Word: feds
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...Banks there have long been free from the kind of separation that has ruled in the U.S. since Senator Carter Glass and Representative Henry Steagall bonded in 1933 to draft the defining financial legislation of the 20th century. Born in tough times, Glass-Steagall expanded the powers of the Fed in controlling credit. It established the Federal Deposit Insurance Corporation, which insured bank deposits. Most important, the act required banks to choose between being a simple lender (a bank) or an underwriter (a brokerage...
Glass-Steagall lost all its teeth this decade, starting in 1990 with a Fed decision allowing J.P. Morgan to begin underwriting securities. In 1997, Bankers Trust (now owned by Deutsche Bank) bought the investment bank Alex. Brown and officially married two businesses divided since the Depression. Meanwhile, banks had begun marketing annuities and mutual funds, and brokers had begun offering CDs and loans. Leaders in all corners had come to agree that Glass-Steagall was obsolete. They just couldn't compromise and find a solution...
...obliterating any hope of a quick profit, or perhaps producing a staggering unrealized loss. IBM, Xerox, Unisys and Lexmark have all detonated recently. First, take heart. You aren't the only one dumb enough to bet on a great company during a period of unsettling sales growth and a Fed turned hostile to higher stock prices. If you haven't taken a hit in your personal portfolio, you can bet that your mutual-fund managers have their own shrapnel collection...
...million Fed Ex's profits for the 1999 fiscal year...
...Saharan soil conditions. While the electronic simulations are monuments to the ingenuity and perseverance of their creators, they provide us with, at best, a fuzzy view of the future. They have difficulty handling factors like clouds and ocean currents (two major influences on climate), and if you fed the climate of 1900 into any of them, they couldn't predict the climatic history of the 20th century. Like everything else in this frustrating field, the models' limitations force us to make important decisions in the face of imperfect knowledge...