Word: yorking
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...cash payments to CDS [credit-default swap] counterparties should never have occurred," Greenberg told a House oversight committee. Greenberg is not alone is raising questions about profits that financial firms have been making on the unwinding of AIG's derivative bets. Last week New York attorney general Andrew Cuomo said he was looking into AIG's trading records to examine whether the payments the company made to other financial firms were improper. (Read "How to Know When the Economy Is Turning...
...International Institute for Labor Studies. "People are trading off their jobs for wage cuts and other measures." There's even some anecdotal evidence that it's starting to happen in the U.S., where companies have traditionally not hesitated to lay off staff in a downturn; last month the New York Times announced a 5% pay cut for some of its staff in return for extra vacation days...
...flat as a pool table and barely a mile wide at its narrowest, the Rockaway Peninsula - a tongue of land that sticks into the Atlantic Ocean at New York City's southeastern corner - is already vulnerable to storm surges and floods. Global warming, with its rising seas and harder rain, will only intensify those threats. That's what has Vincent Sapienza, the city's assistant commissioner for wastewater treatment, so worried. The Rockaway Wastewater Treatment Plant, which processes 25 million gal. (95,000 cu m) of sewage a day, sits next to the beach, and its pumps are below...
...prepare for climate change - and growth - the city is spending $30 million to raise the pumps and other electrical equipment at the Rockaway plant well above sea level. The overhaul is just one part of New York's groundbreaking PlaNYC - a long-term blueprint to grow the U.S.'s biggest city green in the age of global warming. "This is about making the city more sustainable," says Sapienza. (See pictures of New York going green...
Though it's caricatured as a concrete jungle, New York is already surprisingly eco-friendly. Thanks to its density and public transit, the city has a per capita carbon footprint 71% smaller than the U.S. as a whole. With more than 8.2 million people calling New York home, surpassing a historical high set in the 1950s, the city's infrastructure - its crowded subways, traffic-choked streets, aging water mains - is being pushed past its limits. City planners realize that New York is on track to gain an additional 900,000 people by 2030. If that growth isn't managed properly...