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...show the long-term economic and financial benefits of hosting the Olympics are debatable at best. Montreal, for instance, failed to pay the debt it incurred hosting the 1976 Games until 2006. Still, the Chicago bid's proponents are confident. "The Olympics is bigger than Mayor Daley," Daley said earlier this week, referring to himself in the third person. "This is about the vision for the city. This is about transforming the city." As for the protests, Olympic organizers have no choice but to put the best face on the situation. "If they want to demonstrate," said Daley...
...biggest bad surprise for investors in bank stocks, though, could come from pools of so-called shadow assets that have been following around these banks for years. In the earlier part of this decade, banks set up a number of financing arrangements called special investment vehicles or variable interest entities. These arrangements each had different functions, but they were generally known as special purpose entities and they had the effect of keeping certain loans off bank ledgers...
Plans to renovate the Fogg have been in the works since 2003. Earlier this year, the museum’s collection—composed of more than 260,000 works—was transported to an off-site location for storage...
Complaints that the vetting process has gone overboard grew earlier this week, when Kansas Governor Kathleen Sebelius, President Obama's pick for Secretary of Health and Human Services, became the latest nominee to be embarrassed by a public disclosure of problems with her tax returns. In Sebelius' case, the discrepancies were, by all appearances, relatively minor ones, centered mostly on a failure to produce the proper documentation for charitable contributions and business expenses. She agreed to pay an additional $7,918 in taxes and interest, and she looks to be on track to a relatively easy Senate confirmation...
...sent "a robust message" by addressing issues such as the importance of fiscal policy and increased regulation of the markets - arguments he was making prior to the London conference. Japan also took the lead in an international effort to shore up the International Monetary Fund with an earlier pledge to provide the organization with up to $100 billion. The G-20 upped the contribution to $500 billion to help emerging countries that are in dire economic straits. "The IMF's fiscal foundation has been strengthened - a very welcomed development," says Yasuhisa Kawamura, deputy press secretary for Japan's foreign ministry...