Word: feds
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Marijuana advocates were not the only ones who were overjoyed when U.S. Attorney General Eric Holder confirmed that he was ending federal raids on medical-marijuana facilities unless they were in violation of both state and federal laws. In budget-strapped California, for one, taxpayers are grateful. There, the fed crackdowns, which had continued despite the end of the state's own raids, got in the way of upwards of $100 million in revenue from medical-marijuana sales taxes in 2007, according to Americans for Safe Access (ASA), an advocacy group for prescription...
...time to be a banker. Whether their fingerprints are on a single credit default swap or collateralized debt obligation or not, financiers are being fingered for blowing up the global economy. The assets they traded are "toxic" and their bonuses "obscene." And members of the public, it seems, are fed up with the lot of them. In a leaked security memo sent to staff last week, bosses at AIG warned workers to keep an eye out for aggressors amid the "growing sense of public attention fueled by increased media scrutiny." AIG employees were advised to ditch AIG apparel...
...smell nice. The odor from the Center's laboratory is like stale meat in a dirty restroom. It can be detected from far away and becomes close to unbearable when approaching the jars full of leeches - all various hues of red and yellow depending on when they were last fed. "Leeches urinate non-stop for three days after they are fed," explains Elena Titova, the head of laboratory production, who has worked at the center for 25 years. "You have to clean their jars very frequently during this time; otherwise they poison themselves with their own waste...
Since the first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th...
Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars. Last fall they introduced Fed-sponsored insurance for money-market deposits, the equivalent of the FDIC insurance that exists for regular bank accounts. At the same time, they opened Fed lending to financial-services companies, making the Fed the lender of last resort for those firms, just as it is for traditional banks. In the past two days, Geithner unveiled the final two safeguards that he, Bernanke and Bair believe will...