Word: panels
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...Nonetheless, on Wednesday, in front of the Financial Crisis Inquiry Commission (FCIC), the bank executives tried to paint a picture that the failures that caused the crisis were missteps by management, sometimes even themselves, but not the result of faulty regulation. Lloyd Blankfein, CEO of Goldman Sachs, told the panel, "After the shocks of recent months and the associated economic pain, there is a natural and appropriate desire for wholesale reform. We should resist a response, however, that is solely designed around protecting us from the 100-year storm." (See the top 10 crooked CEOs...
...troubled institutions. Brian Moynihan, CEO of Bank of America, said the resolution authority could be based on the way the Federal Deposit Insurance Corp. closes down smaller banks, which involves auctioning off troubled institutions to stronger competitors, often with a government guarantee for risky assets. Also questioned by the panel was Morgan Stanley's chairman, John Mack. (See 25 people to blame for the financial crisis...
...interest and limit their ability to do business. Instead, the executives said they instituted so-called clawback provisions, which allow banks to reclaim compensation from bankers who sell products that cause the firm losses down the road. Because of time constraints, the executives were asked to respond to the panel in writing whether clawback provisions have ever been used...
...times the warming effect of a ton of CO2. And methane, like CO2, is on the rise thanks to us: about 60% of global methane emissions come from man-made sources, and the atmospheric concentration of methane has increased by around 150% since 1750, according to the Intergovernmental Panel on Climate Change. Now there's new focus on a pair of methane sources that we usually don't think of as natural polluters: wetlands and rice paddies. (See pictures of the effects of global warming...
Blair's star turn is expected to be so heavily subscribed that the inquiry has launched a public ballot for seats. A key question will be at what point the British government gave pledges to Washington about taking part in military action. The inquiry panel's questions to Campbell revealed for the first time the existence of private letters in 2002 from Blair to U.S. President George W. Bush. The "tenor" of these letters, said Campbell, was "We are going to be with you making sure that Saddam Hussein faces up to his obligations and that Iraq is disarmed...