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Further legislative attempts were waylaid by interest groups and states'-rights advocates, who feared corruption and disagreed over whether bankruptcies should be regulated by the Federal Government at all. The Bankruptcy Act of 1898 expanded debt protection not just for creditors but for corporations as well, but as late as the 1970s, most highbrow firms still saw bankruptcy as an undignified fire sale. Looking to help steer more troubled companies back into the black, Congress simplified filing for both personal and corporate bankruptcy. The change got results: from 1980 to 2005, the number of bankruptcies increased sixfold. A stricter...

Author: /time Magazine | Title: A Brief History Of: Bankruptcy | 6/15/2009 | See Source »

...screen persona he's perfected over a healthy six-year box-office run, takes the boy's-mind-in-a-man's-body transference a smart step further. In such hits as Old School, Anchorman, Talladega Nights and Blades of Glory, he plays overage children who try to act like adults, with their steely intonations and take-charge attitude. His usual character is the kind of fellow who learned how real men behave by watching Clint Eastwood and Harrison Ford movies - Hollywood, not life, has been his teacher, and he's not such a quick study. Endless setbacks and critiques...

Author: /time Magazine | Title: Land of the Lost: Delusions of Manhood | 6/15/2009 | See Source »

...according to an American analysis of a Feb. 19 report by the International Atomic Energy Agency. Senior U.S. and European officials say that Israel, which views an Iranian nuclear weapon as an existential threat, has bluntly told the U.S., Germany and others, "If need be, we will have to act." That implies if all else fails, Israel would unilaterally attack Iran's nuclear facilities. The consequences of such an attack would be dire...

Author: /time Magazine | Title: Can the U.S. Contain Iran's Nuclear Ambitions? | 6/15/2009 | See Source »

...take a certain sensibility to be a producer of counterfeit money; you have to have an artistic sense. You have to have a respect for the craft and a creative personality. That was as much a part of it for him as having the money in his pocket - the act of creation. (See pictures of the dangers of printing money...

Author: /time Magazine | Title: The Art of Counterfeiting Money | 6/15/2009 | See Source »

...This may sound like just the usual petty Washington bureaucratic maneuvering, with no real consequence. But for the CIA the stakes are critical - existential, even, if you share my pessimism about its future. The CIA was given charge of spying overseas in the 1947 National Security Act, with unique authority to appoint chiefs of station. The act also put the CIA in charge of dealing with foreign intelligence services. The intent of the act was to make one agency responsible for coordinating all intelligence to prevent anything falling through the cracks, another Pearl Harbor. The CIA certainly has let things...

Author: /time Magazine | Title: Independent Intel: High Stakes in a CIA Turf War | 6/12/2009 | See Source »

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