Word: feds
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...only are the Citigroup shareholders likely to be out of luck, especially if the Fed, Treasury, and FDIC have to step in again, but most of the preferred shareholders and debt holders will be wiped out in the flood as well...
Since Geithner certainly has an office at his Fed job, he can't claim his home as a place of business. But if he telecommuted, he could write off a portion of the cost of his computer and other gear needed to run the largest branch of our nation's bank from home. To get the deduction, though, Geithner, on the basis of his salary, would have had to spend at least $8,000 on home office equipment. But that shouldn't be too tough. If you are the head of the New York Fed, a 73-in. high-definition...
...refugees and immediately noticed their abject state. The coast guard's report stated that there was a significant amount of water flooding the barge; Indian ships reportedly attempted to search for the 300 missing but were able to rescue only nine refugees from the sea. The survivors have been fed and given medical treatment. They are being housed in relief camps, where they were reached by phone calls from the Arakan Project as well as a reporter from the BBC. The Thai government has yet to return TIME's calls on the matter of the treatment of these refugees...
...Fed has passed tens of billions of dollars of loans to banks and brokerages through its emergency lending window. It has lowered interest rates to zero. Treasury has put $25 billion into each of the money center banks. It is now backing over $300 billion in bad assets held by Citigroup (C) through a loss-sharing agreement. Bank of America (BAC) is getting a similar deal. The programs to back bad assets is almost certainly going to spread. (See pictures of TIME's Wall Street covers...
Zoos are hardly the only organizations to be hit hard by U.S. financial straits - administrators from soup kitchens to schools are fighting for pieces of a shrinking fiscal pie. But zoos and aquariums have less flexibility as they cope with budget cuts. Live animals need to be fed and taken care of, no matter the revenue cuts. "You can't cut back on the food an elephant eats," says Jane Ballentine, the director of marketing at the Maryland Zoo, which has been forced to close for four additional weeks this winter. "If something needs to be fed, it's going...