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...culture of Wall Street has not changed is precisely because we - as in most Americans - are so tied up in it. Our 401(k)s and our pension funds are tied up in Wall Street doing well, even if we don't think this particular system of short-term bonuses and liquid culture is a good long-term strategy. Wall Street's values have reached out to so many corners of people's daily lives that actually changing the system means everyone has to change. (See 10 ways your job will change...
...banking]. These are big reforms, but they'd give you a more stable landscape to make even more changes. Part of what I learned is that the very kinds of daily practices that created the boom in the first place - wanting to book as many deals as possible for short-term bonuses, a workplace structured so that they're knowingly not there for very long - paved the way for the bust. I talked to bankers who said, "When we do deals like this, we're probably at the top of the market." They knew. It's not simply that busts...
...threat of such an attack carries echoes of the past for those who have been in the Pentagon for a while. In the mid-1980s, the Air Force launched the short-lived Air Defense Initiative, designed to shoot down Soviet cruise missiles launched toward the U.S. "It's an embryonic program that addresses threats that will exist by the late 1990s," a top Air Force planner said in 1986. Five years later, of course, the Soviet Union collapsed. But that threat - while it has yet to materialize - still lives on in the toolbox of those pressing Congress to spend real...
WASHINGTON, D.C. — During his short tenure as manager of the Washington Nationals, Manny Acta witnessed 28 members of Congress lose their jobs due to poor performances; you’d think he’d have gotten the memo. Instead, he led the Nats to the worst first half of the baseball season in their history—and was promptly fired himself...
...British forces in 1704. Although one political party on the Rock has urged locals to fly the British and Gibraltar flags as a display of their "inalienable right to self-determination," Searle doesn't expect much in the way of open hostility. "In the end, the meeting came on short notice," he says. "And we're very deep into summer...