Comverse backdating scandal
By this time the contagion had spread to Europe and Asia, throwing the developed world economy into turmoil. The Troubled Asset Relief Program (TARP) allowed federal authorities to purchase assets of failing banks and eased rules requiring strict valuation of distressed securities. * * * United States Introduction United States Background: Britain's American colonies broke with the mother country in 1776 and were recognized as the new nation of the United States of America following the Treaty of Paris in 1783.BUSH (since 20 January 2001) and Vice President Richard B.Instead of providing reassurance, the move only heightened investor worries about the economy and financial markets. Merrill Lynch, the country's largest brokerage house, was sold to Bank of America under duress.
Investment bank Lehman Brothers filed for bankruptcy, and federal regulators said that the firm owned so many toxic assets that a bailout attempt would be futile.
GDP: purchasing power parity - $10.082 trillion (2001 est.) GDP - real growth rate: 0.3% (2001 est.) GDP - per capita: purchasing power parity - $36,300 (2001 est.) GDP - composition by sector: agriculture: 2% industry: 18% services: 80% (2001 est.) Population below poverty line: 12.7% (2001 est.) Household income or consumption by lowest 10%: 1.8% percentage share: highest 10%: 30.5% (1997) Distribution of family income - Gini 40.8 (1997) index: Inflation rate (consumer prices): 2.8% (2001) Labor force: 141.8 million (includes unemployed) (2001) Labor force - by occupation: managerial and professional 31%, technical, sales and administrative support 28.9%, services 13.6%, manufacturing, mining, transportation, and crafts 24.1%, farming, forestry, and fishing 2.4% (2001) note: figures exclude the unemployed Unemployment rate: 5% (2001) Budget: revenues: $1.828 trillion expenditures: $1.703 trillion, including capital expenditures of $NA (1999) Industries: leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining Industrial production growth rate: -3.7% (2001 est.) Electricity - production: 3,799.944 billion k Wh (2000) Electricity - production by source: fossil fuel: 70.76% hydro: 7.19% other: 2.21% (2000) nuclear: 19.84% Electricity - consumption: 3.613 trillion k Wh (2000) Electricity - exports: 14.829 billion k Wh (2000) Electricity - imports: 48.879 billion k Wh (2000) Agriculture - products: wheat, other grains, corn, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish Exports: $723 billion (f.o.b., 2001 est.) Exports - commodities: capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products Exports - partners: Canada 22.4%, Mexico 13.9%, Japan 7.9%, UK 5.6%, Germany 4.1%, France, Netherlands (2001) Imports: $1.148 trillion (f.o.b., 2001 est.) Imports - commodities: crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages Imports - partners: Canada 19%, Mexico 11.5%, Japan 11.1%, China 8.9%, Germany 5.2%, UK, Taiwan (2001) Debt - external: $862 billion (1995 est.) Economic aid - donor: ODA, $6.9 billion (1997) Currency: US dollar (USD) Currency code: USD Exchange rates: British pounds per US dollar - 0.6981 (January 2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997); Canadian dollars per US dollar - 1.6003 (January 2002), 1.5488 (2001), 1.4851 (2000), 1.4857 (1999), 1.4835 (1998), 1.3846 (1997); French francs per US dollar - 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997); Italian lire per US dollar - 1,668.7 (January 1999), 1,763.2 (1998), 1,703.1 (1997); Japanese yen per US dollar - 132.66 (January 2002), 121.53 (2001), 107.77 (2000), 113.91 (1999), 130.91 (1998), 120.99 (1997); German deutsche marks per US dollar - 1.69 (January 1999), 1.9692 (1998), 1.7341 (1997); euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.08540 (2000), 0.93863 (1999) note: financial institutions in France, Italy, and Germany and eight other European countries started using the euro on 1 January 1999 with the euro replacing the local currency in consenting countries for all transactions in 2002 Fiscal year: 1 October - 30 September Communications United States Telephones - main lines in use: 194 million (1997) Telephones - mobile cellular: 69.209 million (1998) Telephone system: general assessment: a very large, technologically advanced, multipurpose communications system domestic: a large system of fiber- optic cable, microwave radio relay, coaxial cable, and domestic satellites carries every form of telephone traffic; a rapidly growing cellular system carries mobile telephone traffic throughout the country international: 24 ocean cable systems in use; satellite earth stations - 61 Intelsat (45 Atlantic Ocean and 16 Pacific Ocean), 5 Intersputnik (Atlantic