Word: trustfulness
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...giant Fortis turned nasty when investors riled by the sale of ts recently nationalized Belgian banking arm lobbed shoes and other items at chairman Jozef De Mey. De Mey stood his ground, and won an eventual vote on the sale. But the twin incidents share the same roots: public trust in the financial system - and its well-paid execs - has probably never been lower...
...reasons are well known. Debt-fueled and gluttonous, bankers around the world took wild risks that their bosses and regulators failed to stop. Throw in Bernard Madoff's massive fraud, and trust right now is as scarce as good credit. According to the Chicago Booth/Kellogg School Financial Trust Index, a new quarterly measure of Americans' confidence in financial institutions, faith in banks - on a scale of 1 to 5, where 1 denotes no trust and 5 complete confidence - fell from 2.95 to 2.8 in the first quarter of this year; trust in bankers slipped from 2.6 to 2.5. Things...
...shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount that was later raised to $2.25 billion to mollify disgruntled creditors, though it still...
Next, look at GM's offer. The unsecured bondholders are owed $27 billion by GM, and they are being asked to trade that IOU for a 10% equity stake. The UAW's VEBA trust, on the other hand, is trading in a $10.2 billion IOU and getting a 39% equity stake. If these were poker chips, you could say the croupier has arbitrarily decided to value bondholders' chips at 37 cents apiece and the UAW's VEBA chips at $3.90 each...
...more than double the number of weekly direct flights that started last year. Before Ma's time, passengers traveling from Taipei to Shanghai had to go through a third city like Hong Kong, which made an 80-minute trip a 7-hour long haul. "The increase of mutual trust between Taiwan and China is also one of the key reasons for our entrance in the WHA," said Taiwan's Health Minister Dr. Yeh Ching-Chuan on Wednesday...