Word: bitting
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Calling it sweeps week is a bit of a misnomer; it's actually nearly a month. The current period, which starts Oct. 29, won't end until Nov. 25. It's the result of an anachronism: Nielsen developed the concept of sweeps week in 1954, when they mailed small TV ratings booklets to households across the country and asked them to record everything they watched for a week. To keep the task of receiving and recording thousands of diaries from the sample households orderly, they started a "sweep," starting on the East Coast and moving West across the country...
...Blame? While it feels great to be outraged by these fat bonuses and whack the pigs by restricting - or seeming to restrict - the pay at outfits that have taken government bailout money, it's a bit pointless too. Because to some extent, Wall Street's pay and its problems really are misunderstood. (Stop snickering! It's true.) Even though "Wall Street" means the nation's big financial and investing operations, not a geographical location, a disproportionate number of Street people live in Manhattan. Things in the desirable parts of that borough are expensive beyond belief, especially if you have children...
...those polled expect Wall Street to return to dangerous activities. Americans clearly want action: some 62% believe financial regulations need to be tougher, and 67% want the government to force pay cuts on top executives at Wall Street firms that received government bailout money. It's a bit of a turnaround for a country that has been leaning toward the less-regulation-is-better model of government. Yet most people are still wary of giving Washington too much say in running businesses. The majority, 57%, don't want government interfering with free enterprise. At least until it runs...
Where's the Justice? None of the people who presided over the catastrophes at the likes of Citi and AIG and Merrill Lynch are likely to go to jail. That's because incompetence and arrogance aren't criminal offenses. If that seems a bit unfair, so does the government's rescue program that saved some and not others, depending on political and social criteria. The most recent example: Delphi Corp., GM's former parts division that was spun off a decade ago, which recently emerged from bankruptcy proceedings. White collar Delphi retirees are having their pensions whacked, but United Auto...
...there was one bit of good fortune, it was that we had just received the lastit was that we had just received the last year of funding when the foundation collapsed...