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...while short-term costs might seem painful during an economic slump, cities will be keen to press longer-term benefits. "The London 2012 Games will provide economic gold at a time of economic need," Tessa Jowell, Britain's Olympics Minister, wrote in the latest annual report on progress toward 2012. That will mean 100,000 contract jobs to stage the Games - of those currently working on the Olympic site, one-tenth were previously unemployed - with half as many long-term positions created in the park and surrounding area. "The Games remind us," Rogge said on a recent visit to London...
...reports that the bank plans to pay its existing staff bonuses for 2008, all four former execs agreed that changes to the bonus system should be looked at. Hornby reckoned that bonuses "do not reward the right kind of behavior" and suggested they be tied more closely to long-term performance. The 42-year-old, who also went without a bonus in 2008, confessed to losing "considerably more money than I have been paid" at HBOS thanks to his earlier bonuses being awarded in shares. Not that he's asking us to say sorry...
...actually President Obama who had led the world to believe Geithner would have more to say, declaring at his press conference last night that the Treasury Secretary would "be announcing some very clear and specific plans." And viewed through a longer-term lens, Geithner's don't-promise-much approach might turn out to be awfully smart. If one leaves aside the actual details of his not-all-that-detailed proposal, one of the most important jobs of a Treasury Secretary in troubled times like these is to instill confidence. Geithner's predecessor, Hank Paulson, was a believer in doing...
None of this means Geithner will be a success as Treasury Secretary. He's still got to actually succeed at nursing the financial system back to health. "Hank [Paulson] was in emergency-room care," says Paul McCulley, a managing director and head of the short-term-bond desk at money-management giant Pimco, "whereas Tim is still in emergency-room care but also preparing a room for further care after the emergency." He at least shows signs of having a good bedside manner...
...drugs have not been without problems, however. Statins have been linked to a rare but serious muscle weakening, and no studies have fully explored the effects of statins in patients who take them long term, perhaps for decades - today, the first generation of American heart patients to be prescribed statins have been taking the drugs for some 15 years...