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NEWS
January 28, 2013
THERE ARE 2.2 million people now incarcerated in American prisons - the most, by far, in any country on this planet. A large number of them are no doubt - or at least beyond a reasonable one - guilty of terrible crimes that have harmed others. But tens of thousands are imprisoned for much less: for stealing or selling (or possessing) relatively small amounts of drugs, or filing false tax returns or maybe cooking the books of their small businesses. Or because they have incompetent lawyers.
NEWS
November 26, 2008
DAVE DAVIES' Nov. 24 column contains the now familiar refrain that the financial plans we produced last spring and in early November did both too much and too little. In the spring, we were accused of spending too much. In the fall, as we worked on solving a billion-dollar problem, we were accused of cutting too much and making too little in the way of transformational change. Let's look at the reality: The final FY09 budget increased spending by $96 million or 2.4 percent.
NEWS
March 4, 2012 | By Costas Kantouris, Associated Press
THESSALONIKI, Greece - Cheap potato fever is spreading in austerity-pummeled Greece. It started last month when a producer from the northern Nevrokopi area, fed up with selling to wholesalers at a loss, off-loaded 24 tons at cost prices directly to consumers in the town of Katerini. Now, he has been swamped by demand. Lefteris Kessopoulos said Thursday that he has been contacted by resident groups in Athens, the northern towns of Kavala and Larissa - even Pyrgos, 620 miles south of Nevrokopi.
NEWS
August 2, 1990 | By Jill Morrison, Special to The Inquirer
Unable to weather a financial crisis brought on by a reported $23,000 embezzling scheme, the Community Center, 28 N. State St., Newtown, will close its doors tomorrow. A statement issued by the center's board of directors at an emergency meeting Tuesday night said the alleged scheme, in which former treasurer Raymond F. Colliton is accused of writing 81 unauthorized checks between Nov. 30, 1987, and Aug. 12, 1989, had proved more crippling than members had anticipated. The board said that "the full magnitude of the loss and the impact on operations was not realized until just the past few weeks.
NEWS
February 25, 2013 | By Manu Mielniezuk and Harold Heckle, Associated Press
PALMA DE MALLORCA, Spain - Protesters jeered the Spanish king's son-in-law before he was questioned Saturday by a judge about allegations he and a partner funneled off millions of euros through fraudulent deals. The investigation has deeply embarrassed the monarchy in a country hit hard by a financial crisis and sky-high unemployment. The scandal ranks among the royal household's worst public relations crises in the 37-year reign of King Juan Carlos. Inaki Urdangarin, who has not been charged with a crime, made his way into a courthouse in Palma de Mallorca amid tense street scenes where a contingent of around 170 police officers kept several hundred protesters away from the building.
BUSINESS
April 7, 2010 | By Harold Brubaker INQUIRER STAFF WRITER
Greece's financial problems were back in the news Tuesday after a report that the country was trying to renegotiate a financial safety net. A Greek financial official denied the report, but the country's borrowing costs shot up and the value of the euro declined. Here are some questions and answers about the effect of Greece's problems. Why should Americans care about Greece's troubles? Greece is not the only European nation with budget problems. Portugal, Spain, Ireland, and maybe Italy are also struggling.
BUSINESS
August 12, 2011 | By Paul Wiseman and Daniel Wagner, Associated Press
WASHINGTON - Three years ago, a financial crisis triggered by bad mortgage investments spread from U.S. banks to Europe. Panicky financial markets tanked. Now fear is running in the opposite direction. Worries about toxic government debt held by European banks have hammered U.S. stocks. And they threaten to freeze credit on both sides of the Atlantic. And traders are wondering: Could Europe's government-debt crisis spread through the U.S. financial system? No one's sure because no one knows how much toxic debt European banks hold - or how much risk that debt poses to U.S. banks.
NEWS
July 19, 1998 | By Inga Saffron, INQUIRER STAFF WRITER
The restaurants are still packed, the upscale American designer Donna Karan has opened two sleek boutiques, and the aisles are crowded at the new Turkish-built hypermarket. If Russia is in the middle of a financial crisis, somebody forgot to tell a lot of Russians. Since spring, when Russia's stock market was beginning its record-breaking plunge and angry coal miners were blocking the Trans-Siberian Railroad to protest wage delays, many Russians have been oblivious to the looming crisis.
NEWS
November 26, 1997 | By Trudy Rubin
For a decade economists have debated whether Asia had discovered a new kind of capitalism that outstripped America's free market system. At the summit of Pacific and Asian leaders in Vancouver, that debate may finally have been laid to rest. The growing financial crisis in Asia has shattered the myth that "Asian values" fuel economic growth better than Western democratic values. America's economy is humming, while four key Asian nations just sought an international bailout on terms that will leave their economies more open and less "Asian.
BUSINESS
February 6, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The Dow Jones index rose above 14,000 Friday, for the first time since October 2007. By itself, the number might not mean much. But portfolio managers and investment strategists believe it does signal one thing: The financial crisis is officially over. The Dow Jones Industrial Average gained 149.21 points to end last week at 14,009.79 - the highest since that rosy period just before the markets slumped and the Great Recession began. The Standard & Poor's 500 Index last Friday also jumped 1 percent to return near to a five-year high.
