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...that was before U.S. Treasury Secretary Timothy Geithner unveiled his plan to do just that with the toxic debts of U.S. banks. The move has won plaudits on Wall Street and even a knowing nod from Main Street U.S.A., which understands that the plan is a necessary evil. In Germany, it has also fueled a fierce debate about whether Merkel is wrong and how Berlin might get toxic assets off German banks' books without making taxpayers foot the bill. (See 25 people to blame for the financial crisis...
...Federation of German Banks, which represents the main private-sector banks, has proposed something along these lines already. Rather than calling it a bad bank the banks call it a "mobilization fund." Each bank would park its toxic assets in an account with the government. This way the assets would be off the banks' books but each security would still be associated with its original owner rather than pooled together. "The mobilization fund is not about burdening the taxpayer with all the risks," Klaus-Peter Müller, head of the banking federation, told reporters...
...challenges may be slightly different in Latin America from those faced in Europe. The main challenge facing the progressive governments of this region is not right-wing laissez faire capitalism, but the more populist socialism epitomized by Venezuela's President Hugo Chavez. "Sometimes the adversary of progressive ideas can be populist ideas," said Rudy deLeon from the Center for American Progress in Washington, perhaps with Chavez in mind. "And in a time of economic challenge that can be an issue...
...state of flux that Mr. Holder and Mr. Obama have placed them in," says Allen St. Pierre, executive director of NORML. "[Lynch] is the case that will probably inform society where we're going to go on this because he got arrested under the Bush Administration. He was a Main Street medical distributor who enjoyed the support of the town council, the mayor - quintessential local acceptance. His case has been caught up for months now in the [transition between the two] Administrations. These defendants are caught in this sort of Alice in Wonderland of medical marijuana, between the states...
...Their main apprehension centers on a mandatory registration process. Both foreign and local NGOs must register with a government directorate. Registration in and of itself is not a problem, activists say, but the proposed legislation - which will now go before the Parliament and must be signed into law by the President - is vague about the conditions under which the government can refuse to register NGOs. The draft also envisions a government that can pry more directly into the internal management of NGOs. Baghdad will also have discretionary power to either grant additional privileges or remove an organization's benefits...