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...raise more capital. Since private money is not abundant, the cash will come from the government and that means the U.S. will end up owning significant pieces of the largest banks. It may be able to sell those interests back into the private market at some point in the distant future. The taxpayer could even end up with a profit, but it never works that way. The money gets diverted by a Senator who needs to build a damn in Oregon to keep his job. (See what businesses are doing well despite the recession...

Author: /time Magazine | Title: Setting Up War Games for the Banking System | 2/26/2009 | See Source »

...orthodox theology is tempered by extroversion and charisma, a stark contrast to his predecessor, whom New York City Catholics widely viewed as distant. Dolan promises to "engage" rather than confront politicians who are in favor of abortion rights and foster much-needed ecumenical dialogue with the city's diverse community. He has already committed to keeping Catholic schools open and bringing vigor to the church's recruitment efforts. And he naturally plans to shift his baseball allegiance to the Yankees...

Author: /time Magazine | Title: New York Archbishop Timothy Dolan | 2/26/2009 | See Source »

...presidential elections at all until the 23rd Amendment was ratified in 1963. After persistent lobbying by residents - their neighbors, after all - lawmakers passed the Home Rule Act of 1973, allowing voters to directly elect the mayor and city council. But Congress still acts as the District's slightly distant parent, wielding final budget control and reviewing all local laws. It nixed efforts to impose a "commuter tax" on Maryland and Virginia residents, for example, and banned buildings higher than the Capitol dome...

Author: /time Magazine | Title: Washington, D.C. | 2/26/2009 | See Source »

...Moreover, with the once-rosy prospects of the financial industry now a distant memory, undergraduates here at the College—and at similar institutions—must realize that the days of simply expecting a firm to offer lucrative summer internships to nearly every qualified applicant are over. Unfortunately, most summer internships do not cover rent and plane tickets or offer a lavish monthly bonus—the way things are going now, you may not be paid at all. Those Harvard students who simply assumed that an entry-level analyst position would somehow magically materialize for them will...

Author: By Eugene Kim | Title: A Rude Awakening | 2/25/2009 | See Source »

...gate glides open onto a winding white-gravel driveway. It's the awesome, modern infinity pool that makes an immediate impression: a huge pale oblong of water, framed at one end by lavender bushes and olive trees. The view beyond takes in undulating fields, woods, hilltop churches and the distant peaks of the Appennines. Beside the pool is an ultra-contemporary pavilion with weathered-steel spiral staircase, leather sofas, library, espresso and ice machines, sauna and steam room. (See 10 things to do in Rome...

Author: /time Magazine | Title: Borgo Tranquillo: Old View, New Rooms | 2/25/2009 | See Source »

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