Word: funded
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Dates: during 2000-2009
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...optimism, it turned out. CNOOC tried to buy UNOCAL, the American oil company, and learned about how xenophobic Congressional leaders in Washington could be. Then Beijing's sovereign wealth fund got suckered by Wall Street sharpies. It poured $3 billion into Blackstone in return for a 10% stake in the New York-based private equity firm in 2007, just before the bottom fell out of global debt and equity markets. One private equity banker in New York says the investment is today "worth about half of what they paid, if they're lucky." (See pictures of TIME's Wall Street...
...Hedge-fund and Ponzi scams continue as frauds du jour. Not counting Stanford's alleged crime, seven new hedge-fund or Ponzi scams have been busted since Jan. 1, totaling some $814 million lost by more than 2,100 investors, according to the Commodity Futures Trading Commission (CFTC). This does not include financial transgressions such as penny-stock swindles, insider trading, foreign bribery or general market manipulation...
...Ironically, Obama’s strategy of “act now, think later” repeats Japan’s mistakes. Tokyo spent $2.1 trillion between 1991 and 1995, yet the economy stagnated. Politicians built roads to nowhere, starving businesses of capital and workers of jobs. Washington should fund some infrastructure repairs, but such projects should undergo cost-benefit analyses. Lacking such oversight, the bill recently rushed through Congress will breed fraud and waste...
...senior member of the Finance Committee, worked on the tax provisions; Collins, recently named to the Appropriations Committee, focused on spending. Collins, who voted for the George W. Bush tax cuts, is a half-turn more conservative than senior Senator Snowe, who did not. Both women are accomplished fund-raisers - and widely popular at home...
...final hiccup in a three-week process that was full of hiccups was over the approximately $10 billion added to the state-stabilization fund that House Democrats wanted to see directed toward school construction. The three Senate Republicans - Maine Senators Olympia Snowe and Susan Collins and Arlen Specter of Pennsylvania, without whose votes the bill would not have passed the Senate - wanted to leave how the funds would be spent up to governors. Ultimately, the two sides agreed to allow governors the option of spending the money on school construction but not limit the money to that. "There...