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...times," says Ramirez. So while Spain enters a downturn "a significant portion of the potential deterioration [for banks] will be covered by these provisions." There are no guarantees, of course, for Santander or anyone else, in today's parlous international environment. But for now, at least, Spain offers a lesson in prudence through regulation that other countries would do well to emulate - even as they curse themselves for not doing so sooner...
...Harvard, with our proximity to Boston, sports culture is often immersed in the fortunes of the local Patriots and Red Sox. But Boston fans, notorious for their impetuosity, boorishness, and hooliganism, offer a poor lesson in the virtues of the sports they claim to honor. Thus increases the urgency with which the virtues of athletics must be reclaimed...
...broader lesson, corporate governance experts say, is that companies are best prodded into behaving differently not by the government but by their owners. "The most powerful force in the marketplace that has a direct interest in keeping pay aligned with performance is shareholders," says Stephen Davis of Yale University's Millstein Center for Corporate Governance and Performance. "Why not use them?" He points to a law passed in 2002 in the U.K. that gives shareholders an up or down vote on executive pay packages. Even though the vote is only advisory, and doesn't bind a board of directors...
...performance systems in the short term. In the long term, however, rewarding an increase in performance with pay may not be sustainable. Rather, more fundamental changes must be made, such as raising teachers’ salaries. For the amount of time they spend in the classroom, creating lesson plans, grading homework, and working to make sure their students succeed, teachers are grossly underpaid and underappreciated. An increase in salary would not only make the field more compelling for qualified college graduates but would also help to mitigate attrition rates due to teacher burn-out. More resources for schools?...
...that’s a lesson Porter has taken to heart...