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That kind of good fortune, divine or not, has helped Lula, 62, a former steelworkers' union leader and high school dropout, become Brazil's most popular President in a half-century. The oil find could make Brazil one of the world's largest crude producers, but even without that bounty, the economy has been growing as vigorously as a guava tree in the Amazon rain forest, allowing Brazil to start reducing its epic social inequality. Economic strength has also allowed the country to flex its diplomatic clout as the hemisphere's first real counterweight to the U.S. Lula...
...largest government bailout in U.S. history was born before dawn on Sept. 17, when Federal Reserve Chairman Ben Bernanke woke up at 6 a.m., checked his BlackBerry and saw the very thing he had dreaded: the futures market in free fall. Bernanke, Treasury Secretary Henry Paulson and New York Fed president Timothy Geithner had spent the past year staving off one disaster after another, for the most part working behind the scenes. Earlier in the month, they had let investment bank Lehman Brothers slide into oblivion and then ushered another, Merrill Lynch, into the arms of Bank of America. Just...
...longer anything trifling about Charlotte. With $2 trillion in assets being managed from the glossy bank towers of Tryon Street, the city is now the nation's No. 2 financial center behind New York City. In early September, Bank of America, the behemoth of North Tryon and the largest U.S. bank, swallowed the beleaguered investment firm Merrill Lynch, while Wachovia, its competitor on South Tryon, considered a merger with Morgan Stanley. And while the rest of the country is sinking, Charlotte is soaring, with 28 construction cranes downtown. It's got the nation's least-battered metropolitan-housing market, lowest...
...Stanford announced a 6.2 percent growth in its investments, leaving its total endowment relatively unchanged at $17.2 billion, after expenditures. Officials at Harvard’s neighbor, MIT, said yesterday that it had managed a 3.2 percent return over the past year. Its endowment now totals $10.1 billion. The largest higher educational endowment to announce a loss so far, the University of Pennsylvania, dropped 3.9 percent on the year. But the Philadelphia school still bested the negative 4.4 percent median return of 165 peer institutions, as measured by the Trust Universe Comparison Service. While these returns pale in comparison...
...boulder-like torso—are larger-than-life, so aggressive that they become confrontational. This magnitude compels as much as it repels, and the bronze Wein commonly used for these works appropriately channels their power. It is fitting that Wein is best known for the Libby Dam, the largest granite relief in America. However, the overabundance of sculptures and drawings that convey Wein’s obsession with the highly stylized human body means this type of representation gets old fast. In contrast, works such as “First Steps,” an abstract piece that only...