Word: funded
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...There are no strict limits as to how banks are supposed to use the government assistance they receive. Lawmakers, who passed the $700 billion financial relief fund in October, originally pressured banks to use government money to make loans. But as the banks' conditions deteriorated and the economy worsened, those demands have faded. AIG, Merrill Lynch and other Wall Street firms have come under fire for paying out rich bonuses to executives despite receiving billions in government assistance. In response, lawmakers have tightened executive compensation rules for banks that have received TARP funds. While Goldman's profits are sure...
...involved in as an undergraduate. As most Harvard undergrads, I kept busy: I was the founder of 5 clubs and 2 student publications, published a book, was the captain of 3 varsity sports teams, briefly served as President of a small developing nation my junior year, started a hedge fund, and composed symphonies on weekends...
...from state banks and re-energized by lower labor costs as jobs dry up, are descending on Central Asia, Africa and even Western Europe to snap up assets. State mining company Chinalco has tabled a $19.5 billion bid for British-Australian resources giant Rio Tinto. Beijing has launched a fund to buy distressed assets worldwide, inked a deal with Brazil's Petrobras and provided Russia with a $25 billion loan in exchange for a secure future stream of oil and gas. (Overall, Chinese enterprises are on track to invest double the amount abroad this year than in 2008.) And compared...
...Bono and Geldof represent themselves and others who want to see the world's richest governments keep the commitments they have made to Africa. These two have also argued that trade and investment will be more important than aid. But while business grows, African leaders at the International Monetary Fund conference in Tanzania in March made clear that development assistance is still needed too, for now. Kathy McKiernan, Global Communications Director, One, Washington...
...More ambitiously, against the backdrop of a weakened West, Beijing sees an opportunity to assert itself globally. China has promised to buy International Monetary Fund bonds to bolster the organization, provided it gets a greater say in the IMF, and it has called for the creation of a new international reserve currency to replace the greenback. Though this idea is unlikely to ever become reality, just by floating the possibility, Beijing is signaling to the world that it wants to be a major player...