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...TARP funds are a relatively inexpensive way to fund your operations these days," says Ray Soifer, a former top Wall Street analyst and a longtime bank consultant. "The problem I see is that banks are rushing to save every penny and nickel in order to pay back TARP instead of lending, which is one of the ways they make money...
...Already, the effort to repay TARP is boosting the cost of borrowing for some banks. That's because banks have to regularly issue bonds in order to have money to make loans and underwrite securities. This became much harder to do during the credit crunch, so the government began allowing banks to offer bonds that are insured by the Federal Deposit Insurance Corp. (FDIC). With the government's backing, banks were able to raise money. (See 25 people to blame for the financial crisis...
...Christian Brothers ran more industrial schools in Ireland than any other religious order. Indeed, for much of the 20th century, the group was responsible for providing primary and secondary education for the majority of Catholic boys in the country. The order has come under fire from campaigners like Raftery for allegedly blocking the work of the child-abuse commission. The inquiry was delayed for more than a year, after the Christian Brothers won a court case preventing members and former members from being named in the commission's final report - including those who had already been convicted of abuse. "There...
...results of the investigation have thrown the future of MGM Mirage's Macau business into confusion. Although the report is only a recommendation, New Jersey's Casino Control Commission could order the company to end the partnership if its findings are upheld. New Jersey gaming authorities have jurisdiction over MGM Mirage's business associations because the company owns part of a casino in Atlantic City. (Read about greyhound racing in Macau...
...damning indictment of the Christian Brothers in the report has raised questions about the order's future - and that of other religious congregations in Ireland. In an increasingly secularized country, what place do religious orders have, now that their reputations are in tatters? "It is a major crisis for us from a public-perception point of view," says Garvey. "There were people who believed they were doing the very best for these kids, but that was ruined by the unconscionable actions of a number of people. Is it irreparable damage? I would hope not, but there is a huge task...