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...Herculean task. Just seven years ago, in the wake of the Enron collapse, the Senate held hearings about the role of the ratings agencies - which considered the company's debt investment-grade until just days before it went bankrupt. The Senate investigation found that the ratings agencies hadn't asked particularly probing questions of Enron and had glossed over warning signs like accounting irregularities. In other words, the ratings agencies didn't objectively and accurately rate...

Author: /time Magazine | Title: The SEC's Next Challenge: Fixing the Ratings Agencies | 4/15/2009 | See Source »

...blackmail Lugo for $1 million before filing last week's paternity suit, saying the attorney and the President are trying to deflect attention away from Lugo's conduct in the case. Carrillo, now 26, has kept away from the media this week after suggesting last week that she hadn't approved of the lawsuit despite having signed...

Author: /time Magazine | Title: Can Paraguay's President Survive a Scandal? | 4/15/2009 | See Source »

...villagers claimed to know nothing about the shooting coming from Loi Kolay earlier that day. They hadn't seen any strangers in town, they said, and promised to report any suspicious activities. We talked about the village's needs and fielded complaints about the goats that had been killed by mortar fire a few days before. Sergeant First Class Lucas J. Young, who was leading the mission, asked one man what he could do to help the village. "Nothing," he responded. "We don't want anything, just peace." Previous missions had elicited the same response. To Lucas...

Author: /time Magazine | Title: Ambushed in Afghanistan: A Reporter Under Fire | 4/11/2009 | See Source »

...Administration has stopped using the phrase, and I think that speaks for itself. Obviously.' U.S. Secretary of State HILLARY CLINTON, saying she hadn't received a directive to stop using war on terror--it's "just not being used...

Author: /time Magazine | Title: Verbatim | 4/7/2009 | See Source »

...vetting nominees for the current Administration the same way we vetted nominees for the previous Administration." Finance Committee staffers note, for instance, that Paul O'Neill, who was George W. Bush's first Treasury Secretary, had to pay $92 in back taxes when the Finance Committee noticed that he hadn't reported gifts he had given a part-time housekeeper. (See George W. Bush's biggest economic mistakes...

Author: /time Magazine | Title: Is Congress Being Too Tough on Nominees' Taxes? | 4/3/2009 | See Source »

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