Word: dollarization
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Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...General Motors, America will remember CEO Rick Wagoner for his injudicious use of executive privilege. Wagoner and his colleagues at Ford and Chrysler gained notoriety for flying in three separate private jets to Washington, in order to ask Congress for a multi-billion dollar bailout. Four months later, Wagoner has resigned as a condition of this bailout and been replaced by Fritz Henderson, GM’s current president and chief operating officer...
Over five hundred walkers came together on Saturday for the Sixth Annual Walk for Haiti, successfully raising over $40,000 dollars for Harvard-affiliated international healthcare organization Partners in Health (PIH), according to Karen Fritsche, the walk’s co-founder. This year’s theme was “Housing for Haiti,” as 100 percent of the funds will be used to rebuild homes in Haiti, where land and infrastructure were devastated by two hurricanes last summer, Fritsche said. She estimated the three-mile walk along the Charles River raised enough money to build...
...here's why Defense Secretary Robert Gates kept discussions on the Pentagon's 2010 budget so secret that he swore the military's high command to silence ahead of the budget's unveiling. Aiming to shift military spending priorities from billion-dollar Cold War-era weapons to the simpler armored vehicles and spy drones needed for the "wars we are in today and scenarios for the years ahead," Gates on Monday proposed, among other things, to end funding of the advanced F-22 Raptor fighter. That cut alone will spark fierce resistance on Capitol Hill, but it's only...
...Some will say I am too focused on the wars we are in and not enough on future threats," Gates told reporters. "But it is important to remember that every defense dollar spent to overinsure against a remote or diminishing risk - or, in effect, to 'run up the score' in a capability where the United States is already dominant - is a dollar not available to take care of our people, reset the force, win the wars we are in and improve capabilities in areas where we are underinvested and potentially vulnerable...