settlement between the Securities and Exchange Commission and Bank of America stemming from the company's January takeover of Merrill Lynch. The SEC had sued the bank over $3.6 billion in undisclosed bonuses paid to Merrill staff before the deal. Judge Jed Rakoff accused bankers and regulators of having a "cynical relationship" that penalizes shareholders rather than bank executives...
...working for the state government, Kirwan is a veteran of steering large organizations through fiscal crises: as the state’s secretary of administration and finance under Mass. Governor Deval L. Patrick ’78 for the past two years, Kirwan has helped close a series of billion-dollar deficits...
...them for the long term. Unfortunately, the market's current get-rich-quick mindset cannot be changed overnight. Hong Kong, a more mature financial center, launched a GEM board 10 years ago. It has not been a notable success, with just 172 companies and total market capitalization of $11 billion - equal to 0.6% of the main board...
...Board in Shenzhen is doing better, having listed 293 firms with total market cap of $80 billion, equivalent to about 11% of the main board's. Still, the odds are that GEM and other initiatives may not do much to help China's private sector. The country's rulers may yet be forced to move more aggressively to stop state-owned enterprises from sucking up all the oxygen in the banking system, and do so sooner rather than later...