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...less momentous change than was previously reported. Wikipedia has long imposed tight controls on articles about boldface names - entries on Barack Obama, George W. Bush and Britney Spears, among roughly 3,000 others, are "semi-protected," meaning they can't be edited by anonymous surfers. Wales says that, at least initially, the new flagged-protection plan will probably apply to the same set of controversial articles, which are most prone to vandalism. But the vast majority of articles - even the ones about relatively famous people, like your average U.S. Senator or late-night talk-show host - would remain open...
...last decade Japan has been the world's largest moribund economy, with an economy so weak the Bank of Japan never dared to lift interest rates significantly above zero. During this time the Japanese yen was the currency traders loved. No longer, it seems. "The yen has become the least obvious carrying currency," says Credit Suisse's Desbarres, mainly because the near-zero interest rates Japan once exclusively offered are now available from central banks across the globe. Ironically, the yen today looks relatively strong compared to the dollar, making it more expensive to borrow and so riskier to carry...
...coming up with. As of the end of June, the FDIC had about $10 billion left in its insurance fund. That has put the FDIC in a tough spot. When a bank fails, it is up to the FDIC to guarantee that you'll get back the money (at least up to $250,000) you had in your checking account or savings account or certificate of deposit. If the FDIC fund ran dry, some worry that bank customers would run from all but the most secure banks, causing more bank failures and reigniting the financial crisis...
...banks like Bank of America or Citigroup, the upfront payments could run to a few billions. But the FDIC and analysts say banks will be more than able to cover it. Cash flow is not their problem. Capital is. And because the prepayments won't hit earnings, at least not initially, those capital ratios we have been worried about to show if banks are solvent won't change. Banks, all too familiar with accounting tricks, seem overjoyed by the FDIC's solution...
...FDIC has to book a liability for the money that it has received from the banks but is not actually entitled to yet. That liability will lower the balance of the FDIC's fund by the same amount that it is boosted by the prepayment. That means, at least on the books, the net effect of the prepayment for the FDIC fund will be nada. So even with the $45 billion coming to it, the FDIC will look broke, and probably stay that way until sometime in late 2012. And that raises the question as to how much a boost...