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...avoid taxes. Last month UBS agreed to pay the U.S. a $780 million penalty to absolve itself of criminal fraud charges. It also agreed to release the names of 250 clients whom the U.S. suspects of evading taxes. Two weeks ago, as UBS shares plummeted to a new low, the bank's chief executive Marcel Rohner resigned. All that and the bank recently announced a $17 billion loss, the biggest in Swiss corporate history. (See pictures of the global financial crisis...
...because they feel they must. Nobody has their back if they get sick or lose their job. Beijing spends only 5% of GDP on health care, pensions, unemployment benefits and other social services. (U.S. social-welfare spending as a percentage of GDP is about 20%.) That is a depressingly low figure, even for a relatively poor developing country. I recently interviewed a migrant worker from Sichuan province who several months ago broke his arm in an industrial accident. He's back home now, without a job, without unemployment benefits, and has no access to health care to treat...
...doom and gloom gripping other cities in the world. Take Efigênia Francisca da Silva, who exudes middle-class expectations and remains positive despite the tsunami of bad news. Thanks to a government scheme to encourage entrepreneurs, the once dirt-poor housewife has received some $8,000 in low-interest bank credits in recent years and now owns three shops that sell everything from shampoo to public-transit tickets. "I didn't have a bank account before," says Da Silva, 37, standing beneath graffiti-covered walls and pirated power lines. "I never had a car. I bought a Fiat...
Weeks before my due date, I switched to ob-gyn Joseph Tate, a well-known supporter of VBACs in Georgia. He was confident in my ability to have a VBAC, and in July 2008 I did. He has developed a huge following as a result of his low C-section rate, his willingness to take on hard cases and an approach that allows a woman to go into labor when her body is ready and to labor as long as she needs to. He is a hero to women who want to birth the way nature intended and on their...
...Bushes themselves are keeping a low profile, splitting their time between the ranch and their new home in Dallas. The former First Couple did drop in at the Coffee Station, the local café, during a recent Lions Club breakfast meeting. Bush answered a few questions and shook some hands while Laura sipped coffee. Today, Ronnie (Perch) Smith, a road builder and horsebreaker, is finishing a plate of the Coffee Station's signature Bush Wings--chicken breasts stuffed with cheese and jalapeños, wrapped in bacon and fried--which enjoy broad bipartisan support. Smith doesn't talk politics much, although...