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...largest government bailout in U.S. history was born before dawn on Sept. 17, when Federal Reserve Chairman Ben Bernanke woke up at 6 a.m., checked his BlackBerry and saw the very thing he had dreaded: the futures market in free fall. Bernanke, Treasury Secretary Henry Paulson and New York Fed president Timothy Geithner had spent the past year staving off one disaster after another, for the most part working behind the scenes. Earlier in the month, they had let investment bank Lehman Brothers slide into oblivion and then ushered another, Merrill Lynch, into the arms of Bank of America. Just...

Author: /time Magazine | Title: Three Men And a Bailout | 9/25/2008 | See Source »

...number more than half a dozen a day--have been quietly trying to keep the ship in the channel for months. Treasury Secretary Paulson, 62, was one of Wall Street's toughest dealmakers as CEO of Goldman Sachs. Fed chief Bernanke, 54, is a quiet academic who was the chairman of Princeton's economics department and is one of the foremost scholars of the Great Depression and other economic catastrophes. Least known of the three is Geithner, 47, whose years at Treasury in the 1990s and position at the Fed's pivotal New York City office make him the trio...

Author: /time Magazine | Title: Three Men And a Bailout | 9/25/2008 | See Source »

...quality of education is a hugely important issue for a great university like Harvard whose strength ultimately depends on the quality of the primary and secondary education its students receive,” Summers said yesterday. Summers, who introduced Broad to Fryer, will serve as chairman of EdLabs’ Stakeholder’s Committee. He said that the superintendents of the three cities had already expressed interest in participating in the project.Paul E. Peterson, a government professor and director of Harvard’s Program on Education Policy and Governance, expressed enthusiasm about the idea of a laboratory...

Author: By Alexandra perloff-giles, CRIMSON STAFF WRITER | Title: Broad Taps Fryer To Lead New Ed Center | 9/25/2008 | See Source »

...Johnson was on our board. I don't make him Chairman of the Compensation Committee, the CEO doesn't do that, but Jim Johnson was on our board...

Author: /time Magazine | Title: Q&A: Secretary of Treasury Henry Paulson | 9/24/2008 | See Source »

...Washington sees little choice but to step up operations inside Pakistan, seeing them as essential to reversing the security decline in Afghanistan where, according to Joint Chiefs of Staff Chairman Admiral Mike Mullen, "time is running out." Pakistan has failed to wipe out the sanctuaries in the tribal areas from which Taliban insurgents routinely stage attacks on NATO forces across the border. And after allegedly discovering evidence of the Inter Services Intelligence agency's abiding ties to militant networks, Washington no longer trusts the Pakistani military with its operational intelligence. The U.S. also believes that the Pakistani army, equipped...

Author: /time Magazine | Title: Zardari Tries to Keep His Distance from US | 9/24/2008 | See Source »

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