Word: term
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With eight weeks left in office, President Bush commuted two prison sentences and granted 14 pardons--most of them to people convicted of crimes like tax evasion, drug offenses and fraud. The coming end of his term has led to speculation as to whether Bush will consider higher-profile petitions, including requests from disgraced former Olympian Marion Jones and "junk-bond king" Michael Milken...
...What are the chances we'll have to save Citi yet again? There are still plenty of questions about Citi's long-term health. The government's rescue addresses $306 billion worth of troubled assets from Citi's $2 trillion balance sheet. The bank, though, has roughly another trillion dollars in assets that aren't on its balance sheet but kept in entities somewhat removed from the company. These assets could be problematic if the economy grows worse. Fox-Pitt Kelton's Trone also points out what's not included in the government backing: $129 billion in nonresidential consumer loans...
...convicted of tax evasion and sentenced to 18 years in prison. Gu Chujun, once head of a leading appliance company, was ranked China's 20th richest businessperson by Forbes in 2001. In January, he was convicted of falsifying corporate reports and sentenced to a 12-year prison term. And Zhou Zhengyi, a Shanghai-based real estate developer named China's 11th richest person by Forbes in 2002, was arrested the following year on corruption charges. He served three years in prison, and was then sentenced to an additional 16-year term for bribery and fraud. (See pictures of China...
...thing - a referendum on left-wing President Hugo Chávez. The balloting this time was no different. The bottom line: Did Chávez's party win big enough for him to rebound from a stunning defeat in last year's constitutional plebiscite? That vote reaffirmed the presidential term limits that Chávez had hoped to eliminate - and he needed a huge win this time around if he wanted to convince Venezuelans to give him another shot...
...seems doubtful that Chávez, whose second and final six-year term ends in 2012, emerged with sufficient palanca, or leverage, to again seek a constitutional amendment that would allow him to be re-elected indefinitely, without risking a dangerous national uproar. Critics see his effort to nix term limits as a veiled bid for a Castro-style dictatorship - and even supporters suggest that with oil prices plummeting, battering an economy already hit hard by inflation, Chávez should set other priorities. What's more, now that the U.S. is about to replace Chávez's archenemy...