Word: coasted
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...downturn's effects are visible everywhere: Harrah's recently halted construction of a $700 million casino project on Mississippi's Gulf Coast, leaving barely a set of pillars, and threatening the recovery of an area battered by a series of hurricanes earlier this decade. Meanwhile, bankers in Charlotte, N.C., are awaiting their walking papers: No one knows how many of Wachovia's roughly 20,000 employees there will be cut in the company's merger with Wells-Fargo. Or how many of Bank of America's 15,000 Charlotte employees will survive the company's plans to shed some...
Florida's Gulf Coast was crawling with shady real estate investors like Neil Husani during this decade's housing boom. According to the U.S. Attorney's office in Tampa, Husani and three co-conspirators working with his Sarasota-based Capital Force, Inc., bilked seven area banks out of $83 million in a mortgage fraud scheme. Between 2003 and 2006, they bought up dozens of properties, used false information to secure mortgages far in excess of the actual property values, then pocketed the difference, which amounted to more than $40 million. The properties went into foreclosure and the banks, as well...
...Political Scientist Yang Tai-Shuenn of Taipei's Chinese Culture University. "That may insult the Taiwanese people." One 63-year old tourist caused a stir in the Taiwanese media by carving his name and Chinese town in large characters on a rock on a famous stretch of Taiwan's coast. Eventually, the Chinese media shamed into making a public apology. "I'm not very cultured. I didn't know I was making a serious mistake," the Yangtse Evening Paper reported the man saying. "My daughter and wife have scolded me, and I'm very sorry for what...
...Obama, oscillating in recent weeks between acerbic criticism and conciliatory praise. When Obama said that Chávez aids Colombia's Marxist guerrilla violence (which Chávez in fact has renounced), the Venezuelan President shot back that Obama had "the same stench" as Bush. But when the U.S. Coast Guard called Venezuelan authorities last week for permission to board a Venezuelan boat involved in a cocaine bust, Chávez called it a "positive signal that never would have happened" under Bush...
Protesting fishermen who had shut down traffic in several large ports on France's northern coast ended their two-day blockade Thursday - but promised to be back if their grievances weren't addressed. Few in France question the readiness to deliver on those and other threats of uprising by workers around the nation whose jobs are imperiled as recession bites deeper. Indeed, that kind of action is only an updated echo of France's historical penchant for insurgency in response to adversity - a tradition now making a comeback with the global economic crisis...