Word: planned
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...that was before U.S. Treasury Secretary Timothy Geithner unveiled his plan to do just that with the toxic debts of U.S. banks. The move has won plaudits on Wall Street and even a knowing nod from Main Street U.S.A., which understands that the plan is a necessary evil. In Germany, it has also fueled a fierce debate about whether Merkel is wrong and how Berlin might get toxic assets off German banks' books without making taxpayers foot the bill. (See 25 people to blame for the financial crisis...
...from the banks. Instead, German banks could split each bank into a good bank and a bad bank, allowing the banks to move the bad debt into their bad bank and in return receive fresh capital from the government for their good bank. The government remains skeptical of the plan but still has put no alternative suggestion on the table. The government wants to ensure that a bank's shareholders and not the taxpayer bear the brunt of any losses. "The previous shareholders will primarily have to share the losses and bear the risks," he told the Saarbrücker...
...institutions that pose systemic risk presents a gaping hole in federal resolution authority. Unfortunately, behaviors at hedge funds and on trading floors that pose substantial risk to all Americans have for too long been allowed to proliferate outside of the government’s gaze. Geithner’s plan to address systemic risks in financial markets is comprehensive, if still relatively non-specific. Presented to lawmakers last Thursday, the proposal outlines general changes in four areas: the limitation of broad economic risks, the enhancement of consumer and investor protections, the closure of gaps in regulatory oversight, and the global...
...expected better of you, young violators of the law. Not because you stole a bag of chips, but because you stole a bag of chips. Next time you plan on pulling a badass move, try stealing something a bit more filling—maybe a nice slab of porterhouse steak or at least a foot-long (okay fine: a six-inch, for the faint of heart...
...Buck. The Alexander Inn in Philadelphia is offering five hotel rooms a night for $1 as part of its Guest Stimulus Plan, through June 11. The hotel hopes you'll reserve a room Sunday through Thursday for a dollar and spend what you save in lodging at Philly's restaurants, shops and museums. Call to book your $1 room at 8 a.m. EST 30 days prior to your arrival. The limit is one night at $1 per guest. 301 South 12th Street, Philadelphia...