Britain's Royal Bank of Scotland became the third major bank to be caught up in a global probe of interest rate manipulation Wednesday, but what makes the $610 million fine against the lender so remarkable is how it will be paid: by the bankers themselves.
Because RBS is 80 percent owned by the British government, which bailed it out during the 2008 financial crisis, the bank plans to cut 2012 bonuses and claw back previous payouts from staffers implicated in the fraud, their managers and some other employees. To take money from the corporation would, in effect, amount to making British citizens pay for the bank's role in the scandal.
Timothy Geithner is joining the Council on Foreign Relations in New York, his first public move since stepping down as U.S. Treasury Secretary last month.
The council says Geithner will become a distinguished fellow with the organization. Geithner had previously been a senior fellow with the council in 2001 after he stepped down as Treasury undersecretary for international affairs in the Clinton administration.
Council President Richard Haass said that Geithner will strengthen the organization's ability to produce thoughtful analysis of issues at the intersection of economic, political and strategic developments.
Cruise watchers looking back at the industry's past year say the Concordia disaster affected everything from prices to safety drills to first-time cruisers, but bookings appear to be picking up as the 2013 cruise booking season gets under way.
The first three months of each year are known as wave season, a period when many cruisers book trips as they plan ahead for summer vacations. The Costa Concordia ran aground and capsized Jan. 13, 2012, killing 32 people just as last year's wave season began.
Michael Driscoll, editor of the industry newsletter Cruise Week, said a gradual recovery for the cruise industry began to emerge in the fourth quarter of 2012, and now, said Driscoll, a year after the Concordia disaster, top travel agents are reporting a surprisingly strong winter season bookings for sailings that depart in later 2013, not great, but good.