Word: stockings
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...These steps have been necessary despite the fact that Asia's banks have barely been dented by the toxic assets that devastated lenders in the West. But as confidence seeped from the region's financial markets, banks became nervous about parting with funds, credit tightened, and stock markets plunged. South Korea has been looking particularly vulnerable to further turmoil. With some $80 billion of its banks' foreign debt maturing by mid-2009, investors worried the country could face a credit crunch that would restrict lending throughout the economy. Those fears have punished Korean stocks and the country's currency...
...package - which totals some 13% of Korea's GDP - will "go a long way toward stabilizing the jittery financial markets in Korea." Fitch Ratings added that "these measures will ensure sufficient U.S. dollar liquidity to the banking system and real economy." Investors responded positively, but cautiously. The benchmark Kospi stock market index rose 2.3% on Monday, while the won gained 1.4% against the dollar...
...scary and strange for many Americans, a number of people in other countries feel a sense of deja vu. Asia went through a similar crisis in the late 1990s, and various other countries (including Argentina, Turkey, Mexico, Norway, Sweden, Indonesia and South Korea) have suffered through banking crises, stock-market collapses and credit crunches...
...confidence in our financial system is to be restored. Corporate-governance structures that lead to flawed incentive structures designed to generously reward ceos should be changed and so should many of the incentive systems themselves. It is not just the level of compensation; it is also the form - nontransparent stock options that provide incentives for bad accounting to bloat up reported returns...
...bloc, was limited. Nonetheless, after an initial bailout plan was crafted, his campaign declared victory, saying McCain had helped give the House GOP a real bargaining position. This posture might have worked had the House Republicans not surprisingly sunk the bailout package in a vote that Monday, sending the stock market reeling and the nation further into a crisis of leadership. McCain's gamble had not just failed to produce results, it left him looking impulsive and erratic. Days later, to add insult to injury, McCain was forced to vote for a revamped bailout package chock-full of the special...