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...recently as Nov. 25, Lorenzo Bini Smaghi, a member of the ECB executive board warned that cutting rates too sharply could contribute to destabilizing financial markets rather than help calm them. And Trichet seemed to echo that concern, refusing to give any clear guidance about what direction the ECB may take when it meets again in January. "For January, I say nothing. It's as simple as that," he said. "We have to be sure that what we are doing is really effective...
...happening with the [$700 billion bank-bailout] program, where there is no strategy, and we're just throwing money out there," said Senator Bob Menendez, a New Jersey Democrat. In addition to monthly updates on the Big Three's progress, many members of Congress want an oversight board or a single trustee to be empowered to win concessions from employees, retirees, dealers and creditors that are essential for any long-term restructuring plan to work...
...tied to water: the city famous for its canals is even shaped like a fish, with an imposing tail bifurcating at the Isola di San Pietro. Over the centuries, the Venetians' empire-building navies gave them grandiose reason to stage an annual Marriage with the Sea--the doge on board a gilded galley flinging a ring into the lagoon in mythic matrimony. Last week, however, the sea wanted more than a ring: the Adriatic appeared to be reeling in all of Venice itself, grabbing at it with the worst floods La Serenissima has seen in more than 20 years...
Smith’s plans were announced at yesterday’s Faculty Council meeting, where the members of the Faculty’s 18-member governing board discussed measures that are underway to address the worst economic crisis in decades...
...firms that turned out to be poorly-managed, colossal houses of cards, ready to collapse at any moment. Doesn’t the latter class of actions beg for convictions and new sentences as much as the former? Why shouldn’t criminal negligence extend to white-collar board members...