Word: profiteered
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...Wall St.'s primary argument for keeping a high level of compensation for its best investment bankers and traders is that, if they leave, overall losses at banks could get worse. People can be profit centers. The most successful ones help offset the red ink created by the series of poor decisions that big financial firms made about mortgage-backed paper and commercial credit loans. It is easy to assess the value of the best traders by looking at a bank's books. (See pictures of TIME's Wall Street covers...
Last week, The American Academy of Arts and Sciences (AAAS) announced its 2009 class of fellows and foreign honorary members which included 17 Harvard professors. The Academy chose its 231 new members from the sciences, the humanities, the arts, business, public affairs, and the non profit sector...
...could reduce the world's GDP by 4.8% - but we depend on international trade now for countless necessities, from generic medicines to surgical gloves. The just-in-time production systems embraced by companies like Wal-Mart - where inventories are kept as low as possible to cut waste and boost profit - mean that we don't have stockpiles of most things. Supply chains for food, medicines and even the coal that generates half our electricity are easily disruptable, with potentially catastrophic results. Though we'll likely hear calls to close the border with Mexico, Osterholm points out that a key component...
...would be expected, Microsoft's largest business, its PC software operation, suffered a 15% decline in revenue to $3.4 billion. The division still made an operating profit of $2.5 billion. There are very few large businesses in the world with a margin that large. The company's server and tools division and business software operation had similarly impressive operating numbers...
...authorities did, however, ask a local non-profit group, Childline, to meet Rubina and check on her well-being. "Our chat with the child was informal and was not intended to explore any story or seek the child's version of events or even to determine whether the story was genuine or not," a Childline spokesman said. The group has not yet been able to establish anything about Rubina's relationship with her mother, father or stepmother. "Those require a number of sittings and a variety of investigations," the spokesman said. (Read a story about what fate awaits Slumdog...