Word: repays
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...barrel, way above the current ? level, and it will consequently swing into deficit next year for the first time since 2001. The stock market has dropped more than 70% in the past year, as the nation's business élite dumped stocks to repay the huge loans they took out to finance acquisitions in Russia and abroad. Capital is fleeing - investors have pulled about $190 billion out of Russia since August - and the ruble is under pressure...
...many experts as the President deems fit (President Bush will handle the initial appointments, and there is some hope that Obama and Bush can agree on a car czar). By March 31 of next year, Detroit will have to lay out a schedule for how and when they will repay the funds as well as plans for their long-term viability; they must also sell their corporate planes (in a terrible public relations fiasco the Big Three CEOs came to Washington on their jets to beg for public funds) and agree to tight executive compensation restrictions. In the interest...
...weeks ago. Then General Motors' Rick Wagoner, Ford's Alan Mulally and Chrysler's Ron Nardelli came in corporate jets and left with the angry words of lawmakers ringing in their ears. This time they traveled in hybrid cars, offered detailed plans for how they would spend and repay the $34 billion in government loans they requested, and met with a much friendlier reception. They still didn't leave with any money - although that could change next week. (Read TIME's biographies of the Big Three CEOs...
Iskenderian: There is evidence that microfinance is resilient to global market movements, compared to traditional lending, as it falls outside of the mainstream economy. And there does still seem to be equity available for microfinance; recently, for example, a couple of large private equity deals were completed in India. Repayment rates remain very high, 97% or 98% in many places. That results from good, old-fashioned credit methodology - you know a household's capacity to repay. That's the kind of old-fashioned banking that some people feel was absent in this latest round of banking disasters. At the same...
...Given that poor p.r. offensive, it's no wonder Democratic leaders demanded that the companies prove they can not only survive with these loans but also repay them. "Until they show us the plan, we cannot show them the money," Pelosi quipped. Of course, what passes for a viable plan - or whether Congress is in any position to judge it - is anyone's guess. A Democratic leadership aide said lawmakers are looking for "proof that they won't be back, hat in hand, in 12 months' time." Another said they desired evidence "that they will be able to operate...