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Early last Winter, when the west was suffering the first casualties of the credit crisis, sovereign wealth funds (SWFs) rode to the rescue, providing over $40 billion in capital to some of the largest of the faltering U.S. and European banks. The U.S. government - reluctant to bail out banks directly - welcomed this infusion, even though SWFs are investment arms of foreign governments and American politicians are often suspicious of outsiders acquiring stakes in key domestic assets. So instead of a bailout of financial institutions by American taxpayers, we saw a foreign-funded bailout...
...mortgage losses continued to mount and the credit-crisis snowball rolled on, private equity, with some SWF support, took on the role of recapitalizing regional banks. Yet there's still no end to the crisis in sight. On July 11, U.S. regulators shut down IndyMac Bank, the second-largest largest financial institution to close in U.S. history. If current estimates are right and more losses are coming - Goldman Sachs says U.S. and European banks may need another $200 billion - where's the money going to come from to keep the financial system functioning...
...away content through the Web, Flat World aims to upend the $5.5 billion textbook industry. "Nobody's satisfied with the status quo. Students, faculty, authors - their feelings all range from ambivalent to extremely unhappy," says Flat World founder Eric Frank, a former executive at Prentice Hall, the nation's largest textbook publisher. "Why not try something different...
...Sinardet said Leterme was wrong to blame the system, as his own Conservative party, the CD&V, had refused to compromise on reforms. "The problem is that there is no alternative: the CD&V are the largest party in Flanders and they are needed in any formula that gets us out of here...
...Sugar has its headquarters here, and is not only the town's largest employer, but also the very hub of its economic and social life. Besides jobs, it has offered the town's wealthier residents, as well as private farmers, additional income by buying up the sugar cane they cultivate on their own land holdings. And it has bolstered the middle class by providing some financial aid and scholarships to college-bound children of employees. Employees, current and former, fill many local elected offices; the town's main road is Sugarland Highway, and U.S. Sugar built Cane Field Stadium...