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...what could be one of the biggest inside frauds in banking history, French futures trader Jérome Kerviel, 31, effectively created his own trading firm within the bank's market rooms, according to Société Générale CEO Daniel Bouton. "He succeeded in building this hidden firm, in building his positions by hiding them by other positions that were totally fictional," Bouton told reporters at a Paris news conference on Thursday. "That is what is so extraordinary about this case." Bouton's offer to resign was rejected by the bank's administrators this week...

Author: /time Magazine | Title: France's $7.2 Billion Hit | 1/24/2008 | See Source »

...favorable light. But in Cigars of the Pharaoh, our cowlicked protagonist owes his life to a passing sea captain, who rescues him and his faithful fox terrier Snowy from the Red Sea, into which they have been thrown overboard. That captain was based on the real-life French adventurer, hashish smuggler and sometime opium grower Henry de Monfreid - and the recent reissue of De Monfreid's beguiling 1933 memoir Hashish: A Smuggler's Tale is a cause for rejoicing among all those who love briny confessionals and barroom brags. De Monfreid was a man who condemned shoes as "cursed things...

Author: /time Magazine | Title: Old Man of the Sea | 1/23/2008 | See Source »

...hashish prior to commencing his trade in it. This is nonsense. It was the stuff of daily social intercourse in North Africa at the time. And how could an erudite, well-traveled Frenchman who alludes throughout his book to canonical authors and works - from Homer to Boccaccio to fellow French writers like Dumas and Molière - not have been familiar with Baudelaire's 19th century writings about drugs, hashish in particular? One can only speculate that De Monfreid's feigned innocence is a raconteur's device, making his descent into the netherworld of drug smuggling all the more delicious...

Author: /time Magazine | Title: Old Man of the Sea | 1/23/2008 | See Source »

...expression of our public values - including our desire to create a free, fair market system." For decades since Reagan, it has been easy for feckless demagogues to rail against the nation's capital as if it were a deadly virus implanted on the Potomac by space invaders or the French. But that ended abruptly on Sept. 11, 2001, when Karen Hughes changed pronouns at a White House press conference: "Your Federal Government continues to function effectively...

Author: /time Magazine | Title: The War of Ideas | 1/23/2008 | See Source »

...United States, wrote as part of the World Economic Forum's Young Global Leaders forum. Peres was impressed and encouraged Agassi to pursue the project as a stand-alone business, helping to introduce the software-industry executive to auto executives, including Carlos Ghosn, CEO of Renault-Nissan. The Japanese-French auto alliance has separately said that it will manufacture a hybrid by 2010 and an all-electric...

Author: /time Magazine | Title: Israel Looks to Electric Cars | 1/20/2008 | See Source »

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