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...Citi's lending business has actually performed relatively well in this environment. In the third quarter, the company said it had $5 billion in loans on which customers were no longer making payments. In all, Citigroup has set aside $24 billion for loan loss reserves. For most firms, that's a lot of IOUs to go bad. But for Citi it's peanuts. In fact, $24 billion is just under 3.5% of Citi's overall loan book of $718 billion. And that's not a bad charge-off rate during a time when sub-prime mortgage loans are defaulting...
...problem is, it won't be enough. As ambitious as Obama's campaign promises were - at least compared to his predecessor's - the future state of global energy will demand government policies with a much longer reach, according to alternative-energy leaders. The International Energy Agency's (IEA) annual World Energy Outlook, released Nov. 12, projects that global energy demand will increase by 45% between 2006 and 2030 - and that $26 trillion in power-supply investments will be necessary simply to meet those needs. Barring radical changes in our energy policy - beyond what Obama has pledged - greenhouse gas emissions will...
...future, working on “Godot” has made it difficult to return to visual art. “It is hard to recover from it,” he said. Still, he doesn’t want to dwell on the project for much longer; he’s afraid of receiving a letter from the Beckett estate reading, “You have used Beckett too many times. You owe Beckett...
...Media and the American Mind” was one of Harvard’s only courses directly addressing new media topics, but it is no longer offered since Kaufman left the Faculty of Arts and Sciences. At the Berkman Center—Harvard’s main organization for Internet-related studies—Kaufman has been using data from social networks and user-stated cultural preferences on Facebook to study “the nature of affiliation,” which he feels is a central aspect in new media and cultural changes spurred by the Internet...
Timeless NYC Bars. The historic Oak Room and Bar at The Plaza Hotel (Fifth Avenue and Central Park South; 212-759-3000) in New York City has just reopened. But with indifferent waitstaff and loud new-age lounge music, it's hardly been improved - this is no longer the classic old Oak Bar in which Cary Grant was mistaken for a spy and kidnapped in North by Northwest. If you're looking for the quintessential old New York boîte, try Bemelmans Bar at The Carlyle (35 East 76th Street, at Madison Avenue; 212-744-1600). The murals...