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The pay cut reflects Goldman's broader struggles.
The rating cut reflects "growing concern that the recovery in the company's telecommunications operations will be delayed until well into 2003," Moody's said.
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It added the cut reflected the fact that the money markets were now expecting interest rates to stay lower for longer.
The county's $270 million of general obligation debt was cut, reflecting "uncertainty as to whether the sewer system's deteriorating credit quality could potentially disrupt other county revenue flows," S.& P. said.
Mr Bush's much larger tax cut reflected his, and his party's, belief that lower taxes restrain the size of government, empower individuals and are good for both growth and Republican prospects.Mr Bush sold his first tax cut, in 2001, as recession insurance.
Howard Archer, chief U.K. economist at IHS Global Insight, said the cut reflected the "very serious situation that the UK economy is in".
British Gas said that the price cut reflected the recent fall in wholesale gas prices, which suppliers have been under pressure to pass on.
Green bars represent the direction and magnitude of the elliptical deformation of the initially circular cut, reflecting the anisotropy of tissue stress (see 'Materials and methods', Analysis of circular laser ablations).
Mr. Friedman's assumption that no one wants service cuts reflects the kind of elitist thinking that we find so maddening here in the "red states".
Republicans suggest that excluding the wealthiest Americans from tax cuts reflects an unpatriotic and divisive effort to foment a class war.
Mr. Bush and Mr. McCain agree on one thing: that the Democratic candidates' lack of enthusiasm for big tax cuts reflects the Democrats' desire to expand the size and influence of the federal government.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com