Word: cash
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...success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's protégé John Reed--combined with a certain amount of forbearance by bank regulators and a lot of cash from Saudi Arabia--enabled Citi to survive. Reed then agreed to a 1998 merger with Travelers Group, which necessitated congressional repeal of the Glass-Steagall Act and established Citigroup as the greatest financial supermarket on earth...
...1800s, it stood by while banks failed. That's not a real option today. The modern world simply isn't prepared to survive a financial shutdown. But handing banks cash and hoping things will work out is no solution either. What's needed is a new beginning: new management, new investors, new boards of directors, in some cases new institutions. That's how Citi, and the financial system in general, returned to health in the past. And that's what the next stage of the bank bailout will have to emphasize if it's going to stand a chance...
...Chinese New Year is a time to relax with family and spend year-end bonuses. But as the holiday approaches this year, only half of Taiwanese expect to receive any extra cash from their companies. Instead, their employers are telling them to take long vacations. If only they could enjoy them...
...Given the uncertainty, there have been reports of business rivals trying to poach Satyam's employees and customers, which could make it harder for the company, which is suffering a cash squeeze, to continue operating. The government has stepped in and appointed a new board consisting of heavyweights from India's corporate sector, but officials say a bailout is not needed. Satyam is seeking bank loans to help cover salaries and other operating expenses as it tries to regain its balance...
...Monday, Indian newspapers reported that the board may appoint investment banks to explore the possibility of finding a buyer for Satyam. Since then, board member Tarun Das has said the company was approached by a potential buyer. Board members insist the company has solid cash flow and can continue. Yet with fresh revelations about Raju's alleged malfeasance surfacing every day - the latest, that he deleted all his e-mails from his final month as CEO - there are fears that the company's liabilities may be so high that it may be forced to fold...