Word: washingtonization
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...frugal because after his father died, he went through a colossal struggle to save the family's land. He became an attention junkie after his come-from-nowhere win made him a media darling and a party hero. And staying true to his ideals was almost impossible in Washington, where he spent three terms in Congress - and where horse-trading is the only way to get things done. (See Mark Sanford's mea culpa, plus nine other high-profile apologies...
...recalls that Sanford more or less decided to run for office before she even knew which party he belonged to. But she knew his core belief: the government should be parsimonious with voters' money. His abhorrence of spending led to him sleeping in his Washington office on a futon, buying her a used bike as a combined birthday and Christmas present and returning a diamond necklace he'd purchased sight unseen - through a friend - because he ultimately decided it wasn't worth what he'd paid. Of course, none of this quite explains why he rarely remembered her birthday (Sept...
...left her high-powered banking job in New York City and moved to South Carolina for him - willingly, she says. She ran four successful campaigns for him, more or less willingly, for no pay. She spent six years raising their four kids pretty much alone while he was in Washington. At nine-plus months pregnant, she hosted a luncheon for John McCain and a bunch of Republican bigwigs. Somewhere along the way, she believes, Governor Sanford lost the plot. (See how Jenny Sanford is the savviest spurned woman in politics...
...Street money manager Jeremy Grantham recently wrote shareholders that he thought the Volcker rule would eliminate conflicts of interest at financial firms. Citigroup's current chief executive Vikram Pandit, too, has said he believes banks need to start curtailing their riskier activities. In November, speaking to business students at Washington University in St. Louis, Mo., Pandit said that unlike with other financial crises, proprietary trading played a much bigger role than underwriting in the recent credit crunch that nearly brought down his firm. "It makes sense to me that you don't take deposits as an institution and turn around...
...problem is that Wall Street and Washington appear to have very different definitions of what is proprietary trading. Goldman and others are defining proprietary trading as the day-to-day money these firms risk in the markets, buying and selling stocks and bonds. Volcker seems to want to limit not just this trading but also the big long-term bets banks make on real estate, mortgages and other securities...