Word: lenders
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...Indeed, Wolfensohn had become an outspoken critic of IMF policy after he judged that the international lender had actually exacerbated the economic crisis in countries such as Indonesia two years ago by insisting on harsh austerity measures as a condition for a financial bailout - which made the poorest and most vulnerable members of society pay the price for the errors of that nation's notoriously corrupt elite. Wolfensohn on Tuesday even saluted the demonstrators. "I believe deeply that many of them are asking legitimate questions, and I embrace the commitment of a new generation to fight poverty," said Wolfensohn...
Welcome to the world of payday lending, where annual interest rates would make Mob loan sharks of an earlier era blush in embarrassment. The business flourishes in working-class neighborhoods, where people run out of money before their next payday. The lender may charge up to $40 for a $200 loan to be repaid in two weeks. That's an annual interest rate of 521%. In exchange for the advance, the lender requires the borrower to write a check for $240, dated to coincide with his next paycheck. When the two weeks are up, the borrower may repay the loan...
...Washington-based supra-national bank comprising 182 member countries that functions as the lender of last resort to guarantee the stability of the international monetary system. Designed to promote economic growth, it disburses some $30 billion annually in loans to developing and transitional countries. It also provides emergency loans to countries facing currency collapse, in order to minimize the danger to the wider world economy. Most recently, it played a leading role - at Washington's behest - in bailing out the troubled economies of Mexico in 1994 and Asia and Latin America during the financial crisis of 1997-98, as well...
Tremendous value is now being created outside of the tech arena--and banks may be the most compelling. "If they're not, my family is way overinvested," quips Tom Johnson, CEO of mortgage lender Greenpoint Financial, whose stock has tumbled 60% and now carries its lowest PE ever, 7. Johnson says the whole sector carries "disaster prices" with no disaster in sight...
...draft the defining financial legislation of the 20th century. Born in tough times, Glass-Steagall expanded the powers of the Fed in controlling credit. It established the Federal Deposit Insurance Corporation, which insured bank deposits. Most important, the act required banks to choose between being a simple lender (a bank) or an underwriter (a brokerage...