Word: recoup
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...momentum. German officials announced plans Monday, March 22, to start taxing banks as a way of squirreling funds for any future bailouts, with details expected to come before the end of the month. U.S. President Barack Obama unveiled proposals in January for a $90 billion bank tax designed to recoup public money used to shore up the nation's lenders. No-nonsense Sweden, meanwhile, has already implemented its own version. But amid this consensus on the need to charge banks, doubts over the merit of the schemes remain. (See pictures of the global financial crisis...
...Thais want all political street demonstrations to end. And in Monday's Bangkok Post, Pornsil Patcharintanakul, deputy secretary general of the Thai Chamber of Commerce, was quoted as saying, "We strongly disagree if the government bows to the protesters' demands and dissolves the parliament, as all efforts to recoup the fragile economy would be back to square...
...controversial elements of reform, such as systemic risk regulation and rating agency liability, but it was never clear how they would bridge fundamental differences like the consumer agency, derivatives regulations and shareholder protections. When I spoke to Corker last month, he suggested that Obama's relatively modest proposal to recoup the costs of the financial bailouts by taxing the risk-taking of large banks made him wonder if he was living in Venezuela. And he's considered one of the softer-edged Republicans. (See the Top 10 Embarrassing Things Voters Have Overlooked...
Furthermore, the Federal Government's big loan-modification effort - abbreviated as HAMP - does little to help such borrowers since in many cases lenders will recoup more by foreclosing (the test any loan modification must pass). A recent Bank of America Merrill Lynch study of loan modifications at IndyMac, which provided the template for broader modification efforts, found that about 20% of subprime loans had been rewritten, while fewer than 8% of option ARMs got reloaded. (See pictures of TIME's Wall Street covers...
...truly believes an agreement is possible. But in that same interview, Corker described some modest Administration proposals - like giving consumers the option of a simple "plain-vanilla" mortgage - as "way, way out in left field." He also said that when Obama proposed a small tax on large banks to recoup the costs of the bailouts, he wondered if he was living in the U.S. or Venezuela. And he's considered the most compromise-friendly Republican...