Word: chiles
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Political analysts say Chinchilla, who takes office May 8, has a talent for dialogue and coalition building, which she'll need when she faces Costa Rica's ultra-fractured Congress. Her center-right credentials set her apart from the other female heads of state in Latin America today: Chile's outgoing President, Michelle Bachelet, is a moderate socialist; Argentina's Cristina Fernández represents her Peronist Party's left wing; and the leading candidate in this year's Brazilian presidential election, Dilma Rousseff, hails from the leftist Workers Party. At the same time, Kaufman notes, Chinchilla follows a string...
...Chile...
Billionaire Sebastián Piñera won Chile's election on Jan. 17, making him the first conservative elected President in more than half a century. Piñera edged out Eduardo Frei, the center-left former President, who was backed by the widely popular outgoing President, Michelle Bachelet. Piñera won almost 52% of the vote, breaking the center left's hold on the office, which began after Augusto Pinochet's brutal dictatorship ended in 1990. Analysts attributed the result to Frei's lackluster campaign and Piñera's ability to separate himself from the legacy of Pinochet's rule...
...step, in goes Santander's proprietary Parthenon software, which organizes a bank's business by customer instead of by product line, as had been the case at Abbey. "This is the kind of sophisticated information JPMorgan still didn't have, and I saw it at a Santander branch in Chile," says Davide Serra, head of the U.K.'s Algebris hedge fund. The system facilitates cross-selling to existing customers while allowing Santander to cut back-office staff drastically (Santander never cuts the flesh pressers out front). In Abbey's case, total employees dropped from 25,331 to 16,489, while...
Caballero, who is from Chile, is not absolving American bankers and regulators. But he says investigators and lawmakers who are looking into the financial crisis are spending too much time grilling Wall Streeters and not enough time looking into the global imbalances that are largely to blame. "What worries me is Congress trying to create new regulations, but not asking where the pressure was coming from to create these products," says Caballero. "In terms of formulating a solution, just looking at the U.S. financial system is not the answer...