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Omar Bongo, 73, assumed the presidency of the West African nation of Gabon in 1967 and remained in power until his death on June 8. An authoritarian leader, Bongo--who had been the world's longest-serving President--was criticized for using Gabon's vast oil resources to fund a lavish lifestyle...
Their evidence? Mutual-fund managers failed as a group to outsmart the market, and studies showed that new information was quickly incorporated into prices. Eugene Fama, a young professor at Chicago's business school, tied all this together in 1969 into what he dubbed the efficient-market hypothesis. "A market in which prices always 'fully reflect' available information is called 'efficient,'" he wrote--and the evidence that such conditions prevailed in the U.S. stock market was "extensive, and (somewhat uniquely in economics) contradictory evidence is sparse...
...investment managers left HMC with a substantial vacuum in its bond division. Former bond managers Maurice Samuels and David R. Mittelman, who earned $25.3 million and $25.4 million respectively in 2004, left the company with legendary HMC CEO Jack R. Meyer in 2005 to form a private hedge fund, Convexity Capital Management, after enduring repeated public criticism for what some considered to be exorbitant...
...Florida, like the national bellwether it's become this decade, could also serve as a gauge for HSR's political viability. While Crist has directed his transportation officials to apply for the funds, he hasn't exactly played the ebullient cheerleader he's famous for being on issues like alternative energy. That's largely because he knows a chorus of voices in Florida and the rest of the nation still fears that bullet trains, despite the federal largesse, will turn out to be a white elephant whose costs have been lavishly underestimated by the Obama Administration. Even the Orlando Sentinel...
Florida's HSR boosters say its rail project could create as many as 20,000 jobs. In addition to the $1.5 billion in stimulus money to fund the 100-mile Orlando-Tampa line, which will likely use the more eco-friendly electric TGV trains popular in Europe, Florida will look for $1 billion from the private sector, which will operate the line. The Florida High Speed Rail Authority predicts the line would be profitable: even with one-way fares of less than $20, say its studies, HSR would generate up to $42 million a year from an annual ridership...