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...world's oil output, makes "a significant cut" in production - and urged non-Opec producers such as Russia and Azerbaijan (whose oil ministers also attended the summit) to do the same, "for the purpose of bringing stability to the market." (See pictures of the remains of Detroit...

Author: /time Magazine | Title: OPEC Cuts Production in Effort to Reverse Price Slide | 12/17/2008 | See Source »

...about the intricacies of prostitution rings by busting them, Eliot Spitzer sought out a girlfriend experience with a prostitute who is an aspiring singer with a MySpace account. He would have been more discreet making love to a screen live on CNN, as John King did. The mayor of Detroit communicated with his mistress by text-messaging, a form of communication so obviously insecure that the President is not allowed to do it and teenagers...

Author: /time Magazine | Title: The Year of Living Stupidly | 12/17/2008 | See Source »

...Canadian manufacturers - including northern transplants of the Detroit Three and their suppliers - are suffering under the double burden of super-tight credit and unpaid receivables that is forcing them to burn through cash and capital in a manner not seen in generations. Detroit North is asking for C$6.8 billion in government assistance, including C$800 million that GM Canada needs immediately to keep its lights on over the holiday season...

Author: /time Magazine | Title: Canada Faces Recession — and a Political Crisis Too | 12/15/2008 | See Source »

...That figure will likely be ratcheted down given that the Detroit Three are now expecting a possible loan from the TARP funds, but critics warn even if Ottawa steps up with billions of dollars in aid, it won't be able to secure any job guarantees. "The real action is between Detroit and Washington," says Joe D'Cruz, a specialist in business strategy at University of Toronto's Rotman School of Management. He's concerned that Washington could make the transfer of jobs from Canada - which accounts for about 15% of Detroit Three production in North American...

Author: /time Magazine | Title: Canada Faces Recession — and a Political Crisis Too | 12/15/2008 | See Source »

...Three CEOs travel from Detroit to DC on foot, and still get scolded by the Senate for being extravagant. Rep. Gary Ackerman asks, “I mean, couldn’t you all have downgraded to crawling...

Author: By Rajarshi Banerjee | Title: A Wishlist for ‘09 | 12/15/2008 | See Source »

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