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...that prices of assets - those of houses in particular - never went down; only interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our history: the great deleveraging of America. On Wall Street, the largest financial institutions on the planet are reducing their debt and trying to build up capital, which once upon a time was the seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless...
...troubled firms on the agency's list are such household names as clothing retailer Eddie Bauer, amusement park operator Six Flags and pizza chain Sbarro. Also on the list are doughnut baker Krispy Kreme and mobile technology titan Palm, as well as a number of the nation's largest airlines, including JetBlue and the corporate parents of United and American...
...banks. But, like other non-bank lenders, Joseph says he is being much more selective about which companies he does business with. "We are tightening our lending criteria," says Joseph. "We are turning away many more new clients than we used to." GE Capital, one of the nation's largest non-bank lenders, has also reportedly decided to curtail its lending practices for the rest of the year...
...wholly owned by an organization called OYAK, which is the military's professionally managed pension fund. Unusually for a pension fund, OYAK directly owns and operates major sectors of the Turkish economy, and it has boomed along with Turkey these past six years. Indeed, OYAK is now the third largest business in the nation, behind the conglomerates owned by the Sabanci and Koc families. Its rapidly growing profits this decade have ensured that military officers now get substantial lump sums when they retire. Coskun Ulusoy, a military-history buff with an economics doctorate from Pittsburgh University who heads the organization...
...chaired the International Independent Inquiry on Kosovo from 1999 to 2001, and in 2004 was appointed to the UN’s Independent Inquiry Committee to investigate corruption in Iraq’s Oil for Food program. The MacArthur Foundation is one of the U.S.’s largest philanthropic organizations, with a $7 billion dollar endowment and a $300 million annual philanthropic budget. Goldstone is the award’s second recipient; Kofi Annan was the first. Goldstone will receive the prize in the Hague, the site of the International Criminal Court...