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...1990s fraud that promised God would double the money of pious investors. Boy-band impresario Lou Pearlman, in addition to foisting 'N Sync on an unsuspecting public, stole $300 million from clients over two decades. And citizens poured some $1.2 billion into Albanian pyramid schemes after the fall of communism; when the schemes collapsed in 1997, investor outrage toppled the government. Still, Madoff's $50 billion scam would be the biggest ever--except to those who say the risky trading in mortgage-backed securities was a Ponzi scheme of its own. The price tag for that crisis is already...

Author: /time Magazine | Title: A Brief History Of: Ponzi Schemes | 1/8/2009 | See Source »

...billion-strong Catholic Church is eager to forge closer ties to the largest branch of Orthodox Christianity after a millennium of prickly (at best) relations following the Great Schism of 1054. Most recently, Alexy had accused Catholics of aggressive proselytizing throughout the former Soviet Union after the fall of Communism. It was said that Pope John Paul II's great regret was not being able to visit Moscow...

Author: /time Magazine | Title: Rome Eyes Russian Orthodox Church Vote | 1/6/2009 | See Source »

...high. Alexy, who rose to power in 1990, led his church through the convulsive but ultimately fruitful transition to the post-Soviet era. Religious freedom blossomed. The church, which counts some 110 million faithful (though far fewer attend church regularly), grew in importance after decades of suppression under Communism...

Author: /time Magazine | Title: Rome Eyes Russian Orthodox Church Vote | 1/6/2009 | See Source »

...pyramid scheme hatched by leader Gerald Payne, who claimed God would double the money of pious investors. (Dominelli pleaded guilty and was sentenced to 20 years in prison, while Payne was convicted and sentenced to 27.) The spate of incidents wasn't limited to the U.S., either. When communism crumbled in Eastern Europe, one of the earliest side effects of free-market capitalism was the proliferation of people looking to get rich quick. In Albania, under Communism the poorest nation in Europe, citizens sank some $1.2 billion dollars into pyramid schemes in 1996. When they collapsed the following year, investor...

Author: /time Magazine | Title: Ponzi Schemes | 12/15/2008 | See Source »

...occur. The hardliners in the foreign policy apparatus in the late years of the 50s refused to see the fight in Vietnam as one of local politics, denied the overriding issues of nationalism and dressed it up as a Communist bogeyman for the American public and the world. Communism turned out not to be a monolith, just as Islam isn’t, but a force shaped by local history and regional circumstances. The results of this were disastrous. This sort of logic, that simplifies, reduces, and decontextualizes, is intellectually irresponsible and dangerous to boot. If “intellectual...

Author: By Russel F. Rennie | Title: A Dangerous Oversimplification | 12/8/2008 | See Source »

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