Word: priore
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Dates: during 2000-2009
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...talk about cold-weather-related inventions. Like the bicycle, for instance. That's my favorite one. That grew out of the Year Without Summer [1816]. There was quite a lot of volcanic activity for several years prior to that, and it created a cloud of dust high up in the atmosphere. The earth cooled very quickly, at least in the northern hemisphere. And crops started to fail. So [German inventor Karl Drais] saw that it was more and more expensive to feed a horse, and he came up with what was originally called a Draisine. It was really a scooter...
...Supreme Court ruling that makes it more difficult for facilities to automatically segregate new prisoners by race, as the state had done for more than 25 years to defuse potential violence. A spokesman for the prison system said integrated prison blocks may have contributed to inflamed racial tensions prior to the riot. (Read "Q&A: How to Fix California's Prisons...
...Monday, the bank agreed to pay $33 million to settle Securities and Exchange Commission charges that Lewis and other executives misled the bank's investors prior to its $50 billion purchase last year of brokerage firm Merrill Lynch. In a separate development on Monday, the bank also announced that it had hired Sallie Krawcheck, a former top Citigroup executive, to run the Merrill Lynch brokerage division as part of a management shake-up. Observers say the move frees up Brian Moynihan, who had been in charge of Merrill's divisions and has long been thought to be Lewis' successor...
...complaint, which was filed Monday, alleges that Lewis misled shareholders in advance of the Merrill acquisition, withholding information that might have caused investors to vote against the acquisition he wanted. In a proxy statement sent to shareholders prior to the vote on the deal, Bank of America stated that Merrill had agreed not to pay bonuses to its top executives until after the acquisition was closed. Shortly after completing the acquisition, Lewis fired Merrill's top executive John Thain for, among other things, paying out $3.6 billion in bonuses to Merrill's top executives just days before the Bank...
...according to the SEC complaint, Lewis and other Bank of America executives had full knowledge of Merrill's plans to pay out bonuses to top executives. In fact, prior to sending out the proxy statement, the complaint asserts, Bank of America had agreed to let Merrill pay out as much as $5.8 billion in year-end bonuses, a little over $2 billion more than Thain actually paid out. In settling the SEC complaint - paying the fine - Bank of America neither confirmed nor denied the charges...