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...gateway to the world. While Beijing may boast millenniums of history, Shanghai owes its prominence to having served as a key trading port for colonial powers. As China accelerated market reforms in the 1990s, the country's first stock exchange was established in Shanghai, and much of the foreign direct investment that flows into China comes through here. Fashion houses, banks and law firms gravitate first to Shanghai, not Beijing. Still, the past couple of years have not been kind to the city. A cancerous corruption scandal, uncovered by the overlords in Beijing, claimed Shanghai's Communist Party boss...
John McCain didn't parse any words last week when he called for the firing of Securities and Exchange Commission (SEC) chairman Christopher Cox. The Republican nominee's choice of words may have been more direct than others - and more misguided, since the president can't technically fire the SEC head - but McCain's sentiment was nothing new. For months, calls for the SEC to do something more in the financial markets has been heard all over, from Congress, a midtown Manhattan law firm, the Secretary of the Commonwealth of Massachusetts, cable TV business news and former SEC commissioners...
...addition to focusing on the science and economics of the planet’s change, there is need for direct attention on the human dimension,” Tong said. “It poses the most fundamental moral challenge for humans in this century, for the future of real people will be on the line...
...Kosslyn said he will seek students’ ideas “about ways in which things can be improved, from course offerings to research opportunities to ways of interacting with faculty.” UC officials were similarly enthusiastic yesterday. “This will provide a very direct and honest way of discussing a lot of the issues that come up in concentrations,” said UC Vice President Randall S. Sarafa ’09. The boards will include between 8 and 12 students, including the UC president and vice president, who will sit on each...
...Thursday evening, however, the Fed and the Treasury proposed a more fundamental solution to the meltdown, and it curiously seems to embrace the idea of eternal return. The bailout package sent to Congress envisages the purchase of toxic mortgage-related assets from banks by a government agency directly dependent on the Treasury. It has a direct precedent in the Resolution Trust Corporation (RTC), an institution created during the Savings and Loans crisis to avoid dumping real estate assets after bank failures, and thus to avoid a further decline in real estate prices through the usage of federal funds. The current...