Word: systemize
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...Street. On the contrary, the recent windfalls at Goldman Sachs and JPMorgan, and the promise of giant year-end paydays for banking executives and traders, has caused a bit of consternation in the West Wing, coming as it does so soon after the taxpayer bailouts saved the entire financial system from total collapse...
...popping Goldman profits also create a policy problem for lawmakers, including the President, as they try to reform the financial system to ensure that history does not repeat itself. At issue is not just the safeguards that traders are using to ensure that another crisis of confidence doesn't occur, but whether traders on Wall Street are taking advantage of the public backstop against systemic failure to create personal profits. "We want financial systems to be healthy," says Robert Gibbs, the White House press secretary. But, he adds, "the President continues to have concerns that compensation will be based...
...offer strong condemnation of China's actions, with Turkish Prime Minister Recep Tayyip Erdogan likening the crackdown to "genocide." Turkey shares linguistic and cultural ties with China's Uighurs, and its leaders' criticism of the Chinese government is made easier, says el-Erian, because "they have a democratic system." (Read "China's War in the West...
...wish for the tiny nation of just 320,000 people. But last fall's abrupt economic collapse forced Iceland to rethink its traditional skepticism about the E.U. In the space of just days, as huge debts tore at Iceland's banking system, the country went from being one of the world's richest nations per head to virtually a failed economy. The statistics tell a stunning story: Iceland's currency, the krona, shed nearly half its value; inflation rose to over 12%; the stock exchange fell 89%; a $10 billion IMF bailout was sought; half the country's businesses became...
...determine the rules by which they'll continue their political conflict," he says. "Remember, these guys are all in the same boat to some extent, all invested in the regime's survival. And if they keep this fight going without any rules, they run the risk that the system could collapse and take them down with it. Both sides have an incentive to avoid that...