Word: sectored
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...beginning of summer is customarily the season of the Hollywood blockbuster, but last week Japan's sickly banking sector produced one of its own. Resona Holdings, Japan's fifth largest bank, declared it no longer had the capital to meet regulatory requirements and was asking the government for a massive $17.2 billion bailout?which could effectively lead to a nationalization of the bank. Resona's president Yasuhisa Katsuta also announced his resignation...
...worst is yet to come. Curiously, however, the bank's bailout request may be something of a victory for Prime Minister Junichiro Koizumi's much-maligned financial-services czar, Heizo Takenaka. A Harvard-trained economist, Takenaka took up his current post last fall, vowing to clean up the banking sector, but powerful politicians thwarted his initial reforms. Takenaka retreated, seemingly having made yet another false start in Japan's halfhearted reform attempts. But like The Matrix, he reloaded. Takenaka toned down his approach and last winter pushed through accounting reforms aimed at closing some of the banking industry's favorite...
While Romney’s politics are at times frustratingly conservative, he is certainly qualified to address the graduating class. The petition contests his role as a public servant, citing his extensive private sector work in venture capital, and his lack of experience in the public sector. But Romney is not without public service credentials, having performed an admirable job as chair of the 2002 Winter Olympics in Salt Lake City, and he continues his work as governor of Massachusetts. And while his recent tenure is far from immaculate—refusing to reconsider rescinding tax rollbacks while he cuts...
...petition dated May 5 and delivered to Nye’s office, two students protested the selection of Romney, writing that his record in both government and the private sector fails to match KSG’s ideal of public service...
Some might be willing to excuse this behavior had Romney demonstrated sound leadership in the public sector upon leaving private business. He has not. Throughout the country, a tough economy and declining federal assistance are forcing governors to make tough decisions. In Massachusetts, Romney’s lack of candor about these decisions has been stunning. While the wisdom of Romney’s policies is debatable, his disingenuousness has been inexcusable from any political standpoint...