Word: moneyitis
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...Anyone who can pick a corporate pocket for $3.6 billion is a pretty cool customer, but there are many lingering questions about the business that O'Leary and Perik delivered to Mattel in return for that money. "It was an ugly mess," says Bernard Stolar, a software-industry veteran who was brought in by Mattel to take over the Learning Company from O'Leary and Perik. "There had been an awful lot of mismanagement at the company." (See the top 10 financial-crisis buzzwords...
...Geithner testified that the Treasury Department has not decided how long it would maintain the TARP program. So far, Geithner said money that has been paid back by banks has gone toward paying down the Treasury's debt, but he reserved the right to reinvest the money in other banks if that became necessary. Other TARP programs are ending: Geithner pointed to the emergency program to insure money market accounts, which will end later this month. Usage of other programs, such as the FDIC's guarantee of bank debt and the Federal Reserve's commercial paper funding program, are winding...
...When asked about AIG, Geithner said the government didn't legally have the option to pay less than 100 cents on the dollar to its counterparties. In the past year, many people have criticized Geithner and former secretary Henry Paulson for allowing AIG to pass along much of the money it received from the government to Goldman Sachs and other investment banks. Geithner was also asked whether he thought the government's bailout efforts, which have actually allowed a number of banks like Bank of America, JP Morgan Chase and Wells Fargo to grow, has only exacerbated...
...India's climate-change policy, there's no question that it is the moral obligation of developed countries to accept binding emissions cuts. Further, the argument goes, since developed countries are historically responsible for the state of the planet, they should pay up by helping developing countries with money and technology to leapfrog to green technology without following the familiar high-carbon path to growth. Only with outside funding will India be able to effectively shift to renewable sources of energy, which, being costlier, will have to be subsidized for widespread use by people like Kumar and the over...
...whose successor they will be working out at Copenhagen, is unequivocal in laying out differentiated responsibilities, and since the biggest polluters have yet to fulfill their responsibilities, the goalposts cannot be changed. But, they add, India will be happy to green its energy mix if the West provides the money and technology (this is the common position of developing countries - Brazil, India and China have all submitted proposals demanding that funds and technology flow from rich to poor countries to enable the latter to undertake mitigation and adaptation efforts). Regardless of who will appear the correct party in 20 years...