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Trading in the lucrative swaps - which insured banks against losses on loans backed by mortgage securities - began on Greenberg's watch. But he is likely to argue that only after his ouster in March 2005 did the company's troubled FP unit fail to put up sufficient collateral to cover potential losses from the increasing number of loans backed by subprime mortgages. "You want to make sure you don't have any unexpected surprises down the road," he told TIME in a recent interview...
...First Things First Before planning for the future, however, Detroit still has to get through the present. GM has been on life support since Dec. 19, when the outgoing Bush Administration threw it a short-term loan and told the company that it had until March 31 to come up with a plan for its long-term survival. It did - but its strategy was premised on projections that car sales would begin to pick up this year after last year's dismal industry performance, in which sales sank 18%, to 13.2 million units. But the pickup hasn't happened...
...been losing market share at a rate of 0.7% per year for the past 30 years - and GM was planning to drop brands and nameplates. The task force had no reason to think that GM could gain share, and its sales rate proved that point. Industry-wide, March auto sales were down 40% on a seasonally adjusted basis. GM's factory-utilization rate is less than 60%. That's abysmal - the rate needs to be in the 80s for the company to be successful - and it's one reason GM is hemorrhaging cash. "We don't believe the rest...
Your article "Africa, Business Destination" was a welcome recognition of the importance of trade and business development as tools for combating poverty [March 23]. But I have to correct a suggestion in the piece that Bono and Bob Geldof seek to represent Africans in their work as activists. They work in partnership with leading Africans but never suggest they represent Africans. Bono and Geldof represent themselves and others who want to see the world's richest governments keep the commitments they have made to Africa. These two have also argued that trade and investment will be more important than...
...didn't see the idea of "Common Wealth" that was a part of last year's cover story [March 24, 2008]. Why? Is the challenge of cutting extreme poverty, hunger and disease - the defining challenge of the 21st century - no longer important, or has it perhaps already been accomplished? The global economic crisis that started at the end of 2008 will certainly go on for at least four more years, intensifying the problems of extreme poverty, hunger and disease. Rubens Amaral, RIO DE JANEIRO, BRAZIL...