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...that cost it $7.13 billion to unwind - and that subjected its risk control procedures to public mockery. Yet the end is still not in sight. The SocGen's board of directors, meeting in emergency session, left chairman and president Daniel Bouton in place. That action probably wasn't a vote of confidence as much as it was acknowledgment that SocGen's travails have only begun...
Voters expressed that anxiety in two major German state elections on Jan. 27. In the state of Hesse, which includes Germany's financial capital, Frankfurt, the Social Democratic Party (SPD) posted an 8 percentage point gain in the popular vote - at the expense of its conservative rivals, Chancellor Angela Merkel's Christian Democratic Union (CDU) - with a campaign for "social justice" and a statutory minimum wage. In both Hesse and neighboring Lower Saxony, a far-left-wing party with roots in the former East Germany won seats in a major west German parliament for the first time. "Today we have...
Well, maybe: Ypsilanti severely wounded the CDU incumbent, Roland Koch, but she didn't quite surpass his vote tally. And the SPD fared poorly in Lower Saxony, where a clean-cut CDU candidate played to the center and the Left Party gnawed at the SPD's union base. But after 10 years in which German politics - and the SPD - remained largely in the political center, left-wing economic policies are winning votes again, marking a break with a decade of cautious reformism. That sets a new tone for elections in Hamburg and Bavaria later this year, as well...
...polls. Forget the TV ads" [Jan. 21]. What the primary results from New Hampshire showed, once again, is the arrogance of the national media - especially television news, which continues to believe that it's the story. They seemed downright insulted that the voters of New Hampshire didn't vote the way the commentators and pollsters said they would. It's long past time that the talking heads acknowledge they don't have any more political insight than do the schoolteacher and garage mechanic pulling the lever in the voting booth. Frank Maurizio, SCHENECTADY...
...based politics are nothing new, of course—you can trace the effect of racial issues on government all the way from the civil rights movement to the debate over Barack Obama’s “electability” raging today. Whether or not the Indian vote actually affected the election, however (the magnitude of Jindal’s victory makes it unlikely), it’s a pity that so many influential members of the Indian community unquestioningly followed the lead of a man with whom they shared only superficial similarities...