Five U.S. agencies will finish the Volcker rule tomorrow after more than three years of Wall Street resistance to its limits on trading and investing. Lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.
In speeches, press briefings and published commentaries, proponents of global free markets are proclaiming that a really big deal is on the table this week at the World Trade Organization meeting in Bali, Indonesia.
China’s escalation in its challenge to Japan’s administration of islands near Taiwan reflects an effort to gain greater command of the air and seas in the western Pacific as it builds itself into a maritime power.
Conservatives who worry about the ill effects of marginal tax rates on high earners rarely discuss the even higher marginal tax rates that some low- and moderate- income families face. A low-income single parent can experience a marginal rate as high as 95 percent -- for each dollar earned, the person takes home only 5 cents. And for married parents, the marginal rate for the family’s secondary earner can be almost as high.
Peter Munk built Barrick Gold Corp. into the world’s largest gold producer by expanding into Africa and South America. Now former Goldman Sachs Group Inc. President John Thornton is betting on China to help revive the beleaguered company’s fortunes.