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...purchase shares rather than being retained as cash. Worse, sometimes banks borrow money in order to buy back shares, upping their leverage and lowering their capital at the same time. In the past four years alone, the nation's largest banks, as defined by Standard & Poor's, have spent $300 billion buying back stock...

Author: /time Magazine | Title: Why Your Bank Is Broke | 1/31/2009 | See Source »

...delight of investors, BofA was pushing for the freedom to make risky loans at the same time it was aggressively repurchasing shares. Since 1998, it has spent $62 billion on share buybacks, according to S&P. The result is that over the past decade, BofA's tangible-capital ratio - the amount of tangible equity in relation to tangible assets - has nearly halved from 5% in 1998 to 2.8% in the third quarter of 2008. It became a bank built on air. (See pictures of scared traders...

Author: /time Magazine | Title: Why Your Bank Is Broke | 1/31/2009 | See Source »

...which was released just three days after the airing of a Swedish television interview of Williamson, where the British-born Bishop declared that Nazi gas chambers didn't exist and Jewish deaths during World War II did not exceed 300,000. The Pope and several of his deputies have spent the past week reiterating the Vatican's clear, longstanding line on both the historical facts of the Holocaust and the warm papal sentiments toward and theological connection with the Jewish people. There is little doubt that the repair work, like that done with Muslims after the Regensburg speech, will eventually...

Author: /time Magazine | Title: In Healing One Schism, Pope Benedict Creates More | 1/31/2009 | See Source »

...Jillson, executive director of the Harvard Square Business Association, said she was "sad about this turn of events" when she saw the restaurant had closed, but remained hopeful for the business to survive in Cambridge. "We're keeping our fingers crossed because the location's great and the restaurant spent a lot of time and money with the space." Jillson described former owner Zebny as "active and generous" and said he had had a "wonderful relationship" with the HSBA. She also said that this was not an indicator of more general Square business turnover. "Businesses come and businesses...

Author: By Vidya B. Viswanathan, CRIMSON STAFF WRITER | Title: Z Square Café Shuts Its Doors | 1/30/2009 | See Source »

...also of the process. Though the early efforts have not proved fruitful, Obama's team members say they will not be dissuaded. "Sometimes it might not all look like it pays off at the beginning," Gibbs said on Thurdsay. "But I think the President believes that time that he spent here and on Capitol Hill talking to members was time well spent." The clock, however, is ticking...

Author: /time Magazine | Title: The Stimulus Bill's Bumpy Ride | 1/30/2009 | See Source »

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