Word: foreigners
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Dates: during 2000-2009
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...Those questions have taken on greater urgency, since it turns out that AIG has become the banking industry's ATM, essentially passing along $52 billion of TARP money to an array of U.S. and foreign financial institutions - from Goldman Sachs to Switzerland's UBS. Those firms were counterparties to the credit-default swaps (CDSs) that AIG FP sold at least through 2005, and the companies were collecting on the insurance-like derivatives. AIG paid out an additional $43.7 billion to many of the same banks, which were also customers of the securities-lending operation run out of AIG's insurance...
...population that, like the villages of Arakan state, is composed of ethnic minorities. The engagement side preaches practicality, arguing that some investment will trickle down to the populace and that cultural exchange is better than imposed isolationism. When U.S. Secretary of State Hillary Clinton visited Asia on her inaugural foreign trip last month, she weighed in on the Burma question, acknowledging: "Clearly the path we have taken in imposing sanctions hasn't influenced the Burmese junta ... [which is] impervious to influence from anyone." (See pictures of Burma's discontent...
...truth about Burma, renamed as Myanmar by its generals, is that the sanctions debate is immaterial. While American and European foreign policy thinkers ponder how to financially strangle an army government that has ruled since 1962, Burma's regional neighbors are embarking on a new Great Game, scrambling to outdo each other for access to this resource-rich land. "Sanctions don't work if most countries ignore them," says Naw La, an exiled environmentalist with the Kachin Development Networking Group in Thailand. "The military is selling our natural heritage without any concern for our people...
...Mosquito Coast In return for oil, natural gas, timber, hydropower, gemstones, cash crops and a periodic table's worth of minerals, countries like China, India, Thailand, Malaysia and South Korea are propping up - and massively enriching - Burma's top brass. In the first nine months of 2008, foreign investment in Burma almost doubled year on year to nearly $1 billion, according to government figures that don't even take into account significant underground economic activity. Burma today is estimated to produce 90% of the world's rubies by value, 80% of its teak, and is home to one of Asia...
...participated in the crushed antigovernment uprising of September 2007 and chafes at Burmese discrimination against his people. "We buzz in their ear, and they slap at us and don't care if they kill us." But, he adds, "there are many mosquitoes." In the end, it may be the foreign participants in this new Great Game, unschooled in how to navigate ethnic complexities, who will get bitten...