Word: firms
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With Bear shareholders virtually wiped out, half the firm's employees slated to lose their jobs and no golden parachutes offered to the top executives, it wasn't a bailout. But it did take a $30 billion loan from the Fed to seal the deal. This was a truly extraordinary use of the central bank's powers and an indication that the subprime-mortgage crisis that erupted last summer has evolved into something bigger and more ominous--possibly the greatest challenge to the American way of financial capitalism since the Depression...
...companies, have been getting more ink lately than its artists, which include the likes of Lily Allen and Coldplay. With EMI's slice of the world market under pressure - its share fell to 12.8% in 2006 from 13.6% the previous year - U.K. private-equity company Terra Firma acquired the firm for $6.5 billion last August. The new owner has been quick to make its mark: earlier this year EMI announced it was axing as many as 2,000 jobs in a bid to pare costs by $400 million a year. But the overhaul is not just a matter of numbers...
Legislating Life Decisions In her essay, Nancy Gibbs posited that politicians will soon need to make firm decisions regarding reproductive technologies and embryonic stem cells [March 10]. But she cited the work of professors who argue that, as Gibbs put it, "the embryo is a whole, living member of the human species in its earliest stage of development, not just a potential one or a part of one." This leaves out one critical factor: a mother's uterus is needed to complete gestation. Until we recognize the mother as the vital, key component to creating new life, we will continue...
...Dalai Lama continues to speak out against the goal of independence as unrealistic - much to the chagrin of an increasingly militant younger generation of Tibetans - and has called instead for "genuine" autonomy for Tibet. The Dalai Lama continues to reiterate his firm commitment to policies that have been rejected by many younger Tibetan activists as ineffectual. On Tuesday, he reaffirmed his preference for dialogue and coexistence with the Chinese, threatening to resign his political leadership role if the confrontation with Beijing continued, and urging restraint among Tibetan activists aiming to confront the Chinese. Clearly, the Dalai Lama is concerned that...
...Much of what the British papers printed were allegations that first surfaced in Portuguese newspapers, which were having a field day of their own. But that is "absolutely not" a defense in British libel law, says Michael Smyth, a partner at international law firm Clifford Chance. Adds Beckett: "There's a notion that if you repeat a lie from a foreign newspaper it's somehow okay. But most media lawyers will tell you it's still a bloody...