Word: firms
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...provisions in the president’s pay limit, now confirmed by the Treasury, will only have a limited effect. The government’s restrictions on executive compensation are firm, with opportunities for additional compensation only through the unpalatable option of restricted stock. The total savings to taxpayers, however, cannot be immense, mostly because the Treasury provisions have a narrow application. First, the provisions will not apply to the $350 billion of bailout funds already spent or allocated. Second, the provisions bypass large-time traders, brokers, and consultants, whose salary and bonuses often surpass the half-million-dollar limit...
...primary goal of a financial firm has always been to maximize monetary profits; unlike “nonprofits,” a financial company exists solely to make as much money as possible for its executives, employees, and shareholders. One might rightly characterize this profiteering spirit as “greed,” but, prior to the recent economic meltdown, such greed was never an issue for the public. Bernard Madoff’s investors did not care if their money fueled a Ponzi scheme as long as they received their regular returns. Shareholders of Merrill Lynch were unbothered...
...complacency may have stemmed from the fact that, in a free market, there is a natural check on this profiteering mentality. A typical business transaction is guided by a classic cost/benefit analysis, in which a firm weighs the potential rewards of a given action against the plausible ramifications of such action. In the case of a financial institution, its investment decisions, lending practices, and general business choices are guided by the monetary risks and potential losses associated with those actions. Imprudent and miscalculating banks would thus be out of the game as a capitalistic consequence of their actions, while...
Harvard Law School will move up its recruiting process in order to bring recruiters to campus earlier in the year after firm cutbacks due to last fall’s economic turbulence left many students with far fewer summer offers than in years past. The Law School’s Office of Career Services announced that the school will invite firms to campus the last full week of August before classes begin, advancing the recruiting timeline by about a month. Traditionally, the Law School’s recruiting cycle began later than at comparable institutions, which hurt students last October...
...imposed anti-dumping duties on Chinese screws and bolts. In June, the U.S. imposed anti-dumping duties on four Chinese product categories including steel pipes, a move that prompted China to lodge a complaint with the WTO. But according to Vineet Aneja, partner at Delhi-based corporate law firm FoxMandal Little, India may have difficulty defending its case in any WTO action. "The WTO may not uphold the ban since not enough reason has been given," Aneja says. Officials at the Directorate-General of Foreign Trade were not available for comment...