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...Unfortunately for the country - and it is the country that is watching all of this - that action was almost certainly not ethical. It was a case of two men with the power to determine the fate of another man and the company he led by taking all of his responsibilities out of his hands. By the action, Bernanke and Paulson pushed Lewis to betray a trust to his shareholders, his customers, and his employees. Bank of America has been on many of the lists of mortally ill banks which may have to be broken up or nationalized since the Merrill...

Author: /time Magazine | Title: The Waterboarding Of Ken Lewis | 4/24/2009 | See Source »

...veterinarians doubt Biodyl alone could have caused the equine die-off. Investigators, including those examining many of the dead horses at the University of Florida's veterinary school, say it could be days before they unravel the toxicological mystery. Florida's state Agriculture Department announced late Wednesday afternoon that almost all the horses suffered from hemorrhaging of the lungs before they collapsed. (Check out a story about elephant polo...

Author: /time Magazine | Title: The Dead Polo Ponies and Their Millionaire Owner | 4/23/2009 | See Source »

...government to handle some of the revolution's murkier financial transactions, such as more than $1 billion in Argentine bond swaps, or the handling of hard currency between Venezuela's official exchange rate of about 2.15 bolivares to the U.S. dollar and the quasi-legal black-market rate of almost six to the dollar. Vargas has long denied the accusation, insisting he's not part of the "boli-bourgeoisie" (named for Chávez's Bolivarian Revolution) that got rich cozying up to Chávez while oil prices skyrocketed in recent years. He and his friends say instead that...

Author: /time Magazine | Title: The Dead Polo Ponies and Their Millionaire Owner | 4/23/2009 | See Source »

...President almost seemed apologetic. "This may be a slightly longer speech than I usually give," he told his audience at Georgetown University on April 14. "This is going to be prose and not poetry." What followed, as promised, was not poetry. Barack Obama doesn't do much poetry anymore. But in prose that was spare and clear and compelling, the President proceeded to describe how his Administration had responded to the financial crisis, the overriding challenge of his first 100 days in office. He had covered this ground before, nearly as well, in his budget message to Congress...

Author: /time Magazine | Title: Joe Klein on the President's Impressive Performance Thus Far | 4/23/2009 | See Source »

...that's the second domestic challenge: the realization that Congress will not give Obama everything he wants. Aides say the President's moments of frustration almost always have to do with Congress. "We know that not every wagon makes it across the frontier," says a top Obama adviser. "But we're not willing to decide yet which wagons are going to make it and which aren't." In fact, that decision seems more and more apparent: Congress is unlikely to pass the linchpin of Obama's alternative-energy initiative - a cap-and-trade program for carbon emissions to combat global...

Author: /time Magazine | Title: Joe Klein on the President's Impressive Performance Thus Far | 4/23/2009 | See Source »

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