Word: states
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...After a series of bad years for Hershey, however, the trust board briefly toyed in 2007 with the idea of selling its stock to Wrigley, famous for its chewing-gum brand, but backed down within hours of closing the deal. State and federal authorities had tried to block the sale, in part because of concerns about the size of a combined Wrigley-Hershey company. Residents of the town of Hershey, meanwhile, expressed outrage and even convinced a local judge to delay the sale, saying it would cause "irreparable harm" to the community...
Perhaps Citi should have slept on Dubai. A year and a half ago, Citigroup became the first U.S. bank to relocate one of its rising stars, Alberto Verme, an investment banking executive, to the booming gulf state. At the time, Citi CEO Vikram Pandit said the move was a sign that the bank was "convinced of the region's long-term and immense growth opportunities...
...East and Africa, and Citi stresses he is "one of its highest ranking executives globally"). Mohammed al-Shroogi, who headed Citi's United Arab Emirates operations, left in September. In late November, Dubai World, which is a for-profit development company controlled by the ruling family of the gulf state, indicated that it may have to default on a portion of its $60 billion in loans. The rush to Dubai has left Citi on the hook for billions of dollars of losses in the financially troubled gulf state. According to research firm Creditsights, Citi has made an estimated $5.9 billion...
...former chairman of Salomon Brothers Asset Management, which was acquired by Citigroup. "Being big everywhere is the business model he has chosen. That means when there are losses anywhere you are going to get hit." Things were booming there back in 2008 when Citi sent Verme to the gulf state - from 2004 through 2008 Citi's revenues from the region grew at a 30% average annual rate. He had run the bank's Latin American operations before being promoted to co-head of investment banking. In 2006, trade publication the Banker named Verme one of the top 10 movers...
...conservatives, Khomeini represents unfolding loyalty to the religious hierarchy and the main institutions of the state, even at the expense of public opinion. For reformists and even some young Iranians, Khomeini's promised benefits of Iran's 1979 Revolution can only come true if a genuine democratic government is allowed to emerge out of the current system. And then there is the Khomeini as seen by a third and growing segment of Iranians: those who are disillusioned with any notion of Islamic democracy - an "oxymoron" for some of the Tehran students who spoke to TIME. They expressed little anger...