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...leader was Walter Wriston. The bank's CEO from 1967 to 1984, Wriston changed the y in City to an i. After years of success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's protégé John Reed--combined with a certain amount of forbearance by bank regulators and a lot of cash from Saudi Arabia--enabled Citi to survive. Reed then agreed to a 1998 merger with Travelers Group, which necessitated congressional repeal of the Glass-Steagall...

Author: /time Magazine | Title: Citibank: Teetering Since 1812 | 1/21/2009 | See Source »

...hell. They end up on the ground or in water, and people must get out quickly. Those who fare best are usually those who are prepared: the pilot who has flown for four decades and trained for calamity; the man in the exit row who has read the safety card...

Author: /time Magazine | Title: The Moment | 1/21/2009 | See Source »

Harry Truman, who became the holder of the first Medicare card for his support of the legislation, also succeeded in getting a bill passed in 1958 that provided former presidents with a pension, staff, and office space. Prior to that, ex-presidents received no such retirement benefits (Truman was fairly broke when he left office). And finally, Richard Nixon mediated a baseball umpire's strike in 1985. We don't know what to make of that either...

Author: /time Magazine | Title: Presidential Second Acts | 1/20/2009 | See Source »

...Andrews, it turned out, was not actually a collector but a publisher of newsletters. ("Swine Flu Litigation Reporter" was one of them.) He was also a greeting-card manufacturer who had secured all reproduction rights to the Helga pictures. After the publicity storm had been whipped to a peak, he sold the whole bunch to a Japanese buyer for a reported $45 million. At that point, Wyeth found it prudent to come forward to say there had never been a sexual relationship between him and his model, and his wife announced that actually she had seen some of the pictures...

Author: /time Magazine | Title: Andrew Wyeth's Problematic Legacy | 1/17/2009 | See Source »

Drake's Discount. Retail numbers are dismal and getting worse, so if you want to help give the economy a boost, check out the "Shop Til You Drop" promotion at Chicago's Drake Hotel: Get a $75 Bloomingdale's gift card, as well as 15% off purchases all day. Rates start at $215 per night; through March 31. 140 East Walton Place...

Author: /time Magazine | Title: Best Deals and Destinations | 1/16/2009 | See Source »

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