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Senior officials say the harsh language was intentional. "We talked about it beforehand and intended to deliver a message," says a senior Treasury official. Both on Capitol Hill and in the regulatory agencies, Geithner felt, the "searing experience" of last fall's near meltdown of the global economy was falling prey to inertia and in some cases lobbying. "The reality is that there are pretty powerful vested interests fighting this," says the senior Treasury official. "It's not the entire industry, but they have an interest in fighting change...
...Just as remarkable is the twice-daily migration the jellyfish make along the lake's surface, following the sun as it moves across the sky. This is done to help their algae photosynthesize. As the sun dips behind the mangroves, jellyfish congregate near the surface to catch the last rays before sinking to the bottom for the night, putting on a display of marine behavior as surreal as you'll ever see. Go to www.visit-palau.com for more information...
Here's how firms capitalize on one aspect of high-frequency trading known as co-location: after paying a fee to an exchange, firms are allowed to co-locate, i.e., rent server space within or near the NYSE or another exchange's computer servers to get access to trading statistics faster - just milliseconds faster - than competing investors. This is just one of the techniques that have come to light in recent weeks as the result of a paper by Sal Arnuk and Joseph Saluzza, co-founders of Themis Trading...
...downtown Kabul campaign headquarters of Dr. Abdullah Abdullah bustles with the expected frenetic activity of an election engine in the final throes of the campaign season. At lunchtime, waiters run up and down the stairs bearing massive trays of steaming pullau - the near national dish of rice cooked with hunks of lamb, carrots and raisins - and towering stacks of flat bread to every room of the four-story building. Nearly 500 campaign workers are ensconced in this former hotel, busily counting down the handful of days before Afghanistan goes to the polls on Aug. 20. Once considered a long shot...
That much was clear in reports from Iran on Aug. 4 that, as part of preparations for the swearing-in ceremony, the Revolutionary Guard Corps had instructed hospitals near parliament to be ready for casualties from the anticipated protests. And the Aug. 3 ceremony in which Khamenei formally acknowledged Ahmadinejad's election victory was marked both by a noticeable awkwardness between the two men, and the noteworthy absence of some key figures in the regime, that may have reflected the bruising power struggle under way among the heavyweights of the Islamic revolution. For the first time in 20 years...