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BUSINESS
November 3, 2013 | By Joseph N. DiStefano and David Sell, Inquirer Staff Writers
The Royal Bank of Scotland (RBS), which was bailed out and is still owned mostly by British taxpayers, said Friday it would "accelerate" the sale of its U.S. banking subsidiary, which includes Citizens Bank of Pennsylvania. Citizens has 159 branches in Philadelphia and its four suburban Pennsylvania counties, more than any other bank in the region. RBS said in a statement that it was planning a "partial initial public offering" of Citizens Financial Group for 2014 and "intends to fully divest the business by the end of 2016.
NEWS
August 23, 2013
WITH HIS school facing a $355,740 shortfall this year, Greenfield Elementary principal Dan Lazar recently sent an "urgent request" asking parents to contribute a $613-per-pupil fee to compensate for the school's inadequate funding. At first blush, the idea seems intriguing. These are extraordinary times that require unprecedented measures. Philadelphia schools almost didn't open on time, and Superintendent William R. Hite Jr. said that he still needs millions in additional funds to run the district.
NEWS
August 14, 2013
IF THE FEDERAL government is going to overhaul the way mortgages are sold, I hope as much emphasis is put on what's a manageable amount of debt for borrowers. It haunts me when I think of some of the mortgage loans I've seen and still see. Too many people, who certainly should have known better, agreed to buy homes when their monthly mortgage payments were 50 percent to upward of 70 percent of their net pay. That's just too much. President Obama has laid out plans to rebuild the housing market.
NEWS
June 11, 2013
Gov. Corbett and the legislature know Philadelphia isn't the only school district in Pennsylvania facing a financial crisis. So why is it taking them so long to come up with a viable statewide solution? Already there have been teacher layoffs and other budget cuts. Academic and extracurricular programs have been eliminated, and class sizes have grown. The situation will only get worse unless the state lives up to its legal and moral obligation to provide its children with "a thorough and efficient education.
NEWS
May 16, 2013
PARIS - The eurozone is now in its longest ever recession - a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-09. The European Union statistics office said yesterday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone's economy contracted for the sixth straight quarter, shrinking by 0.2 percent in the January-March period from the previous three months.
BUSINESS
May 11, 2013 | By Martin Crutsinger, Associated Press
WASHINGTON - The Federal Reserve has broadened its oversight beyond banks and now monitors a wide range of financial institutions that could hasten another financial crisis, Chairman Ben Bernanke said Friday. Bernanke said the Fed was still monitoring banks and other important financial institutions. But it has widened its scope to include other participants that could either trigger a crisis or make the system more vulnerable. Chief among them is the so-called shadow banking system, which includes loans that are turned into securities and sold to investors.
NEWS
April 24, 2013 | BY REGINA MEDINA, Daily News Staff Writer medinar@phillynews.com, 215-854-5985
This story has been updated. IN THE LATE 1990s, the kids at Henry C. Lea Elementary School at 47th and Locust streets lacked a library. A few years later, the University of Pennsylvania built them one. The university, which had a relationship with Lea dating to 1960, secured donors to fund construction of a space and procure books, computers and audiovisual equipment for the K-to-8 school. The Lea affiliation is one of seven that Penn has with disustrict schools, including its best-known partnership with the Penn Alexander School on Spruce Street near 42nd.
BUSINESS
March 18, 2013 | By Jeff Gelles, Inquirer Columnist
What was the biggest shortcoming of 2010's massive Dodd-Frank financial reform - a flaw that still threatens the U.S. economy and all who rely on it? One answer pops up with remarkable consistency from across the political spectrum: the belief that the law didn't actually solve the problem that some financial institutions are so large that they're "too big to fail. " Tea party favorites such as Sen. Rand Paul (R., Ky.) have warned against it, as have conservative pundits such as George Will and Peggy Noonan - making unusual common cause with liberals like former Labor Secretary Robert Reich, Columbia University economist Joseph Stiglitz, and former Sen. Ted Kaufman (D., Del.)
NEWS
March 15, 2013 | By Jim Kenney
Any number of us may disagree with new schools Superintendent William R. Hite Jr.'s closure of 23 schools, as well as his proposals to cut programs, increase class sizes, and reduce teachers' salaries. But none of us should question his sincerity in pushing the envelope to generate new ideas and debate how best to solve the Philadelphia School District's financial crisis - without harming the quality of our children's education. We all recognize that the district is at a critical financial crossroads, confronting a projected five-year deficit estimated at $1 billion.
BUSINESS
March 7, 2013 | By Mike Armstrong, Inquirer Columnist
Wow, the Dow Jones industrial average blew past its previous high, set on Oct. 9, 2007, on Tuesday, closing up 125.95 points at 14,253.77. What's next? Who knows? I say, "Get on with your lives, citizens. " The media (of which I am a card-carrying member) get hung up on round numbers, milestones, and anniversaries. But in the grand scheme of our tight-money times, the Dow's surpassing a previous high is quite meaningless. After all, median household income remains below where it was during the recession.
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