Word: summers
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...Those principles are similar to the ones the FDIC worked out for the 60,000-odd bad home loans it took on when it closed IndyMac, a failed California bank, last summer. Bair outlined her proposal in testimony on Oct. 23 before the Senate Banking Committee. "The government could establish standards for loan modifications and provide guarantees for loans meeting those standards," she said. "By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." At the same hearing, Neel Kashkari, the acting assistant Treasury Secretary in charge of the $700 billion bailout package...
...mail to employees, Nardelli said the layoffs would be handled as humanely as possible as he urged employees to retire or accept buyouts. Cash for the buyouts will apparently come from the $11 billion in reserves the company had on hand at the end of the summer. "The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continue to weigh on the economy," Nardelli said...
...nation's eyes were on her loss not because it was especially horrific--in a spate of shootings this summer, Chicago had seen plenty of tragedy. It was because her story was attached to another that had enthralled America. Her sister Jennifer is not just famous; she is an emblem of pop-cultural redemption, an American Idol favorite who was eliminated in the finals but went on to greater triumph with an Oscar-winning role in the movie Dreamgirls. She had transcended her backstory and her roots as a reality star to become a real...
...Hawaii has convened what locals call "ConCons" twice since 1968, both with far reaching consequences. Now several influential groups are calling for a third. "You have no idea what can happen," says veteran Honolulu journalist Jerry Burris, who covered the hot and humid ConCon in the summer of 1978 that convened in downtown Honolulu's old federal building, directly across from Iolani Palace, the seat of the former Kingdom of Hawaii...
Obama is eager to avoid those mistakes. Within weeks of capturing the nomination, he started planning for the possibility that he would govern. He set up a transition team last summer, led by former Clinton chief of staff John Podesta, one of the best-connected - and least self-aggrandizing - Democrats in Washington. Podesta's team is compiling a book of perhaps 50 chapters to use as a blueprint for a new Administration. All this activity opened Obama to criticism from McCain that he was prematurely "measuring the drapes" of the Oval Office. Instead of drapes, though, the Illinois Senator seemed...