Word: funding
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Taste is a disappearing commodity. Today a Russian oligarch or a Park Avenue hedge-fund manager might still have the bucks to buy Saint Laurent's Matisse, but the real investment is in something far scarcer: Saint Laurent's eye, his love of beauty and mannerisms and the exotic dream world within which he lived. As Christie's Giovanna Bertazzoni said of the viewing, which was open to the public, "it gives ordinary people the experience of what it might be like to actually own works of this quality." Perhaps the greatest and last gesture of good taste came from...
...Swiss bank's office in Paris and revealed the names on its accounts, the Swiss passed a law in 1934 making such disclosures criminal. Years later, Swiss banks both sheltered the assets of German Jews and accepted looted Nazi gold (and later set up a $1.25 billion compensation fund for Holocaust victims). Corrupt leaders ranging from the Philippines' Ferdinand Marcos to Nigeria's Sani Abacha have used Swiss banks to hide ill-gotten gains. (See the top 10 financial collapses...
...part of the $3.5 trillion budget he proposed on Thursday, President Barack Obama is pushing for a down payment on universal health care, a reserve fund of $634 billion over 10 years paid for by higher taxes on the wealthiest Americans and savings from government programs like Medicare and Medicaid. By putting the funding on the table before the program has even been crafted, though, Obama is essentially putting the cart before the horse. Many health-care analysts hope to see more details of the President's plan during a White House health-care summit expected...
When Florida legislators recently struggled to balance the battered state budget, they decided to plug holes with $190 million from a $300 million affordable-housing trust fund. After all, why should a cash-strapped state shell out money for new home construction when there are tons of vacant homes just waiting to be snapped up? One of the few benefits of a housing crash, theoretically at least, is supposed to be that home buyers who were previously priced out of the market might finally be able to afford a place of their...
...Florida's Republican-led legislature - as well as moderate GOP Governor Charlie Crist, who signed on to the trust-fund diversion - was probably hoping the federal stimulus package would help make up for the affordable-housing gap. Indeed, the $787 billion stimulus gives Florida more than $250 million for public housing, homeless prevention (by helping people pay security deposits, utility bills and rent), affordable homes and rental assistance as well as tax credits for affordable-housing builders...