Word: rule
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...Originally released Dec. 12 in only six theaters and hyped by Warner Bros. as a major-awards contender, the film won Eastwood early recognition by the National Board of Review as Best Actor, but that's been the exception to the rule. At the glitzy Golden Globes, Gran Torino was mentioned in just one category: original song. When the Oscar nominees were unveiled last week, Gran Torino was shut out of the competition completely. (See TIME's top 10 films...
...things that made Madoff an attractive figure was that charities benefited from his investment management nearly as much as his wealthy clients did. This was not unlike the unwritten rule at Bear Stearns that partners were to give a large portion of their bonuses to charity. The collapse of Madoff's funds and Bear destroyed what the heads of non-profits had believed for years, which is that the wealthy in society would always be generous enough to help the less fortunate...
Thain played by that rule even though he was relatively new to Merrill, having arrived 14 months ago from the New York Stock Exchange. But he infuriated Lewis by paying out a couple of billion bucks in bonuses before the deal had closed and before disclosing to Lewis that Merrill was going to produce $15 billion in losses for the quarter. Hey, he was just taking care of his people. What's the problem...
...problem was that in doing so, Thain broke another cardinal rule: Don't surprise the boss - especially on the negative side. Lewis was reportedly apoplectic about the size of Merrill's losses in the fourth quarter. But here's a question: What were BofA's risk managers doing? When BofA did its due diligence, it certainly went over Merrill's trading book. If the losses were tied to positions that had already been taken, then shame on BofA. If Merrill's traders made bad bets in the fourth quarter, it's worth asking again, Where were BofA's risk...
...political appointees who will be manning the responsible federal agencies haven't even been picked yet, never mind confirmed. Environmental groups like the NRDC are already seeking to challenge some Bush regulations in court, and the White House could at least maneuver to suspend - if not yet revoke - the rules while it seeks to overturn them. The Administration could also seek to withhold funding from certain regulations. Last, as part of the Congressional Review Act, which went into force in 1996, the White House can ask Congress to vote down any rule finalized after a certain date, which would include...