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...when their bets went awry, plunging the world into crisis. Bonuses are just one aspect of the larger issue of moral hazard that has been raised over the past year, as governments and central banks have spent tens of billions of dollars of taxpayers' money to rescue financial institutions whose recklessness in the name of short-term profiteering is at the root of the trouble. For all the recent signs of improvement, the financial situation is still far from normal. Some huge financial institutions, from AIG to Royal Bank of Scotland, remain on government life support. Jürgen Stark...
...three shots for receiver Sewall in the end zone, but each landed incomplete and Harvard snuck away with the victory. “Brown gave us everything they possibly had, and we’re fortunate enough to squeak it out,” said Crimson coach Tim Murphy, whose team was defeated by Brown last season on the road, 24-22. “Though...
wasn’t necessarily pretty in the last two minutes of the game, the kids finished it.” Also making his second career start at quarterback was junior Collier Winters (223 yards, 2 TD), whose second half heroics helped Harvard overcome a 14-10 halftime deficit. On the Crimson’s second drive after halftime, Winters led Harvard with both his arm and his feet on a 92-yard drive that culminated in a three-yard touchdown run from Winters, giving Harvard a 17-14 lead it would not relinquish. After a short rush by rookie...
...many ways, Gregory's reserve speaks for Detroit. Bing assumed the mayoralty in a special election in May, after the fall of Kwame Kilpatrick, whose promising political career was dashed in a sex-text-messaging scandal that led to a conviction on charges of perjury and obstruction of justice. Now Bing, 65, is facing a Nov. 3 election for a full term. To most Detroiters, Bing - despite his basketball fame - often seems a remote, unknowable figure, and the feeling is mutual. He only recently bought a home in the city and still maintains one in an affluent Detroit suburb...
...absence of Germany, Russia and China from Friday's announcement was all the more disappointing given the fact that the U.S. has spent more than a year in careful deliberations aimed at securing a consensus among all six countries, whose representatives will meet with Iranian negotiators in Geneva next week. The U.S. strategy, devised and implemented by Obama's top Iran adviser, Dennis Ross, was to set up a clear choice for Iran: engage in broad talks without precondition aimed at bringing its nuclear program back into line with international agreements, or face the "crippling sanctions" of which U.S. Secretary...