Word: month
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...result is that many more banks than expected have the resources to repay the billions they got from the Troubled Asset Relief Program back in October. Morgan Stanley, for instance, came out of the stress test a month ago in need of $1.8 billion in additional capital. But in the past month the bank was able to raise nearly $7 billion by selling new shares of stock. The result: Morgan says those stock sales and other moves will allow the bank to repay all of its TARP funds by the end of June. And Morgan won't be alone...
...Then there is Fifth Third Bancorp. The Cincinnati-based financial firm is one of a number of banks that have had to spend the past month pulling off some fancy financial gymnastics to meet their capital requirements. The stress test found that Fifth Third was $1.1 billion short of the common equity it needed to be considered well funded. Earlier this week, the bank announced that it had raised $1 billion by selling new stock. But that left the bank $100 million short of its goal. So the bank couldn't stop there. Instead, it offered $365 million...
...union began falling apart almost immediately, as the old power struggle was simply transferred to inside the government. Nothing was done to address the simmering divide across the country. When Kibaki flew to Kiambaa for the funeral last month, he found himself without Odinga and addressing an almost exclusively Kikuyu crowd. The Kikuyus spoke of how Kalenjins were still plotting their slaughter. Hearing an account of the funeral, Adams Oloo, a politics lecturer at the University of Nairobi, nods and says: "There is no healing." That's often the case in Africa. Kenyans want peace. But their leaders thrive...
This all adds up to a sense of rising crisis. "Don't lead us back to war," beseeched the country's biggest newspaper, The Nation, in a front-page editorial on April 10. The same month Annan warned of a dangerous "impasse." On May 10, former U.S. ambassador to Kenya and new Assistant Secretary of State for African Affairs, Johnnie Carson, made talks in Nairobi with Kibaki and Odinga the focus of his first trip to the continent since his appointment by President Barack Obama. His message: Washington was "deeply worried" about the possibility of more violence...
Will it work? "It's too soon to tell," she says. "But after we had that sharp decline, we did an urgent appeal to the community, and we got more than 800 contributions in one month--over $152,000. They came with all of these notes from people about how much they cared about the Beck Center. It really made a statement that especially in troubling times, it's important to people to have the release and escape of the arts and an opportunity to dream...