Word: multibillion
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While homeowners celebrated, city, county and school district officials sat in stunned disbelief. There were predictions of drastic cuts to education and social services. But the ax did not fall as Sacramento, flush with a multibillion-dollar surplus, bailed out local governments and the schools. But the state rescue was accompanied by a loss of local control. As a result of Proposition 13, school districts, county governments and cities were forced to compete with state priorities for a slice of the state budget...
...handful of squat and humble warehouses that make up Dubai's unofficial creative district bear little resemblance to the emirate's legendary multibillion-dollar skyline. But in just three years, around 30 galleries and cultural institutions have set up shop in this dusty neighborhood. In the process, they have helped inspire private and governmental initiatives designed to alter the perception that Dubai is nothing but a characterless, globalized marketplace of vulgar shopping malls and exploited workers...
...addition to its multibillion-dollar deficit, California faces a severe cash-flow crisis and state controller John Chiang warns that the state could run out of money in July. California has the worst credit rating among the 50 states, so its leaders have pressed the Obama Administration and Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner...
...That seems to be the multibillion-dollar question in an ongoing court battle that pits Greenberg and his firm Starr International against his former employer AIG. The deeply troubled insurance giant claims Greenberg, through Starr International, improperly gained control of hundreds of millions of shares of AIG stock when he was booted from the company in 2005. (See 25 people to blame for the financial crisis...
Northeastern Exposure. Warming will make skiing, ice-skating and snowmobiling pastimes of the past in many areas of the Northeast, decimating the multibillion-dollar winter-sports industry. The center of maple-syrup production will shift from New England to Canada, and production of apples and other produce that depend on cooler winters will decline...