Word: waked
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...Take, for example, the 1999 collapse of South Korea's gargantuan Daewoo Group in the wake of the Asian financial crisis. The end of Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That was obvious. The group was amassing dizzying amounts of debt in an ill-conceived global expansion (especially at its car company). A year earlier, I had called Daewoo's madcap strategy "corporate suicide" in the Wall Street Journal. The surprise was that policymakers and bankers had the guts to allow...
...Even if Quinn does end up replacing Blagojevich, the process of making things better may not include his appointing Obama's replacement. In the wake of the scandal, there are growing calls to let the people of Illinois decide whom to send to Washington, no matter who is in the governor's mansion. State Republican Party leaders are launching a TV campaign to make the case that a special election should be called to fill the vacancy, and Blagojevich, clearly in a bargaining mood, has indicated that he might be willing to sign such a bill. "Blagojevich Democrats like...
...billion Ponzi scheme allegedly masterminded by former Nasdaq chairman Bernard Madoff punctuated a miserable year for Wall Street in the worst possible way: by underlining, yet again, that savvy market-makers can harness arcane financial instruments as weapons of mass destruction. Left in Madoff's wake are bankrupt investors, mortified regulators and a raft of unnoticed red flags. Madoff's methods previously had been investigated by the SEC, and in 2001, a prescient article raised questions about his inscrutable strategies: "Madoff's investors rave about his performance - even though they don't understand how he does it," wrote Barron...
...Thais can only hope that Abhisit's own vow to promote national unity will hold. Otherwise, in a time of global economic peril, Thailand will suffer just as badly as it did back when the Democrats were last in power. That was during the wake of the 1997 Asian financial crisis when the party's inability to discipline unwieldy coalition members led to political paralysis and financial mayhem. Instead of taking decisive action to gird the economy, politicians seemed to spend more of their time squabbling with each other and cooking up corrupt deals that alienated the public. Now that...
...struggle in Somalia has demoralized its people so much that lawmakers made no secret of their embarrassment about the parliament they belong to. "There is no transitional or any other government in Somalia," lawmaker Ahmed Omer told TIME. "Parliamentarians can go to bed at night with one idea and wake up in the morning with another. It's a frustrating government...