US fails to make payment to UN
Friday, 18 September 2009
From Fazle Rashid
NEW YORK, Sept 17: The United States, richest nation in the world, is in arrear in payment of its contribution to the cash strapped UN including $2.2 billion it promised to UN peacekeeping. The Obama administration, in the meanwhile, argues that the banks pose a threat to the economy because they often engage in risky practices in lure of quick returns and are not subjected to routine scrutiny by the federal reserve. The Treasury Department has taken a tough stand requiring nation's 41 industrial banks to accept more rigorous regulation or be forced to shut down, the New York Times (NYT) in a front page report said today. President's regulatory reforms are not for fighting the last crisis but trying to avoid the next one.
If the holes in the banks are not plugged, the crisis will continue. The opposition from the banks will be stiff. The industry has already deployed lobbyists, doling out money to campaign funds and trying to persuade the treasury officials not to put the banks into tough regulations. The New York Attorney General Andrew Cuomo is a tough customer. He fights relentlessly to end fraud and corruption in the Wall Street. He has summoned officials with knowledge of underhand dealing in Bank of America's (BoA's) acquisition of Merrill Lynch. He has subpoenaed board members.
The attorney general's office wants to know whether BoA board knew of additional losses discovered at the Merrill after merger was signed as well as billions of dollars in bonus payments made to Merrill executives before the deal closed.
In another development, Singapore, like many other countries of region, will impose curbs on immigration amid fears of social friction between citizens and hundreds of thousands of foreign labours who pour into the country. The tension has heightened in the wake of the meltdown and axing of workers. Singapore has taken more than 100,000 foreign workers for past several years as its economy was booming.
NEW YORK, Sept 17: The United States, richest nation in the world, is in arrear in payment of its contribution to the cash strapped UN including $2.2 billion it promised to UN peacekeeping. The Obama administration, in the meanwhile, argues that the banks pose a threat to the economy because they often engage in risky practices in lure of quick returns and are not subjected to routine scrutiny by the federal reserve. The Treasury Department has taken a tough stand requiring nation's 41 industrial banks to accept more rigorous regulation or be forced to shut down, the New York Times (NYT) in a front page report said today. President's regulatory reforms are not for fighting the last crisis but trying to avoid the next one.
If the holes in the banks are not plugged, the crisis will continue. The opposition from the banks will be stiff. The industry has already deployed lobbyists, doling out money to campaign funds and trying to persuade the treasury officials not to put the banks into tough regulations. The New York Attorney General Andrew Cuomo is a tough customer. He fights relentlessly to end fraud and corruption in the Wall Street. He has summoned officials with knowledge of underhand dealing in Bank of America's (BoA's) acquisition of Merrill Lynch. He has subpoenaed board members.
The attorney general's office wants to know whether BoA board knew of additional losses discovered at the Merrill after merger was signed as well as billions of dollars in bonus payments made to Merrill executives before the deal closed.
In another development, Singapore, like many other countries of region, will impose curbs on immigration amid fears of social friction between citizens and hundreds of thousands of foreign labours who pour into the country. The tension has heightened in the wake of the meltdown and axing of workers. Singapore has taken more than 100,000 foreign workers for past several years as its economy was booming.