Word: furore
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...emerged unscathed from the collapse of the U.K. economy - he was, after all, the country's finance minister for a decade until 2007 - but he's also helped stoke the public's irritation toward banks. "The anger that the public has," the Prime Minister said in February of the furor over the size of Fred Goodwin's pension, "is anger that I have as well." Just don't expect to see Brown on the streets next week...
...Unlike economic risks that TALF may be exposed to, political risks may pose a greater threat because they are less susceptible to accurate forecasting. The furor over AIG bonuses demonstrates that the political attitudes of the administration and the legislature are subject to the vagaries of populist outrage. The proposed legislation to impose a tax of 90 percent on the retention bonuses received by AIG executives, currently before the Senate, calls the sanctity of private contracts into question. It demonstrates that the government may retroactively alter the terms of financing agreements between it and private companies. It is likely that...
Last week, outlets reported that "the clock was ticking" for "embattled" Treasury Secretary Tim Geithner, with a few members of Congress openly calling for his ousting. His boss, President Barack Obama, was criticized for not engaging in the congressional furor over the $165 million in bonuses paid out to top executives at AIG - the insurance giant that has received more than $180 billion in federal money. This week Obama remains relatively untouched in the polls, and Geithner is basking in his best week of media coverage yet. How did their fortunes shift so suddenly? To some degree, they were helped...
...debacles caused by this economic crisis - the $700 billion Troubled Asset Relief Program (TARP), the stock-market swoon, the credit crunch and the ongoing global recession - $165 million is small change. But the revelations of the AIG bonuses, like nothing else, seemed to finally tip the mounting public furor over corporate malpractice into a full-scale rebellion. Yet Geithner, embarrassed for discovering the bonuses so late, plans to dock AIG that much out of the next $30 billion in bailout funding when it is delivered - which amounts to a mere 0.1% of the total AIG has received. Assorted Senators, from...
...case has caused a furor. Abortion is illegal in Brazil except in cases of rape or when the mother's life is in danger, both of which apply in this case. (The girl's immature hips would have made labor dangerous; the Catholic opinion was that she could have had a cesarean section.) When the incident came to light in local newspapers, the Church first asked a judge to halt the process and then condemned those involved, including the 9-year-old's distraught mother. Even Catholic Brazilians were shocked at the harshness of the archbishop's actions. "In this...