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...flush bad assets from its books. If you priced all bank assets at current market values, the banking system would be insolvent, the reasoning goes, so make them take the hit and then press restart. Those with actual banking experience, though, tend to be dubious about market pricing and counsel patience. "The banks have a lot of practice at working out troubled assets, and most other parts of the economy don't," says Gary Townsend, a former bank regulator and industry analyst who runs the hedge fund Hill-Townsend Capital. "So it seems to me you should leave...

Author: /time Magazine | Title: Hooray for Boring Banks | 4/23/2009 | See Source »

...School. After earning her J.D. in 1969, she became an associate in a Washington, D.C. law firm before transitioning into government as an aide to California Senator John Tunney. In 1977 she joined President Jimmy Carter's Administration as a deputy Cabinet secretary. The following year, she became special counsel to the Department of Defense...

Author: /time Magazine | Title: California Rep. Jane Harman | 4/22/2009 | See Source »

...then, the Department of Justice's Office of Legal Counsel (OLC) had already issued two legal opinions, signed by Assistant Attorney General Jay Bybee, declaring that the techniques did not amount to torture. JPRA training for Gitmo interrogators was stepped up. In December 2002, with Rumsfeld's authorization, officials of the Joint Task Force at Gitmo devised a standard operating procedure for the use of many SERE techniques to interrogate detainees...

Author: /time Magazine | Title: Report Details Pentagon Role in Torture Tactics | 4/21/2009 | See Source »

...Rumsfeld would rescind his authorization in a manner of weeks, after the Navy General Counsel, Alberto Mora, raised concerns about many techniques, arguing that they violated U.S. and international laws and constituted, at worst, torture. Mora met Haynes and warned him that the "interrogation policies could threaten [Rumsfeld's] tenure and could even damage the presidency...

Author: /time Magazine | Title: Report Details Pentagon Role in Torture Tactics | 4/21/2009 | See Source »

...stands, the Obama Administration policies on these matters are still very much a work in progress. Several key policy posts at the Justice Department, including the crucial top position at the Office of Legal Counsel, have yet to be confirmed. The Obama Administration also continues to meet with civil libertarians to discuss these issues. The latest, a private gathering that took place on Friday, involved several civil-liberties groups that had spoken with the Obama transition office about the state-secrets issue late last year...

Author: /time Magazine | Title: Civil-Liberties Advocates Dismayed By Obama's Moves | 4/21/2009 | See Source »

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