Word: firms
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...only bailed-out financial firm paying big bucks to managers who helped steer their company to near collapse. Citigroup has pledged millions of dollars in bonuses to senior executives for the next few years, despite lawmakers efforts to eliminate such payments...
...because they were what investment bankers call "strategic." Usually that means that the two companies involved are in the same business. They see "synergies" which involve things like taking the R&D geniuses from the acquiring company and putting them in the same room with their counterparts from the firm being acquired. Working together may set off the creative sparks that drive new discoveries. Or, they may not. The real but hidden definition of the word "synergy" is firing lots of people. The recently closed marriage between Dow Chemical (DOW) and Rohm and Haas (ROH) was about firing people. Pfizer...
...Kachin were rendered useless after breaking, and nearby villagers, who never received any electricity, were killed by the rush of water.) The dams, which are slated to generate seven times Burma's entire current electricity capacity, are being jointly developed by state-owned Chinese companies and a Burmese firm, Asia World, whose managing director was the target of U.S. sanctions last year. China will receive most - if not all - the generated power, leaving the Kachin people literally in the dark. The largest dam will be at Myitsone, where two rivers meet to become the mighty Irrawaddy. Chinese engineers and ethnic...
...about having to bail out the financial institutions who got the world into this mess - and the recent revelations about payouts to fat-cat executives at AIG, RBS and elsewhere are stoking the anger. It's time for some symbolic action. One suggestion: an agreement that every firm receiving taxpayers' money should pay its employees the same as other public-sector workers, such as teachers. That would assuage public fury, and provide an incentive for the banks and insurers in question to sort out their problems fast...
...gone bankrupt in September and the bonus promises would have been torn up. AIG was not allowed to go bankrupt because Lehman Brothers had just failed and the people at the Treasury Department and the Federal Reserve worried (with reason) that another failure - in particular, the failure of a firm that wrote default insurance for banks around the world - might wipe out the global financial system and unleash an economic catastrophe far worse than what we're going through now. In short, the people at AIG FP, the very division that wrote the default-insurance contracts that dug AIG into...