Word: marketer
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...Having sanctioned some $1.3 trillion in state- and central-bank aid to protect its country's troubled lenders, Britain's government has been mulling a bank tax for months. Prime Minister Gordon Brown's proposal last fall for an international "Tobin tax" - a levy on financial-market transactions ranging from foreign-currency trades to derivatives - received a chilly reception abroad. U.S. Treasury Secretary Timothy Geithner pooh-poohed it as "not something we're prepared to support." But Darling's call for a global bank tax could yield something closer to the U.S. vision. Such a levy might involve taxing banks...
...prevent a worsening of the housing situation, the White House is expected to announce today a new set of programs to shore up the market, including one that will cut the amount owed on troubled mortgages. There is also expected to be an upward bump in the cash incentives to lenders who reduce mortgage principals as part of loan modification, as well as a requirement that lenders trim monthly mortgage payments for the newly unemployed for a period of several months...
...While the new programs should assist the most troubled end of the real estate market, they will not come close to replacing the huge intervention by the Federal Reserve in the mortgage-securities market, which helped keep mortgage rates enticingly low. (See 10 perfect jobs for the recession - and after...
...banks are structured and the purpose they serve in today’s economy. As Roger Lowenstein wrote in a recent article, banks today make an overwhelming percentage of their profits from trading, in effect making them giant hedge funds-in-disguise that pose a stability risk to the market while also performing some banking operations. The Volcker rule, which would ban banks from engaging in proprietary trading, would change technical classifications that are easy to work around, as investment banks could shift risks or sell their deposit-taking businesses with little pain. As Lowenstein notes, a transaction tax such...
...might work, although Banda Aceh's tragic history remains more of a draw. Unlike Phuket, where the tsunami also struck, Aceh is not simply repairing a tourism infrastructure. It is building one from scratch and tsunami tours are proving popular - particularly in the domestic market. A fifth of Banda Aceh's population was wiped out on Dec. 26, 2004. Today, any trip to the city is incomplete without a visit to a ship heaved a mile inland and stranded amid the houses. On its top deck I meet Tisul Himat, 43, a trader from an island on Aceh's west...