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First came the financial sector. Bankruptcy has never really worked for banks, because mere rumors that a bank is headed for failure can drive it under. That's why Congress long ago created a separate regulatory system and reorganization process for banks, with the Fed and the fdic at the center. Over the past quarter-century, though, a "shadow banking system" of investment firms, hedge funds and derivatives dealers grew up that was subject to the same risks as banks but not the same rules. In September, Lehman Brothers, a major cog in this system, filed for Chapter...

Author: /time Magazine | Title: Don't Call It Bankruptcy | 11/20/2008 | See Source »

...they'll get it, as retailers cave in to the pressure to attract sales dollars. But price alone might not get shoppers in the door, so this could be the season of extreme retailing, with stores offering even more carrots to drive sales in this dreary economic climate. As of Nov. 11, 72% of consumers had completed less than 10% of their shopping, according to the National Retail Federation's (NRF) 2008 survey by BigResearch of holiday consumer intentions and actions. "They know the longer they wait, the better off they are, so there's no reason to rush," says...

Author: /time Magazine | Title: Black Friday Is Looking Blue | 11/20/2008 | See Source »

DIED Herb Score, 75, a hard-throwing left-handed pitcher for the Cleveland Indians, suffered a career-ending line drive to the face in 1957. He went on to spend nearly 30 years as a radio sports broadcaster...

Author: /time Magazine | Title: Milestones | 11/20/2008 | See Source »

...opposite goals—most significantly, the latter wants to reduce underage drinking—they are both signs of the widespread dissatisfaction with the current state of alcohol laws in the country.AWARE makes many arguments about Wisconsin that are entirely justified. The state’s current drunk-driving laws are unconscionably lax: A first conviction is considered a civil rather than criminal penalty. Wisconsin is the only state in which this is so. A felony charge is not issued until the fifth conviction of drunk driving. The results are evident: In 2007, 41.4 percent of motor-vehicle fatalities...

Author: By The Crimson Staff | Title: Legislating Under the Influence | 11/20/2008 | See Source »

...Hagan returns as the starter at quarterback, and Pizzotti does not play again until limited action in The Game. SEPTEMBER 29, 2007 LEHIGH 20, HARVARD 13 O’Hagan, the starter to begin 2007, suffers a season-ending shoulder injury. Pizzotti enters and leads a 96-yard touchdown drive, finishing the day 18-for-28 for 252 yards. The return to the field was marred when, tied at 13 with less than a minute remaining, Pizzotti was hit and fumbled. The fumble was recovered and returned for a touchdown by Lehigh defensive lineman Paul Bode. NOVEMBER 17, 2007 HARVARD...

Author: By Crimson staff | Title: THE GAME '08: The Evolution of a Champion | 11/20/2008 | See Source »

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