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"It remains unclear whether these ground-based interceptors can work effectively, and they should be subjected to much more rigorous field testing before taxpayer resources are spent on a system that is ineffective," said Tom Z. Collina, research director at the Arms Control Association, an advocacy group here.
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Jacob Zuma, the South African President, has faced potentially career-killing scandals before: taxpayer-funded upgrades to his private estate, corruption allegations linked to an arms deal, and a rape charge, on which he was acquitted after arguing he had unprotected but consensual sex with an HIV-positive woman.
Paying shareholders before the bonds are retired puts bank investors before taxpayers — talk about skewed priorities.
"We hope that this is just a stopgap measure, before taxpayers step up and the state really starts to reinvest in the colleges," she said.
Regulators are trying to ensure that bondholders share in the losses of failing banks before taxpayers are asked to bail them out.
That was abundantly clear last year at budget time, when officials had to hold five townwide referendums before taxpayers finally passed a spending plan.
The EU has also implemented rules that require bondholders to take losses in collapsing banks before taxpayers can pump in funds.
There was also anger that accountants gave banks a clean bill of health just before taxpayers had to rescue them during the financial crisis.
Before taxpayers have a good bray, they should check out a pioneer four-legged robot called BigDog that can be seen schlepping relentlessly on YouTube.
The Vickers answer is to get banks also to hold thick layers of "bail-in" debt that will impose losses on private creditors of a failing institution before taxpayers are called into action.
Meanwhile, the international regulators — the Basel Committee of the Bank for International Settlements — said that starting in 2013, "all classes of capital instruments," rather than just stockholders, should fully absorb losses in the event of a bank crisis before taxpayers are exposed to losses.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com