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...these banks began taking greater liberties with depositors' money, sinking it into risky real estate ventures and junk bonds in an effort to reap maximum profits. Fearful about the future of the vast amounts of federally-insured money being invested, the Federal Home Loan Bank Board (FHLBB) instituted a cap on the amount of money S&L's were allowed to place in such volatile instruments. An investigation into Lincoln Savings and Loan uncovered flagrant violations of these regulations, exceeding the limit by over $615 million...

Author: /time Magazine | Title: The Keating Five | 10/8/2008 | See Source »

...issues, including the 2005 implementation of the European Union Emission Trading Scheme, the world’s largest emissions trading system. Dimas pointed out that the United States lags far behind in respect to environmental legislation. He said that the Lieberman-Warner bill, which would have implemented a carbon cap and trade emissions scheme much in the same vein as that of the EU but was voted down in the Senate this summer, would have been a “very important effort.” Dimas also discussed a self-imposed target for the EU to reduce emissions...

Author: By Natasha S. Whitney, CRIMSON STAFF WRITER | Title: EU Commisioner Crosses Pond | 10/8/2008 | See Source »

...Star Wars - their interrogation was thwarted by the pair's insistence on giving thumbs-up and demanding "cuddles" from a congregation of admiring teenage girls (who, bafflingly, obliged). The officers' initial attempts at intimidation ("Did you touch his hat?" one constable said in a menacing reference to the police cap his colleague had rested on a railing against which the young men were leaning) dwindled to good-humored teasing: "This isn't a camera, mate, it's an ugly meter," an officer said as he took pictures. Eventually, the cops seemed to give up. One of the young men even...

Author: /time Magazine | Title: Who's Afraid of the Bad-Boy Cops? | 10/8/2008 | See Source »

...those about the environment. The 2008 Presidential election was supposed to be the first one in which global warming would be the front-and-center issue, but that hasn't been the case. (Though it is worth noting that for the first time, both candidates are on record supporting cap-and-trade legislation for greenhouse gases...

Author: /time Magazine | Title: Will the Environment Lose Out to the Economy? | 10/7/2008 | See Source »

...Republican call to "drill, baby, drill" got louder and more popular, eventually pushing Democrats, including Barack Obama, to publicly support some amount of offshore drilling. The flip-flopping came on the heels of the Senate's defeat of the Warner-Lieberman bill - the first real attempt to pass federal cap-and-trade legislation - thanks in part to fears raised by Republicans that a carbon cap would further increase energy prices. "America's growing dependence on fossil fuels, once viewed as a Democratic trump card...has become a lodestone instead," wrote the green pollsters Michael Shellenberger and Ted Nordhaus...

Author: /time Magazine | Title: Will the Environment Lose Out to the Economy? | 10/7/2008 | See Source »

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