Word: toxicants
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...high up the ladder" as possible, says Ibison: to collar not just the buyers who lied on loan applications, or brokers who ushered those shams along, but also the banks and lenders who looked the other way or actively participated in the scams (and often made a killing unloading toxic mortgages on Wall Street). That includes alleged top-level conspiracy "organizers" like Husani. "These kinds of crimes," Ibison notes, "rarely involve just...
Beyond illegal fishing, foreign ships have also long been accused by local fishermen of dumping toxic and nuclear waste off Somalia's shores. A 2005 United Nations Environmental Program report cited uranium radioactive and other hazardous deposits leading to a rash of respiratory ailments and skin diseases breaking out in villages along the Somali coast. According to the U.N., at the time of the report, it cost $2.50 per ton for a European company to dump these types of materials off the Horn of Africa, as opposed to $250 per ton to dispose of them cleanly in Europe...
...Obama and Geithner may not be completely out of the woods even if they do force banks to sell their toxic assets. Some banks may be so deeply in debt that even the proceeds from the sales won't be enough to fill their capital needs. In that case, the stress tests may prove useful in another way. Geithner has only about $35 billion of TARP money left to plug the remaining holes for the 19 largest banks. After that, he has to go back to Congress for more money - at which point he'll need the stress tests...
Bank investors has been waiting to see if there is another shoe to drop in the chain of troubled earnings reports. The firms may face more write-offs of toxic assets and pressure from the deteriorating chances that consumers can pay their credit card bills, but commercial real estate may eclipse those problems as the year wears...
...China needs to fuel its construction industry. Vietnam has an estimated eight billion tons of high-quality bauxite, the third-largest reserves in the world. The environmental cost of extracting the mineral, however, can be high. Strip mining is efficient, but scars the land and bauxite processing releases a toxic red sludge that can seep into water supplies if not adequately contained. Several senior Vietnamese scientists as well as Vietnam's burgeoning green movement have questioned the wisdom of giving mining rights to China, whose own mines were shut down because of the massive damage they caused to the environment...