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...trial that started on June 15 in U.S. District Court in New York, AIG contends that the shares as well as over $4 billion in profits that Starr International has reaped from past AIG stock sales were meant to fund a long-standing deferred-compensation program for AIG employees - a program that Greenberg, 84, halted after his acrimonious ouster from AIG amid an accounting scandal...

Author: /time Magazine | Title: Greenberg on the Stand: Is the Ex–AIG Chief Lying? | 6/17/2009 | See Source »

...District Court Judge Jed Rakoff, who is hearing the case, has said he wants to limit the case to the facts surrounding the relationship between Starr and AIG. Rakoff says he will not allow jurors to hear testimony about the accounting scandal that led to Greenberg's AIG exit or anything related to the insurance company's recent financial troubles, which resulted in a huge government bailout. Excluding the circumstances of Greenberg's exit may make it hard for AIG to prove that he ended Starr's AIG compensation plan because he was angry he had lost...

Author: /time Magazine | Title: Greenberg on the Stand: Is the Ex–AIG Chief Lying? | 6/17/2009 | See Source »

...Grimm, the home's owner, talking about her neighborhood, Czech Village, a historic ethnic area bordering the now tranquil Cedar River. Last June, the river swamped 10 square miles of Iowa's second largest city (metro-area pop. 255,000). There are signs of life in the downtown business district, with factories and shops reopened. But whole swaths of neighborhoods along the river remain eerily lifeless, with one abandoned, waterlogged shell of a house after another, some spray-painted with warnings and pleas: "We want a buyout," "This is still my house. Stay out," "Don't forget...

Author: /time Magazine | Title: A Year After the Flood, Cedar Rapids Struggles | 6/17/2009 | See Source »

...Czech Village last weekend, the mood was subdued. A hog roast to mark the anniversary, held in the still recovering one-block historic shopping district, was sparsely attended by midafternoon and dominated by the accordion of a three-piece band. "We have to celebrate how far we've come, but we have a long way to go," says Gail Naughton, CEO of the nearby National Czech and Slovak Museum, which sponsored the roast. The museum was shuttered by the flood, but officials hope to rebuild. "People here are resilient, they're hardworking and they'll do what they need...

Author: /time Magazine | Title: A Year After the Flood, Cedar Rapids Struggles | 6/17/2009 | See Source »

When chef Donald Berger opened his first restaurant in Hanoi six years ago, he chose the unlikely district of West Lake (or, in Vietnamese, Tay Ho). Except for rows of dog-meat restaurants, the area didn't offer much in the way of dining - certainly not of the international variety that foreign residents and travelers were starting to seek out. "There was nothing here," says Berger. "People said I was a moron." But today, West Lake is home to cafés, bars and high-end restaurants - among them top names that have relocated from the chic French Quarter...

Author: /time Magazine | Title: Go West, Young Chef | 6/17/2009 | See Source »

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