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Koizumi's challenge is to orchestrate another bailout of Japan's banks (the fifth since 1998) while forcing them to call in nonperforming loans. For four years, Washington has been urging Japan to resolve its banking woes by setting up a government bailout fund, as the U.S. did during its savings-and-loan crisis in the 1980s. But Japan's bank debacle dwarfs the S&L crisis in both size and political complexity. Real reform means unraveling decades of interlocking commitments blessed by a system that rewards support with favors...
...tale of Andy Fastow's rise from a plodding loan consolidator to financial genius at one of the country's coolest companies wasn't what it appeared to be. Then again, neither was Enron. "Fastow could talk the talk, but there's pretty clear evidence now he couldn't walk the walk," says an Enron insider. Fastow and his team "were all caught up in the facade of greatness...
That may be why Skilling hired him in 1990 from Continental Illinois, a Chicago thrift that failed in the mid-'80s savings-and-loan bust. Fastow had a skill Skilling needed; he did asset "securitization," a means for banks to sell off risk in the form of securities backed by mortgages or other obligations...
...percent of the health insurance of lower- and middle-income Americans; restoring the eligibility of legal immigrants to food stamps; providing a $1 billion increase in education to help low-income students meet rigorous new reading and math standards. At the same time, corporate subsidies such as loan guarantees for wealthy shipbuilders and steel manufacturers are reduced or eliminated throughout the budget...
Duchamp was the joker in the pack. You can see some of his witty and enigmatic works here, including his famous improved version of Leonardo da Vinci's Mona Lisa (with added moustache and goatee), on loan from the French Communist Party. A theme that runs through the show is the way artistic and social revolutions were born in smoky bars. The Surrealists and Dadaists made each other laugh with assemblages of popular art and everyday artifacts-their productions often look like in-jokes. That's why the R.A. has mounted them in a model of a Paris public urinal...