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...annual income from the sale of his and his catalog's music at around $19 million, according to the Wall Street Journal, Jackson was still stretched. When the singer defaulted on a loan in March last year, pushing Neverland into foreclosure, private-equity firm Colony Capital stepped in to bail him out. The 50 concerts planned for London later this year could have netted Jackson as much as $100 million, with a possible world tour to follow generating five times that amount. To Jackson's debtors, if not to the singer himself, that sure would have added...

Author: /time Magazine | Title: What Happened to Michael Jackson's Millions? | 6/26/2009 | See Source »

...being the biggest damn dog on the street. Then let's say you get into horrible, disastrous debt and have to go begging to the government, like a sad little stray. And then you still end up in Chapter 11. Your customers are peeved because they have to bail you out. Your frailty makes them wary of buying anything from you. And every wrong thing you've ever done (like, say, making the Pontiac Aztek,) nags at them like a stain you put on their best rug. How do you make a commercial for that...

Author: /time Magazine | Title: GM's New Ad Campaign: Will It Restart the Engines? | 6/11/2009 | See Source »

...arraignment in Manhattan Criminal Court on Wednesday, Jiggetts refused to return voluntarily to Massachusetts to face criminal charges, which include first-degree murder, accessory after the fact of murder, carrying a gun without a license, and armed robbery. He has been jailed without bail and is scheduled to reappear in court on July...

Author: By Athena Y. Jiang and Peter F. Zhu, CRIMSON STAFF WRITERS | Title: Second Man Arrested in Connection to Kirkland Shooting | 6/11/2009 | See Source »

...moment of social and cultural pageantry, the visit was a hit. But it carried an anxious subtext. The Great Recession has struck museums and performing-arts groups with a vengeance. No one expects the Federal Government to bail them out. But the people who run these organizations--and the people who care about them--were eager to see in the First Lady's appearances a sign that the White House knows just how bad things have gotten for them...

Author: /time Magazine | Title: Culture Crunch: The Recession and the Arts | 6/8/2009 | See Source »

...clear is that there is a direct connection between economic recovery and cultural spending." Ross would like to see a federal rescue mission for the arts, a $250 million fund to stabilize museums and libraries. That would be only a small fraction of what we've just spent to bail out the banks, but the probability that Congress and the White House will be allocating that much additional money for cultural institutions is roughly zero...

Author: /time Magazine | Title: Culture Crunch: The Recession and the Arts | 6/8/2009 | See Source »

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