Word: stockings
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...that depended on Lehman's largesse. Indeed, as the financial crisis takes down some of the richest houses on Wall Street, the effects will ripple out to the charities that rely on them and serve the poorest in America's big cities and the rest of the world. The stock-market crash has already damaged the endowments of big foundations, universities and hospitals, while charitable giving from ordinary citizens seems to have decreased out of financial fear...
...message will be blunt: If you want to restore confidence in stock markets and among financial institutions, recapitalize your banks - quickly. This message already has some traction in Washington. The U.S. Treasury Department is discussing a plan to use public funds to recapitalize banks. The U.K. government already took that step earlier this week, while Iceland has nationalized its banks...
...Japan learned how to handle a financial crisis the hard way. In the 1990s, after stock and real estate bubbles imploded, the country experienced a financial debacle similar to the one facing the U.S. today. The result was the Lost Decade. Between 1992 and 2003, Japan's real GDP growth averaged less than 1% a year...
...MSCI Asia Pacific Index finished the day up 1.2% after plummeting 16% during the previous week - the worst stock market rout suffered by the region since 1987. Hong Kong's benchmark Hang Seng index gained 3.3% after an 8.2% drop yesterday, while Korea's Kospi index rose .6%. Japan's Nikkei index fell .5% after rising in morning trading - hardly a robust recovery, but the panic selling that marked Wednesday's 9.4% free-fall dissipated, at least temporarily...
...rate cuts' effect on Asian stock markets may not last as policymakers continue their search for a solution to the global financial crisis. According to a report in the New York Times, the U.S. Treasury Department is considering taking part ownership of U.S. banks, effectively guaranteeing the solvency of the country's financial system. Britain announced a similar plan to shore up shaky banks by helping them refinance debt in exchange for ownership stakes. That move toward partial nationalization of the banking system underscores just how deep - and how apparently uncontrollable - the financial panic has become. With few tools left...