Word: mutuality
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...ownership stake. He's slated to move from Tokyo to Paris in 2005 and become CEO of Renault while Schweitzer remains chairman, a situation that Ghosn says could be seen as "potentially antagonistic." But he and Schweitzer have worked together for five years and developed a relationship of "mutual trust," Ghosn says, adding that after a decision is made public "you never know who defended it beforehand...
...opinion of New York State attorney general Eliot Spitzer, Pilgrim Baxter & Associates can claim the title of Most Egregiously Corrupt among the growing list of mutual funds under investigation. "Here you had the founders themselves manipulating the system," Spitzer told TIME. "There's an extra level of insidiousness to it." Complaints filed last week by Spitzer and the Securities and Exchange Commission charged Gary Pilgrim and Harold Baxter with civil fraud. They are accused of allowing an outside hedge fund (in which Pilgrim held a major stake) to make rapid trades in Pilgrim Baxter funds, a practice forbidden...
...South Koreans have seen corruption crackdowns before. The country's traditional ties between government and industry breed an incestuous system of mutual back scratching that is rife with under-the-table payouts. Winning office is expensive?political analysts estimate that Roh's campaign cost at least $125 million, more than that of U.S. President George W. Bush?but tough campaign-financing laws limit the money that can be raised legally from deep-pocket contributors to $208,000 each. Says Roh Kwan Kyu, budget and accounting committee chairman for the Millennium Democratic Party (under whose banner Roh ran for the presidency...
...Iraq before the U.S. invasion. Mehmet Farac, an expert on Turkey's Muslim militants, says the group may have linked up with al-Qaeda planners over the past year to help it regain ground lost since its leader, Huseyin Velioglu, was killed in a police shoot-out in 2000. "Mutual interest is key to this partnership," says Farac. "Al-Qaeda wants to hit U.S., British and Israeli interests; Hizballah wants to prove it is back." Hizballah's potential involvement could prove embarrassing to Turkey's security forces, which once cultivated the group as a proxy militia in their 15-year...
ELIOT SPITZER, New York State attorney general, on the U.S. Securities and Exchange Commission's investigation into the mutual-fund business...