Word: reasonableness
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...reason Citi stock is higher is simply that the market thinks that most of the trouble at the bank is over. That may not be true at all, but traders are gamblers and they going are "all in" on Citi. (See pictures of the global financial crisis...
Treasury Secretary Tim Geithner had every reason to think he had seen all of AIG's dirty laundry. The government owned 80% of the company, and Geithner had just orchestrated AIG's most recent handout - its fourth, if you are keeping score, for $30 billion on March 2 - to prevent the teetering insurance giant from going over the cliff and taking the rest of the global financial system with it. AIG had already cost the taxpayers some $170 billion, mostly to repair the damage done by one of its units, AIG Financial Products (AIG FP), which last year alone piled...
...outrage will pass, and when it does, we're going to have to focus on whether keeping AIG afloat is preventing a sharp recession from becoming a prolonged one. The reason AIG has cost taxpayers $170 billion - and the reason the Obama Administration seemed willing, at least at first, to hold its nose and accede to bonuses for the company's managers - is that it's too big to fail. It's an often heard phrase, but what does it really mean? (See the top 10 financial collapses...
...that drive new discoveries. Or, they may not. The real but hidden definition of the word "synergy" is firing lots of people. The recently closed marriage between Dow Chemical (DOW) and Rohm and Haas (ROH) was about firing people. Pfizer (PFE) bought drug company Wyeth (WYE) for the same reason. Being in the pharmaceuticals business is not what it used to be. Blockbuster drugs face competition. Keeping hundreds of research scientists around is expensive. (See pictures of the global financial crisis...
...carefully crafted rhetoric that politicians use when they have nothing much to say or want to paper over fundamental differences. They call it "langue de bois" - wooden tongue - and, unfortunately, we are entering a period in which official tongues will be even more thickly wooden than usual. The main reason for that is the summit of world leaders scheduled to take place on April 2 in London. Billed as a crucially important event for the future of the global economy when it was first called just four months ago, it's now clear that this meeting is likely...