Word: roache
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Dates: during 2000-2009
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...Chairman Alan Greenspan and company have chopped the benchmark federal funds rate 11 times this year, to 1.75%. In the last recession, the rate fell only to 3%. "This is unlike anything we've seen in the postwar period," says economist Stephen Roach at Morgan Stanley. Recessions that spring from manic business overbuilding, such as this one, were more common before World War II and proved then to be far more difficult to correct, lasting on average about twice as long as recessions caused by Fed rate hikes, Roach notes...
...Sept. 26 Cincinnati Police Officer Steven Roach was found not guilty of negligent homicide in the shooting of Timothy Thomas, 19, whose death touched off three days of riots in late April. "I still don't know the truth," said Thomas' mother, Angela Leisure. "I still have no satisfaction." Leisure has filed wrongful-death and civil rights suits naming the police and Roach. Scattered violence followed the verdict, and Mayor Charlie Luken imposed a curfew. But the city has largely remained calm...
...such leniency? Defense psychiatrists testified that Roach stole the money because she is addicted to buying stuff, and an independent mental-health specialist agreed. Thus Kennelly decided that Roach suffers from a "diminished mental capacity," that her binge buying was an attempt to "self-medicate" her depression and that jail time would only thwart the therapy that has lately helped stem her compulsions...
...That Roach, who repaid the money she pilfered, escaped prison seemed unfair to some, given that federal guidelines forbid such clemencies in crimes committed by people under the influence of alcohol and drugs. And how many denizens of our consumer culture can now claim in court that they stole because they couldn't help themselves? "Hundreds, if not thousands," prosecutor Joel Levin argued in court...
...details of Roach's white-collar crime spree--buying a $7,000 belt buckle, spending $30,000 on a London jaunt and missing her flight home in the process, jiggering her expense account and pawning her purchases in an attempt to hide her splurges--might and probably will provide fodder for a made-for-TV movie. And the ending will be, as demanded by the genre, upbeat. The employer Roach cheated paid her $150,000 a year. She now has a similar consulting job with another company and earns...