Word: volckerism
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Getting caught funneling money to Saddam Hussein is certainly bad for p.r. But beyond that, after former Fed Chairman Paul Volcker issued a report last week on the private sector's role in the U.N. oil-for-food scandal, it isn't yet clear what will happen to the firms that allegedly handed Saddam $1.8 billion under the table...
...many companies are in the hot seat? More than half the 4,500 firms doing business with Iraq as part of the U.N.-administered oil-for-food program. Volcker's 623-page report, which alleges that Russian, French and Chinese companies made the lion's share of illegal payments, fingers some firms with well-known brands in the U.S., including Texaco, Siemens, DaimlerChrysler and a Belgian-based construction division of Volvo. With few exceptions, the accused have denied wrongdoing...
...main responsibilities: fighting inflation and fostering orderly growth. The two are sometimes at odds, and every Fed chairman must choose which way to lean. Greenspan, like Paul Volcker before him, is a proven inflation fighter. But Bernanke shows signs of tolerating rising prices. When the economy was threatened with deflation (generally falling prices) a few years ago, "he among all the Fed governors was most vocal about the need to generate inflation," says Alan Wild, a global fixed-income manager for Barings Bank. In November 2002, Bernanke publicly spoke of options, citing Milton Friedman's famous "helicopter drop" of money...
...keynote speech on the topic ?What Have We Learned Since 1979??, Bernanke reveals his own priorities as he lavishly praises the legacy of both Greenspan and his predecessor, Paul Volcker, in using fiscal policy to combat inflation, which he sees as the greatest threat to economic stability and prosperity...
...report, from the independent committee appointed by Kofi Annan and chaired by Volcker, a former U.S. Federal Reserve Chairman, will criticize the Secretary-General's failure to stop corruption inside the oil-for-food scheme, as well as his responsibility for U.N. mismanagement, the sources tell TIME. But the report does not find that he influenced U.N. contracts in favor of Cotecna--or knew the precise details of his son's car deal. A lawyer for Kojo Annan told TIME that Kojo reimbursed Wilson, who could not be reached for comment. --By Adam Zagorin