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...raiders have often been victims of their success. Fancying themselves managers as well as marauders, they built huge but shaky empires that rested on debt. Result: their vast borrowings at sky-high interest rates left companies ranging from TWA to Allied department stores awash in red ink. "Many of the raiders' problems are self-inflicted," says Stuart Bruchey, a professor of economic history at the Columbia University Business School. "They jump into businesses that they don't understand, and expect to jump out with a quick profit. But they end up getting badly bogged down...

Author: /time Magazine | Title: Raiders on The Run: The Big Comeuppance | 12/11/1989 | See Source »

...outflow of their own art with bemused alarm -- just as Italians and Englishmen, at the turn of the century, watched the Titians, Sassettas and Turners, pried loose from palazzo and stately home by the teamwork of Bernard Berenson and Joseph Duveen, disappearing into American museums. "The Japanese are awash in money," says New York's leading dealer in old-master drawings, David Tunick. "And when something really good goes to Japan, you feel it has vanished into an abyss...

Author: /time Magazine | Title: Sold! The Art Market: Goes Crazy | 11/27/1989 | See Source »

Being among the victors did not bring Cela many spoils. In 1942 his novel The Family of Pascual Duarte caused a sensation. Ostensibly the memoir of a triple murderer awaiting execution, the novel portrayed a Spanish countryside awash in madness, vengeance and bloodshed. The work was harshly attacked. Mordantly, Cela dedicated the book "to my enemies, who have been of such help to me in my career." In 1951 came The Hive, which was banned outright by the Franco government. This terse, episodic novel retailed the incidental miseries of some 160 inhabitants of a squalid Madrid...

Author: /time Magazine | Title: A Risky Life | 10/30/1989 | See Source »

...there one brilliant, compact image that captures the era of Gorbachev and the greenhouse effect, of global communications and AIDS, of mass famine and corporate imperialisms, of space exploration and the world's seas awash in plastic? The Age of Leisure and the Age of the Refugee coexist with the Age of Clones and the Age of the Deal. Time is fractured in the contemporaneous. We inhabit not one age but many ages simultaneously, from the Bronze to the Space. Did the Ayatullah Khomeini live in the same millennium as, say, Los Angeles...

Author: /time Magazine | Title: Essay: Metaphors of The World, Unite! | 10/16/1989 | See Source »

Like Simpson, many of those caught up in the spiraling AIDS epidemic are awash in medical expenses they cannot afford. And the safety net beneath them has proved less than reassuring. Since the AIDS crisis began in the early 1980s, the nation's private health-care industry -- hospitals, insurance companies and pharmaceutical firms -- has engaged in quiet combat with government agencies over who should foot the bill for the disease, which now afflicts an estimated 44,000 Americans. And the tab is rising. This year the cost for AIDS medical care is expected to be $3.75 billion; by 1992 that...

Author: /time Magazine | Title: Ethics: Who Should Foot the AIDS Bill? | 10/16/1989 | See Source »

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