Word: orderers
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When the results of the government's financial stress tests were announced last week, Citigroup seemed to have dodged a bullet. The bank, long thought to be in the worst shape among the nation's largest lenders, was said to need just $5.5 billion in capital in order to return to health. No small sum, to be sure. But amazingly, what Citi was required to raise was less than half the $13.7 billion that competitor Wells Fargo was told to come up with. And far less than the nearly $34 billion that regulators said Bank of America needed to bolster...
...regulators. Government officials have said they intend to make management changes at the banks if the plans are deemed inadequate. Despite the relatively small $5.5 billion Citi was told to raise, the stress test deepened concerns about the bank. That means the hurdle Citi will have to jump in order to prove its management is up to the task could be higher than for the other banks...
...announced plans or have been able to quickly complete capital-raising deals. Yet, unlike Citi and BofA, none of these planned actions were included in their stress-test results. Citi's results also downplayed the damage to shareholders that will result from restoring Citi's common capital ratios. In order to put Citi back on its feet, the company's shareholders will be diluted more than any other public bank that was part of the stress test. When Citi completes its conversion of preferred shares to boost its common equity, current Citi shareholders will end up owning just...
...posturing nearly drowned out the testimony of the only man at the hearing who had real experience extracting vital information from al-Qaeda terrorists: former FBI interrogator Ali Soufan. With cameras turned away from his face in order to protect his identity, Soufan gave a detailed account of the interrogation of Abu Zubaydah. The suspected al-Qaeda operative, he said, was giving up actionable intelligence - including the identities of 9/11 mastermind Khalid Sheikh Mohammed and the so-called dirty bomber, Jose Padilla - long before the controversial interrogation techniques were applied. Once the harsh methods were used, Abu Zubaydah just shut...
...logical that these countries will build navies and project their power," says Raja Mohan. "The question is how does this all get managed?" As of yet, there is no regional treaty alliance in place, no new diplomatic structures like NATO in Europe, for example, that could reflect or bring order to the shifting power lines of the Asian 21st century. Last year, Japanese prime minister Taro Aso floated the idea of an "arch of freedom," a security consensus threading together democracies like India, Japan and Australia, but its obvious anti-Chinese subtext meant the notion gained little traction. "Nobody...