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...Treasury Department ask Congress for $700 billion in bank-bailout funds? Because $500 billion felt too small and $1 trillion politically impossible; one staffer, charged with justifying the figure, laughed "at the absurdity of it all." Sorkin's meeting-by-meeting account reveals just how close we came to any number of alternate realities: Morgan Stanley going bankrupt, AIG refusing government money, Goldman Sachs buying Wachovia. The detail is comprehensive and chilling, but the big picture is incomplete. The story of how the financial system arrived at such a brink and of the social and political fallout will have...

Author: /time Magazine | Title: The Skimmer | 11/9/2009 | See Source »

...public option was something of an afterthought when presidential candidate Barack Obama first designed his health-care-reform plan. It didn't merit so much as a mention in the 3,636-word speech he gave laying out his vision on health care in May 2007, and it rarely came up in the primary and general-election battles that followed...

Author: /time Magazine | Title: The Strange Career of the Public Option | 11/9/2009 | See Source »

...Then came Madoff's swindle. Irving Picard, a court-appointed trustee, was charged with recovering the missing money, and Picower, a longtime Madoff friend who reportedly withdrew $7.2 billion over 20 years--including some $5 billion in fake profits--headlined the list of targets. Picard held that an investor of Picower's sophistication had to know something was amiss when his yearly returns went as high as 950%, and he accused Picower of helping Madoff perpetuate the scheme. Picower denied the allegations. His foundation, its endowment crippled, closed up shop...

Author: /time Magazine | Title: Jeffry Picower | 11/9/2009 | See Source »

...Zone. The attack--Iraq's deadliest since April 2007--circumvented the stringent security measures in the city's heavily protected core and heightened fears that the country's fledgling government may not be ready for January's parliamentary elections and the withdrawal of U.S. troops next year. The bombings came two months after blasts near the Foreign and Finance ministries left 100 people dead...

Author: /time Magazine | Title: The World | 11/9/2009 | See Source »

...through his 20s and 30s, Gorky devoted himself to a complete, nearly self-annihilating immersion in the work of one master after another. Cézanne, Picasso, Miró, Léger - he sometimes channeled their voices like a ventriloquist's dummy, but he learned their language. His breakthrough came in the 1940s, partly by way of his contact with the Surrealists in wartime exile in New York City, especially André Breton and Roberto Matta. Gorky had been borrowing Surrealist imagery for years, and he flourished in their company. It was through Matta that he renewed his interest in the Surrealist notion...

Author: /time Magazine | Title: Arshile Gorky: The Shape Shifter | 11/9/2009 | See Source »

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