Word: walls
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Dates: during 2010-2019
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This week the commission to investigate the causes of the financial crisis will hold its first public hearing. First up to be accused of causing massive foreclosures, nearly bankrupting our financial system and robbing us all of our retirement savings: Wall Street CEOs. On Wednesday, four top financial executives are scheduled to testify in front of the commission, including Bank of America's recently appointed chief Brian Moynihan, Goldman Sachs' Lloyd Blankfein, JPMorgan's Jamie Dimon and Morgan Stanley's John Mack...
...this one, officially called the Financial Crisis Inquiry Commission (FCIC), could trigger some fireworks in part because of the severe damage caused by the financial-industry meltdown. What's more, the commission's chair Phil Angelides, a Democrat and former California state treasurer, has already come out swinging against Wall Street, calling the bonuses financial firms are planning to hand out soon for last year "unjustifiably wrong." So it's no real surprise that the first ones to be in the hot seat are the bankers themselves. (See pictures of Americans in their homes...
Early on, the majority of people seemed to heap the most blame on barely regulated financial products, like credit-default swaps, which brought down AIG; mortgage brokers and their lax lending standards; and Wall Street bonus checks that rewarded short-term profits over prudent business decisions. Goldman Sachs, too, has come under intense scrutiny since the financial crisis, in part because of its ability to quickly turn around and seemingly profit from the mess...
...crisis, a number of academics have pretty much refuted nearly every one of those early explanations as being too specific. Some economists have even questioned whether there was a credit crunch. Economic professor René Stulz of Ohio State University, for one, has written papers trying to clear Wall Street pay and credit-default swaps of any blame. Despite recent apologies, Goldman Sachs executives, too, say that they are no more to blame than anyone else in the financial markets. (See high-end homes that won't sell...
...Some of the works in Hanging Fire, so called because of the desire for readers to suspend popular, negative perceptions of Pakistan, are topical in a sensational way - like Rashid Rana's wall-size matrices, one of which at a distance looks like a handwoven carpet but is in fact composed of hundreds of photographs from slaughterhouses. But the better of the 55 pieces are subtler. Hamra Abbas' Ride 2, a fiberglass sculpture of the legendary Buraq, the Prophet Muhammad's winged steed with a human head, is local in its imagery. But the glinting cherry-red form also recalls...