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Conglomerate banks that are too big to fail are often too big for executives to manage effectively. As Spitzer pointed out last week, most bank CEOs probably did not want to take on ruinous amounts of risk, but the scale of their operations hindered their oversight. Unsurprisingly, these financial behemoths tend to become unwieldy as they attempt to do too much at once. Consider the case of Citigroup, the product of Citibank’s historic 1998 merger with Travelers, an insurance company. The one-time “financial supermarket” was exposed as a bloated, mismanaged basket...
...interview, Smith said FAS would achieve the cuts by leaving vacancies unfilled and offering early-retirement packages to professors. He said the scale of the reduction hasn’t been determined...
...biannual survey of undergraduates showed a fall in overall satisfaction from 3.85 to 3.72 on a five-point scale, as well as decreasing scores in all 15 other categories ranging from the taste of the food to the cleanliness of facilities...
What about the U.S. tax system? How does it compare to Europe's? The U.S. tax rate is at the low end of the European scale. The big difference is we have no national VAT, or value-added tax. We rely on income and property tax for revenue, and our corporate tax is higher than that of most European nations. And yet our system is very progressive. Rich Americans pay a larger share of their income in taxes than the richest Europeans do. We have a low absolute level of taxation, but it's progressive by European standards...
...that much worse than Europe's? There are basically three numbers that always come up when people talk about the American health care system: average life expectancy, infant mortality and the mount of money we spend per head. Average life expectancy is at the low end of the European scale. We don't do well in terms of infant mortality, either. [And] we spend almost twice as much per person in health care expenditure. Fifteen percent of Americans don't have any insurance coverage. That's undeniable...