Word: potted
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Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME...
...exceeded the weight-loss goal received a variable cash prize determined by how many pounds they shed. The second group agreed to a deposit contract in which they anted up some of their own money as part of a pool. Those who lost the most weight split the pot; those who didn't drop enough weight lost their investment. The last group was given no financial incentive and relied on willpower and commitment alone. (See pictures of what makes you eat more food...
...Sahni warns that India's intelligence and security capability is woefully lacking in proportion to the scale of the threat it faces, and to its status as an emerging economic superpower that is under constant jihadist threat. "We cannot afford to be a tin-pot operation with no capacity to prevent and respond to terror, and bring terrorists to book," says Sahni. "That will not be the kind of country where people would like to invest." And the Mumbai massacre has provoked millions of Indians to demand that the government do a better job of protecting them. So, even...
...urging that it come out of a $25 billion loan package Congress approved in September that the automakers were supposed to use to retool their assembly lines to build more fuel-efficient vehicles. Democratic Congressional leaders have wanted the cash to come instead from the $700 billion financial rescue pot they gave Treasury Secretary Hank Paulson in October - which is why the auto executives found themselves in the strange position of pleading their case before the House and Senate banking committees...
During Friday's House Financial Services Committee hearing, Michigan Republican Thaddeus McCotter proposed what he called a "Solomonic approach" - taking half the money from each pot. By Friday night, Democratic Congressional leaders were signaling that they were ready to cede ground and take all the funding from the $25 million loan program, on the assumption that they can replenish it later. But even if that flies, there remain a lot of big questions about how it would work...