Word: rulings
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...Wall Street's Newfound Virtue In February 2000, one of the street's most powerful executives petitioned the Securities and Exchange Commission (SEC) to allow his firm and other investment banks to raise their levels of leverage. He wanted the commission to alter something called the net-capital rule, which he said was "the single most important factor in driving significant parts of our business offshore...
...That exec was Henry Paulson, then the CEO of Goldman Sachs, now U.S. Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30 to 1. That is, for every dollar in equity capital the firm had, it borrowed...
...Beyond anything else, though, it is the shift of the world's economic center of gravity from the Atlantic to the Pacific that has changed the environment. In 1945, Asia was typified by the rubble of war and the languidly racist torpor of colonial rule. Today, even making all appropriate allowances for a downturn in economies after the financial crisis, Asia remains the most dynamic part of the planet. Both India and China are growing at annual rates of more than 8%, and modernizing at a ferocious clip. China Mobile, the world's biggest mobile-phone company, adds more than...
...cases. All this is making it harder, says Panitan, for Thaksin's friends and allies in Thailand and overseas to defend him in his accusations against Thailand's courts. "Conflict of interest laws are a common feature of developed societies. To defend Thaksin now is to basically oppose the rule of law," Panitan said...
...replicate his achievements in a new mentoring program dubbed Focused District Development. In FDD, every officer in a single district is sent to one of four regional training centers where they are taught tactics, maneuvers, first aid and basic policing skills. They also learn about human rights and rule of law. One patrolman confided to his trainer that he never knew beating his wife was illegal...