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...potential conflict of interest during the investigation left him little choice but to resign as the combined company's first chairman. (He remains CEO of Hydro's aluminum and power businesses, which were not part of the merger.) "It's been an eventful week," Reiten, 54, told TIME amid the icy rain in Nyhamna. "Both for good...
Images of filthy water engulfing Mexico's southern city of Villahermosa as residents clung to rooftops were reminiscent of the flooding that devastated New Orleans in 2005. But unlike Katrina, this natural disaster caused no anarchy or four-figure death toll. Amid heavy rains, President Felipe Calderón ordered in thousands of troops two days before the most damaging flooding hit. When the riverbanks finally burst, more than 60 helicopters were buzzing through the skies, carrying out nonstop rescue and relief missions. Calderón and half his Cabinet then touched down in Villahermosa four times in a week, giving televised...
Then came the merger with Citi. It was tumultuous--a power-sharing agreement between Weill and Citicorp's John Reed soon fell apart--but at first very profitable. Amid the corporate scandals of 2001 and 2002, though, Citi's investment-banking arm landed in more than its share of controversy and legal trouble. One last big suit, filed by Enron Creditors Recovery Corp., goes to trial in April...
...revising its guidelines, the federal commission in some ways is simply catching up with the states. Amid almost universal criticism of the federal government's 100:1 ratio, only 13 states still make a legal distinction between crack and powder cocaine, and none of these states applies as harsh a ratio as 100:1. But according to Douglas Berman, a professor and sentencing expert at Ohio State University's Moritz College of Law, prosecutors have an extraordinary amount of discretion in deciding whether a case gets tried in state or federal court. "Ironically," he says, "the more lenient a state...
Booming techno music and ear-splitting roars from the crowd fill the air, amid shrieks of laughter and occasional calls of "Ikki! Ikki!" (Chug it! Chug it!). The '80s-disco decor and the manic enthusiasm of the crowd at Top Dandy, one of the most popular host clubs in Kabukicho, could make you wonder whether Japan's bubble ever really burst. The clients are entertained by 50 hosts, most sporting an identical Rod Stewart-inspired hairdo. "Quite slow today," says Nobutora, No. 1 host at Top Dandy, the best-looking guy on their 'otoko' menu of male hosts. In less...