Word: fraud
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...reasons are well known. Debt-fueled and gluttonous, bankers around the world took wild risks that their bosses and regulators failed to stop. Throw in Bernard Madoff's massive fraud, and trust right now is as scarce as good credit. According to the Chicago Booth/Kellogg School Financial Trust Index, a new quarterly measure of Americans' confidence in financial institutions, faith in banks - on a scale of 1 to 5, where 1 denotes no trust and 5 complete confidence - fell from 2.95 to 2.8 in the first quarter of this year; trust in bankers slipped from 2.6 to 2.5. Things...
That would be bad news for Mexico, and bad news for the U.S. The PRI came to power in 1929 by reestablishing order after the bloody chaos of the Mexican Revolution. It set up an elective dictatorship, one of the world's most corrupt, infamous for ballot-box fraud and notorious for blaming all its epic failings on Washington. The party was also as soulless as its massive, East German-style headquarters in Mexico City. It stood for little more than the cynical acquisition of power and its spoils - the manifestation of Octavio Paz's premise that Mexico...
...engendered federalism in Mexico, critics say many PRI state governors have gotten even more brazen than their 20th-century forerunners. In the impoverished southern state of Oaxaca, PRI Governor Ulises Ruiz is widely accused by opposition parties, media and labor unions of winning his 2004 election through vote fraud, of muzzling the media and violently harassing indigenous groups. Ruiz denies the charges and rejects calls by the opposition for his resignation. But he's a reminder that if the PRI were to take federal power again, Washington would most likely be dealing with a less transparent, competent and cooperative government...
...Appointed deputy president in 1999 by Thabo Mbeki, who became South Africa's president after Nelson Mandela retired in 1998. Their relationship soured in 2005, when Mbeki sacked Zuma following a corruption scandal in which Schabir Shaik, a close Zuma associate, was found guilty of corruption and fraud for paying him some $180,000 in bribes...
...high cost of caring for horses has sometimes led some owners to abandon their animals, to sell them to slaughterhouses or to attempts at fraud in order to collect insurance. But polo is a rich man's sport and Vargas certainly does not seem to have been hurting from the care and feeding of his steeds - or skimping on providing for them. His Lechuza Caracas polo team plays around the world, and he transports his stable of 60 ponies - estimated to cost about $100,000 each - on special jets...