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...While the government rescue limits the salaries of five top executives from each of the participating financial firms, Congress did nothing to restrict Wall Street firms from using taxpayer funds to boost the compensation of rank-and-file investment bankers. "Some people might argue that these bankers should not be penalized if they weren't personally involved in the risky mortgage-backed securities," says Sarah Anderson, project director of the Global Economy Project at the Institute for Policy Studies, a progressive think tank in Washington. "My response is that the average taxpayer wasn't either, but she is being asked...
...more inspirational apostles of the environmental movement like to place the problem of climate change in the same historical file as pivotal historical moments like the promotion of democracy at the American Revolution, the invention of a new economy at the Industrial Revolution, or the expansion of the franchise during the suffrage movement. The comparison is legitimate: Confronting the vast ecological problems we have already occasioned on ourselves and simultaneously preventing them from getting any worse is, if anything, of even greater historical import than any of these examples...
...McCain has also been forced to quell disgruntlement among rank-and-file Republicans over immigration. After an increase in gang activity, the board of county supervisors took the controversial step of checking the immigration status of every person arrested, irrespective of guilt or the degree of crime, from jaywalking to felonies. If a detainee is found to be illegal, the county immediately initiates deportation procedures with Immigration and Customs Enforcement. The move, by the largely conservative Republican board, drew national attention and placed the local party at odds with its presidential nominee, who helped write the failed 2006 immigration bill...
...companies that have loans that are coming due in the next few months and need to refinance, the continued credit crunch could mean they will be forced to file for bankruptcy or shut down. Bain's Rovit estimates that there will be 75 bankruptcies this year among companies with at least $100 million in assets, up from just 13 last year. He expects the number of bankruptcies to continue rising next year as well. S&P says its watch list used to be filled mostly with homebuilders or mortgage companies. But the latest additions are coming from industries such...
...expected, this shows Strauss-Kahn was personally cavalier rather than guilty of an offense, then we're likely to see people in France and elsewhere file this away as a private matter," says Dominique Moïsi, senior adviser at the French Institute of International Relations. "From there he'll be judged on how he handles the most critical challenge facing the planet: reforming the world's gravely troubled finance system...