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There's a furious argument over whether shorts hastened the demise of Lehman and AIG, cutting the off their oxygen when it was desperately needed. And some have laid the blame at the feet of SEC commissioner Cox. "Chris Cox is responsible for the largest destruction of wealth in U.S. history," hissed Mad Money maestro Jim Cramer on his CNBC show on Tuesday. "Because of Cox, the shorts won." (Republican nominee John McCain called Thursday for Cox to be fired - the same Cox some conservatives touted as a possible running mate earlier this year. President Bush said he fully supports...
Senators John McCain and Barack Obama have built their political careers--and then laid claim to the White House--on the idea that each disdains and would not practice the gutter partisan politics of the past. Yet what was once expected to be a more high-minded campaign has quickly eroded into something disappointing and familiar. Both candidates have trampled the truth, overlooked the details, trashed their rival's records and then hijacked each other's words miles away from the proper context. And each has made a minor specialty of attacks that have more to do with character than...
...Petro-economies once seemed impervious to the American sub-prime mortgage mess. That view is reflected in a grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been...
...After a successful spring trial run, the students parted ways at the end of last year. As they sit down for the interview—the first time they’ve met in person since May—the designers are ready to build on the groundwork they laid over the summer and expand beyond the Ivory Tower with the launch of their Web site and upcoming collection...
...high-flying energy company made billions trading esoteric derivatives until insiders blew the whistle on Enron's massive accounting fraud - prompting a bankruptcy filing that rocked the U.S. financial world. The company was instantly devalued and thousands of employees were laid off, their pensions evaporated. Executives Kenneth Lay and Jeffrey Skilling were both convicted of fraud and other charges, although Lay died before being sentenced...