Ocean region), and 4 Inmarsat (Pacific and Atlantic Ocean regions) (2000) Radio broadcast stations: AM 4,762, FM 5,542, shortwave 18 (1998) Radios: 575 million (1997) Television broadcast stations: more than 1,500 (including nearly 1,000 stations affiliated with the five major networks - NBC, ABC, CBS, FOX, and PBS; in addition, there are about 9,000 cable TV systems) (1997) Televisions: 219 million (1997) Internet country code: Internet Service Providers (ISPs): 7,800 (2000 est.) Internet users: 166 million (2001) Transportation United States Railways: total: 212,433 km mainline routes standard gauge: 212,433 km 1.435- m gauge note: represents the aggregate length of roadway of all line-haul railroads including an estimate for Class II and III railroads (1998) Highways: total: 6,370,031 km paved: 5,733,028 km (including 74,091 km of expressways) unpaved: 637,003 km (1997) Waterways: 41,009 km note: navigable inland channels, exclusive of the Great Lakes Pipelines: petroleum products 276,000 km; natural gas 331,000 km (1991) Ports and harbors: Anchorage, Baltimore, Boston, Charleston, Chicago, Duluth, Hampton Roads, Honolulu, Houston, Jacksonville, Los Angeles, New Orleans, New York, Philadelphia, Port Canaveral, Portland (Oregon), Prudhoe Bay, San Francisco, Savannah, Seattle, Tampa, Toledo Merchant marine: total: 264 ships (1,000 GRT or over) totaling 6,911,641 GRT/9,985,660 DWT ships by type: barge carrier 1, bulk 11, cargo 14, chemical tanker 16, collier 1, combination bulk 4, combination tanker 11, container 86, multi-functional large-load carrier 4, passenger/cargo 2, petroleum tanker 81, roll on/roll off 28, specialized tanker 3, vehicle carrier 2 note: includes some foreign-owned ships registered here as a flag of convenience: Australia 1, Canada 4, Denmark 15, France 1, Germany 1, Netherlands 3, Norway 7, Puerto Rico 4, Singapore 11, Sweden 1, United Kingdom 3 (2002 est.) Airports: 14,695 (2001) Airports - with paved runways: total: 5,127 over 3,047 m: 183 2,438 to 3,047 m: 222 914 to 1,523 m: 2,413 under 914 m: 967 (2001) 1,524 to 2,437 m: 1,342 Airports - with unpaved runways: total: 9,568 under 914 m: 7,716 (2001) over 3,047 m: 1 2,438 to 3,047 m: 7 914 to 1,523 m: 1,679 1,524 to 2,437 m: 165 Heliports: 132 (2001) Military United States Military branches: Department of the Army, Department of the Navy (includes Marine Corps), Department of the Air Force note: the Coast Guard is normally subordinate to the Department of Transportation, but in wartime reports to the Department of the Navy Military manpower - military age: 18 years of age (2002 est.) Military manpower - availability: males age 15-49: 70,819,436 (2001 est.) Military manpower - fit for military NA (2002 est.) service: Military manpower - reaching males: 2,053,179 (2002 est.) military age annually: Military expenditures - dollar $276.7 billion (FY99 est.) figure: Military expenditures - percent of 3.2% (FY99 est.) GDP: Military - note: note: 2002 estimates for military manpower are based on projections that do not take into consideration the results of the 2000 census Transnational Issues United States Disputes - international: maritime boundary disputes with Canada (Dixon Entrance, Beaufort Sea, Strait of Juan de Fuca, Machias Seal Island); US Naval Base at Guantanamo Bay is leased from Cuba and only mutual agreement or US abandonment of the area can terminate the lease; Haiti claims Navassa Island; US has made no territorial claim in Antarctica (but has reserved the right to do so) and does not recognize the claims of any other state; Marshall Islands claims Wake Island Illicit drugs: consumer of cocaine shipped from Colombia through Mexico and the Caribbean; consumer of heroin, marijuana, and increasingly methamphetamine from Mexico; consumer of high-quality Southeast Asian heroin; illicit producer of cannabis, marijuana, depressants, stimulants, hallucinogens, and methamphetamine; money-laundering center * * * It comprises 48 contiguous states occupying the mid-continent, Alaska at the northwestern extreme of North America, and the island state of Hawaii in the mid-Pacific Ocean. Land acquired from France by the Louisiana Purchase (1803) nearly doubled the country's territory. In 1830 it legalized removal of American Indians to lands west of the Mississippi River. acquired southern Arizona by the Gadsden Purchase (1853). experienced rapid growth, urbanization, industrial development, and European immigration. It granted suffrage to women in 1920 and citizenship to American Indians in 1924. entered World War II after the Japanese bombing of Pearl Harbor (Dec. The measure put $168 billion quickly into the economy but served only to delay more serious consequences.