Word: crediters
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...Banks are seeing some light in their trading operations (Goldman Sachs is a star performer in that category), there's more mortgage-refinancing happening, and credit-card problems may be bottoming - all good stuff, say Goldman's strategists. But there's another important reason the earnings for S&P financial stocks are looking better: many of the sickies are gone from the index, including Lehman Brothers, Fannie Mae and Freddie...
Mayor Giuliani often gets credit for the dramatic drop in New York's crime since the 1990s. Does he deserve it? I think so. It wouldn't have happened without Giuliani. He had a commissioner [William Bratton] that changed the culture of the NYPD and made them accountable for the first time in perhaps a decade, but Giuliani was unable to share credit and Bratton was dismissed. Bratton, in my opinion, was not blameless either. He couldn't control himself when it came to publicity...
...fail." The crisis has also created a premium for those firms willing to take on more risk in trades. According to company data, Goldman - which converted to a commercial bank at the height of the crisis in order to gain easier access to cheaper government credit - has significantly reduced its leverage ratio, which measures how much money it borrows, from 27.9 at the beginning of 2008 to 14.2 today. At the same time, Goldman has increased the amount of money it is risking on a day-to-day basis, and the number of competitors it faces in the marketplace...
...Surveys show that, despite concerns, most small businesses say that the access to credit has not been a problem for them in the financial crisis," says economist Edward Yardeni. "Now it will...
...least Washington and Caracas are talking again. Diplomats say Venezuelan Foreign Minister Nicolás Maduro has made an effort to reach out to the Obama Administration. On the U.S. side, much of the credit goes to Thomas Shannon, outgoing Assistant Secretary of State for Western Hemisphere Affairs. Shannon, appointed in 2005, worked to alter President George W. Bush's dark first-term relations with Latin America, when Chávez called Bush "the devil" in large part because the White House had tacitly backed the 2002 coup attempt. As a result, the Latin left has less anti-Yanqui fodder...