Word: reformer
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...most stressful job in Japan - not easy in a country where train drivers have committed suicide for falling one minute behind schedule. Last week Prime Minister Junichiro Koizuimi fired Financial Services Agency chief Hakuo Yanagisawa, who opposed injecting capital into Japan's debt-laden banks, and named the reform-minded Takanaka to take the country's top economic post. Takanaka said he wants "to open the lid and see what's inside" the world's second-largest economy, which continues to act as a drag on the European and global recovery. By the FSA's conservative estimate, Japanese banks hold...
...Culture Center, one of nearly 300 such facilities scattered across Europe. Delegates from 165 centers converged on Brussels this summer to form a pan-European Alevi Union, something unheard of back home. Turgut Öker, who heads the union, hopes the organization's existence will speed the process of reform and help bring Turkey into the European Union. Non-Muslims enjoy religious freedom in Turkey, but the 98% of the population who are Muslims must study a Sunni-based Islamic curriculum designed by Turkey's Department of Religion. In Germany, however, public schools provide religious instruction in accordance with...
...Playing the role of paterfamilias, seldom smiling, he exhorted delegates to shed their quaint affection for the one-size-fits-all welfare state, which he argued cannot deliver services that satisfy voters raised in an era of consumer choice. Without saying much of anything about how he planned to reform services, he painted his quest to do so as heroic: "The radical decision is usually the right one. The right decision is usually the hardest one. And the hardest decisions are often the least popular at the time. We are at our best when at our boldest." His basic message...
...that followed, at the attorney general's Manhattan office, between Spitzer and Charles Prince, the new head of Citi's subsidiary Salomon Smith Barney, marked the beginning of what is shaping up as a far-reaching peace treaty. Spitzer, who used a $100 million settlement with Merrill Lynch to reform stock research on Wall Street, wants a similar and more expensive pact with Citigroup to address systemic abuses in the way lucrative initial public offerings (IPOs) of stock have been showered on ceos who sent investment-banking business to Citi. Spitzer is still digging for dirt, so any deal...
...Dealers (NASD) and the New York Stock Exchange are in close contact with the talks and will be part of any comprehensive deal. Under discussion is setting up stock research as a subsidiary company with no obligations to the firm's bankers. Among the areas that Spitzer aims to reform is the IPO allocation process. One immediate goal, say sources close to him, is the disgorgement of profits that executives reaped through generous allotments of IPO shares in the late 1990s - a period during which those shares were virtually guaranteed to rise sharply. Spitzer filed a legal action last week...