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Clearly he fell in love with his success over there and was hoping to stay. But he had a contract, and we were committed to having him fulfill that contract. And I believe he was committed to finding a way to reach a resolution that makes sense for us and for him. I believe that resolution was reached. He'll be back in July. I'm hopeful that he will continue to fulfill his commitment to us, which I believe he cares very much about...
...company - owns 79.9% of AIG. He told reporters, "I think the time has come to exercise our ownership rights. We own most of the company. And then say, as owner, 'No, I'm not paying you the bonus. You didn't perform. You didn't live up to this contract.'" (See how financial madness took over Wall Street...
...problem with keeping the swaps on the banks' books is that their potential payoff or loss is random, depending on the particular details of the contract and various outcomes in the world. Moreover, banks today are risk-averse and often factor worst-case scenarios into current pricing. Thus, they are far more likely to claim losses than profits on such instruments...
...that they will be laid off effective Monday and others have been informed that their hours will be reduced, according to a union organizer. OneSource and UNICCO—subcontracted companies that clean properties administered by HRES—had been asked by Harvard earlier this year to cut contract costs in response to a predicted 30 percent decline in the University’s endowment. Two weeks ago, HRES told OneSource more specifically that it must cut 40 percent of its costs by March 16, according to Daniel B. Becker, an organizer for Service Employees International Union Local...
Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, making it the worst quarter on record. South Korea's GDP shrank 3.4%, Singapore's fell 4.2%, and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at the brokerage CLSA in Hong Kong, predicts the dismal numbers will persist. He expects GDP in Taiwan and Singapore to contract at double-digit rates this year. "We've never seen an external shock in Asia like this," says Fishwick...