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...grown as other countries step up their own efforts to guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
Other initiatives in what the younger Roberts terms "Comcast 3.0" include rolling out more services to small businesses and hiring more customer-service representatives. But don't expect major deals in the near term. Roberts, who earned $20.8 million in 2007, allows that Comcast has a long way to go but says he's the guy to get it there: "I can't think of a business, industry or company I want to lead as much as this...
Financial panics--short-term, acute market upheavals that often coincide with long-term recessions--were common as the U.S. economy developed. There was the Panic of 1857 (prompted by railroad-bond defaults), the Panic of 1873 (sparked by a stock crash in Vienna) and the Panic of 1907, which started when shaky New York City banks quit lending. We learned a lot from those scares--the U.S. Federal Reserve was created in the wake of the 1907 Panic--and some believed we were too smart to panic again...
...help banks raise up to $88 billion of new capital, either by buying preference shares in the institutions or encouraging commercial sources to invest. Together with an extension of the Bank of England's special liquidity scheme, which will now make $350 billion available to banks in short-term loans, the package is intended to stabilize the banking system and foster the sector's recovery. It can be implemented without any new legislation or parliamentary votes...
...between the supporters of ousted President Thabo Mbeki, and those of his chief rival, Jacob Zuma. Mbeki had been Mandela's deputy and became party and national president after Mandela's retirement in 1998, with Zuma as his deputy in both positions. But during Mbeki's second term, the two fell out and became bitter enemies. In 2005, Zuma's financial adviser, Shabir Shaik, was convicted of bribing Zuma in relation to a $10 billion arms deal, and was jailed for 15 years. Mbeki sacked Zuma as his deputy in the national presidency, and Zuma was later charged with corruption...