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...estimates that corruption in China costs the economy about 3% of GDP, which was $2.7 trillion in 2006. While 3% may not seem like a huge amount, Pei notes that it is roughly equal to China's total annual education spending. There is a less tangible but more dangerous cost. Government graft "undercuts the legitimacy of the Communist Party," says Dali Yang, director of the East Asian Institute at the National University of Singapore. "Ruling élites, perceived by the population as irredeemably rapacious and self-serving, enjoy little popular legitimacy and would more likely get overthrown if a major...
...acquire a 20% stake in NASDAQ, the high-volume New York City-based stock exchange known for its listing of star tech firms including Apple, Cisco Systems, Dell, Microsoft and Yahoo! Dubai's move demonstrates the fulsome financial power of a region possessing tidal liquidity--as much as $2 trillion, by some estimates--built up by two years of oil prices topping $60 per bbl. "Nothing can stop them," says Hassan Heikal, CEO of EFG-Hermes, the region's leading investment bank. "These guys have investment managers as good as their counterparts in global institutions...
Last week, a company that funnels millions of dollars to the genocidal government of Sudan became the world’s first company worth more than $1 trillion. PetroChina is now the largest corporation, measured by market capitalization, in the world...
...Clinton, in most cases, is trying to avoid with her lawyerly answers. Her refusal to support higher Social Security taxes on the wealthy is a perfect example. "For the life of me, I don't understand what my opponents are trying to achieve," she said. "It is potentially a trillion-dollar tax increase." Clinton's point seems solid on several grounds. There are higher priorities than Social Security in 2008, especially if you want to enact universal health insurance or a real energy-independence plan, both of which will require revenue increases. And why start the negotiations...
...world’s leading investment banks,” a recent Crimson editorial informs its readers, “it manages assets worth well over $2 trillion.” And if those numbers do not render you speechless, another of UBS’s accomplishments, the editorial presumes, certainly will. Apparently, by arranging what some hope to be China’s largest ever stock offering, “the bank plays an important role in underwriting the supporters of Sudan’s genocidal government.” And with that note, the chanticleers of self-righteous...