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...banks able to raise equity? Are investors confident enough in their ability to judge the strength of the banks' balance sheets that they're willing to put equity into a bank? We've seen substantial progress in that area. Now we're still going to put in place these facilities for legacy assets because we think they are good insurance against the risk of a future downturn, and we think they provide some broad help to this process of thawing receding credit markets. If the world gets progressively better, you may see less demand for those facilities...
...Western Townships, the banal moniker apartheid-era leaders bestowed on the dormitory city they created for blacks on the edge of town. The apartheid government decided blacks had no need for not only freedom, fair wages and a decent education but also roads, trees and houses. Soweto was a place of tin shacks and red dirt. As part of the effort to redress this legacy of inequality, the mayor has repaved Soweto's main roads, and Williamson invented his extreme park missions...
Just as crucial as how the government is changing Soweto is how Soweto is changing itself. Soweto is the crucible of South Africa's growing black middle class, a status that comes as no surprise: as the place where the uprisings that eventually overthrew apartheid began and as the former home of Mandela and Archbishop Desmond Tutu, the township has long been at the forefront of change. Today shacks are being replaced by houses. Bars, restaurants and hotels are thriving. BMWs and Mercedeses clog the streets. Richard Maponya opened the glass-and-steel Maponya Mall on Soweto's main highway...
Thabang Kubheka left Soweto in 1999 to work on cruise ships and returned with her savings in 2002, at 27, to open Soweto's first beauty parlor, Roots. She now operates nine of them. "Soweto was notorious, a place where people killed each other, stabbed each other," she says. "Now people even come here from Sandton [a rich Joburg suburb]. The city is getting to know itself again. We're becoming one place again." When the world converges on South Africa for the World Cup next year, it will, officials hope, find a city, and a country, finally beginning...
...some life must fall. It comes in the pretty package of Melody St. Ann Celestine (Evan Rachel Wood), who might be as old as 20 and who's run away from her Mississippi family to end up homeless in Manhattan. She talks her way into a stay in Boris' place, and in a trice, she has kind of a crush on him. They get married...