Word: low-cost
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Offending Party: Ryanair, a low-cost European carrier...
Since 2008 Grameen has collected 1,700 borrowers in New York City, and last June it opened a second branch in Omaha, Neb. Other cities in its sights include San Francisco, Boston and Charlotte, N.C. - anywhere local businesspeople raise seed capital and a bank will host low-cost savings accounts for borrowers with just a few dollars, since savings are a key part of the Grameen philosophy. "There are whole populations that aren't being reached by the banking sector," says Bob Annibale, director of microfinance at Citibank, which partners with Grameen in New York. Like other financial giants, Citi...
...poor state of Oaxaca before joining the cartel in his late 20s because it was the best job opportunity available. "They first paid me $300 a fortnight, and then it went up to $400," he explains. "The money was deposited at the local Elektra [a chain store that provides low-cost banking]". His modest wage shows how many cartel foot soldiers such as Cobo live a world apart from the extravagant kingpins with their million-dollar mansions and fleets of luxury cars, but it was still five times the country's minimum wage. And it's the swelling...
...program is meant to gin up liquidity for corporate credit unions by enticing retail credit unions to deposit more of their money there, both by guaranteeing deposits and offering low-cost loans. Retail credit unions, also charmingly called natural-person credit unions, have been finding other places to stash funds as they've grown concerned about the stability of corporates. At the end of September, retail credit unions had $35.1 billion invested in corporate credit unions, down from $37.9 billion at the beginning of the year, according to the NCUA. Over that same period, total retail investments grew from...
What's more, the Treasury's proposed program would only make the low-cost mortgages available to people making new home purchases. That would do little to help people who are already behind on their mortgage, or at risk of facing foreclosure. And many economists argue housing prices won't stop falling until foreclosure rates come down. On Thursday, Federal Reserve Chairman Ben Bernanke said that he thinks the government should do more to stop foreclosures. He named a number of possible programs, including a plan floated a few weeks ago by Sheila Bair, who heads the Federal Deposit Insurance...