From the perspective of the corporate profit and loss statement, a trading loss is one expense item in the context of all revenues and expenses. So $2 billion should be compared to the bank's $26.7 billion in pretax profits for 2011, suggesting a reduction of something less than 10 percent in annual profit.

It's comfortable living in a cocoon -- associating only with those who share your views, reading journalism and watching news that only reinforce them, avoiding those on the other side of the cultural divide.

Liberals have been doing this for a long time. In 1972 the movie critic Pauline Kael said...

Lessons from the Big Apple merit keeping in mind today.

Data from around the world suggest that countries are undertaking reforms of their tax systems in the face of global competition. Stephen Matthews and Steven Clark, OECD tax policy experts, will offer their findings and an international context, and discuss implications for the United States.

People are misrepresenting Reagan's necessary compromises while in office, to incorrectly associate him with having a liberal agenda.

In "Mere Environmentalism: A Biblical Perspective on Humans and the Natural World", AEI scholar Steven F. Hayward carefully explores important similarities and differences in how faithful Christians and conventional environmentalists think about key issues.