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Jones Day lawyers estimate that the rule change could cost the Federal Government up to $140 billion in revenue during the next few years. But it would only get that high if every bank in the U.S. were sold and troubled mortgage assets were all written down to zero. Still...

Author: /time Magazine | Title: New Tax Rules: The Hidden Corporate Bailout | 12/10/2008 | See Source »

The U.K. has a long history of offal eating. "We once were a nation that ate everything," says Ivan Day, a food historian who specializes in British and European cuisine. Lancashire, an industrial area in northwest England, is famous for its offal dishes, including liver, kidney, tripe (the lining of...

Author: /time Magazine | Title: Britain's Tongue, Kidney and Brains Boom | 12/9/2008 | See Source »

A bitter glee was the prevailing reaction in Baghdad to Monday's indictment in the U.S. of five Blackwater guards accused of killing 17 unarmed civilians at a busy intersection in the Iraqi capital last year. "It's about time they pay for their crimes," said Hosham Abdel Kader, a...

Author: /time Magazine | Title: Iraqis Welcome Blackwater Indictments | 12/9/2008 | See Source »

Abdel Kader's resentment and fear of the private security contractors hired by the U.S. is widespread in Iraq. The hired guns, who protect diplomats, dignitaries and businesspeople, tear through the streets of the capital in convoys of armored SUVs - modern-day cowboys armed to the teeth as they ride...

Author: /time Magazine | Title: Iraqis Welcome Blackwater Indictments | 12/9/2008 | See Source »

The raid in Muzaffarabad, the capital of the Pakistani half of the disputed territory of Kashmir, targeted the main local office of the Jama'at-ud-Da'awa (JuD), a charitable organization that terrorism experts say became the legal front of the banned LeT. Soldiers entered the office after a...

Author: /time Magazine | Title: Pakistan's Mumbai Arrest: Will It Satisfy India? | 12/8/2008 | See Source »

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