Word: banking
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...Krzysztof Bielecki, Poland's Prime Minister in 1991, suggests Tusk can make the most of it. He has known Tusk since the two men were Solidarity activists in the 1980s, and they still play old-timers football together. "Tusk is pure striker," says Bielecki, now CEO of Bank Pekao, one of Poland's biggest financial institutions. "He is not a water boy or even central defender. He puts his head where others will only put their feet. And by that I mean that he has courage...
...Bear's Mighty Fall I read with dismay Justin Fox's "The Bear Trap," about the collapse of investment bank Bear Stearns [March 31]. The market crisis is especially unsettling because it is self-inflicted. Over the past two decades, through the crippling process of outsourcing, we have relinquished our leads in manufacturing, engineering and technology. If we lose our status as the world's financial beacon, we will surely inch closer to becoming a nation of two dimensions: a bloated military power that consumes voraciously and produces little. Robert Winkelmann, AMITYVILLE...
...professional legacy was to help build the microfinance program in Indonesia, which she did from 1988 to '92-before the practice of granting tiny loans to credit-poor entrepreneurs was an established success story. Her anthropological research into how real people worked helped inform the policies set by the Bank Rakyat Indonesia, says Patten, an economist who worked there. "I would say her work had a lot to do with the success of the program," he says. Today Indonesia's microfinance program is No. 1 in the world in terms of savers, with 31 million members, according to Microfinance Information...
...third time's clearly the charm. In finally selecting the government's third nominee to run the central bank, Japan has acted in the nick of time. Amid a global economic crisis, the sigh of relief is almost audible in Tokyo following the decision of the world's second largest economy not to continue to lose face in the week leading up to Friday's Group of Seven finance ministers' meeting in Washington...
...Democratic Party of Japan (DPJ), the opposition party that controls the Upper House, finally approved Prime Minister Yasuo Fukuda's third choice - Masaaki Shirakawa - for governor of the Bank of Japan. Shirakawa, 58, became the deputy bank governor in mid-March and then took over as interim governor after former central bank governor Toshihiko Fukui retired from his five-year term on March 19. The DPJ refused the two previous nominees - Toshiro Muto and Koji Tanami - over concerns that their ties to the Finance Ministry might compromise the bank's independence. The lack of a permanent leader...