Word: corpe
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
Before he became the President, CEO and Chairman of Bank of America Corp. - and the man whose $50 billion purchase of brokerage firm Merrill Lynch & Co. was some of the only good news on one of Wall Street's worst-ever days - Kenneth Lewis was a Mississippi boy who lived in a town so small he once joked that you had to go one town over "just to be born." He went to Georgia State University and then to work at North Carolina National Bank (NCNB) in Charlotte as a credit analyst - his first banking job. That was back...
...Bank of America expanded, Lewis continued up the corporate ladder, and when his mentor retired 2001, Lewis stepped into the CEO spot. He immediately cut 10,000 jobs and outsourced many others to India. In 2003, he spent $47 billion on his first major acquisition, FleetBoston Financial Corp., which gave North Carolina-based Bank of America a foothold in the northeast market. A series of other purchases - Chicago's LaSalle Bank, Charles Schwab's private banking program - earned him a reputation as a man with a penchant for savvy multi-billion dollar deals. This January, he bought Countrywide Financial Corp...
Sounds great. But who will get the development money that all of Washington now seems keen to send east? Christine Fair, a Pakistan expert with the Rand Corp. in Washington, argues that without a reformer in charge in Islamabad, programs such as Biden-Lugar will be "throwing good money after bad." The problems, she says, are systemic. Improving training for police officers won't help until their wages are boosted to make them less vulnerable to bribes--but that would require reforming police pay, which in turn would call for extensive civil-service reform. "That's the problem with Pakistan...
Fannie Mae began life in 1938 as the Federal National Mortgage Association, a New Deal government agency, and was privatized in 1968 to get its debts off the government's books. Two years later, Congress created Freddie Mac, the Federal Home Loan Mortgage Corp., in part to give Fannie some competition. The firms became odd hybrids--government-sponsored enterprises (GSES) accountable to private shareholders. And they got away with holding only tiny capital reserves to insure against losses in their giant portfolios--partly because of their quasi-governmental status and partly because mortgages were supposed to be safe...
...accurate estimates of the cost of the savings-and-loan crisis of the 1980s. The S&L experience is instructive: the cost estimates started low (Ely's first guess was $25 billion), then eventually grew to $500 billion. The actual price tag, as calculated by the Federal Deposit Insurance Corp. (FDIC) long after the fact: $123.8 billion, or about 2% of annual GDP during the bailout years. That's equivalent to $286 billion today...