Word: quarterly
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Dates: during 2000-2009
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Lewis had long coveted the retail brokerage business. Merrill Lynch, with its legions of investment salespeople, was to be Lewis' crowning acquisition. It ended up being his undoing. In the quickly hatched deal, Lewis paid $19 billion for Merrill, which most people agreed was nearly bankrupt. In the fourth quarter alone, Merrill Lynch lost more than $15 billion...
...show up on 2009 income statements. Instead, each bank will add an asset, a big one, to its balance sheet, right below where the cash they just handed over to the FDIC used to be. It will be called something like prepaid FDIC premiums. The asset will shrink each quarter by the amount each bank normally would have paid the FDIC. As the bank shrinks the asset, it will book the normal cost it would have paid the FDIC in fees that quarter, except as we all know, the fees will have already been paid...
Dartmouth seems to be right on pace with Harvard. They just started school because of their quarter system, but they diagnosed 47 new cases of influenza-like illness last week, only three fewer than Harvard. And if swine flu has advanced to the backwoods of Hanover, New Hampshire, all we at FlyBy can do is cross our fingers and use Harvard’s hand sanitizers...
...cold night in November 2008, the cheers of almost a quarter of a million people echoed around Grant Park, Chicago. For some, Barack Obama’s election heralded a turning point in America’s history, while for others the election of this 47-year-old man marked the ascendancy of Generation X. Looking back on that historic day, two things stand out: First, I have never seen so much passion and fervor surrounding an election. Second, despite this enthusiasm, voter turnout remained woefully low. In fact, only around a third of Americans actually voted Obama...
...There's also the matter of the economic downturn. The worst recession since World War II will see Europe's biggest economy contract by 5% in 2009. While Germany's economy grew 0.3% in the second quarter of this year, it will still be a slow climb out of recession. Unemployment is set to rise next year once government subsidized short-term labor contracts are phased out. The budget deficit is expected to pass 6% of GDP in 2010, thanks mostly to a dip in tax revenues. Some economists say the center-right government will be penned in. "There...