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...most exciting day of the financial year should have been today because the government releases the results of its multi-month bank "stress test" program which includes thorough vetting of the health of America's 19 largest banks. That part of the drama is over. Someone leaked almost all of the information on the banks that failed the tests and how much money they will be asked to bring in as new capital. Citigroup (C), Wells Fargo (WFC), and Bank of America (BAC) are troubled, as the government sees it, and will have to improve their balance sheets...
...That means the banks face another test just one month from now. It's similar to the strategy the government took with the automakers, which were also asked to present a recovery plan before receiving new government funds. So, just like the automakers, expect some big changes at the banks over the next month. Top executives of Bank of America, Citigroup or Wells Fargo could be out of a job. The government may also decide it wants a much bigger stake in the banks than some are currently letting on. Maybe Tim Geithner and Ben Bernanke are better at tying...
...Last month, Harvard-grads-turned-rock-stars Chester French released their premiere album, “Love the Future.” They also made a few “colorful” additions to their online store. Alongside records, t-shirts, and stickers, dedicated fans can now purchase the “ENDURANCE Package,” which includes a work-out session with band members D.A. Wallach and Maxwell C. Drummey ’07 and a game of two-on-two basketball. The “Slumber Party Package” (you provide the sleeping bags...
...spirit of springtime renewal, a Harvard student group recently got a facelift. Harvard Men Against Rape re-launched itself last month as MenSpeakUp.org, a media campaign seeking to raise awareness about gender-inequality issues. Unfortunately, far from being a refreshing alternative to the tired rhetoric of more established campaigns against sexual violence, MenSpeakUp is not only uninspired, but it also serves as yet another reminder of a movement that ultimately harms women more than it helps them...
...Harper's minority Conservative government in particular needs votes in Canada's industrial heartland if it is to survive a general election, which might come as early as next month. (See the 50 worst cars of all time...