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...Between the CDS and securities-lending fiascoes, AIG still has lots of work to do. Gerry Pasciucco, the new head of AIG FP, is working to whittle down AIG's trading book by $1.1 trillion. Which raises the question, Does he really need those $165 million bonus babies to finish the job? AIG says yes, because they know the trades and the system, but not everyone agrees. "This is an engineering problem," says Rick Bookstaber, a risk expert and the author of A Demon of Our Own Design, which predicted the predicament we're in. "Right now there are probably...
...plan is intended to relieve banks of their toxic assets - including such securities as subprime mortgage bonds - through purchases by a public-private investment fund, heavily backed by government money. But versions of the plan have faced challenges from the start. Last year, when he was head of the New York Federal Reserve, Geithner said the government might to try by itself to restart sales in these assets using a "reverse auction" where sellers bid down an asset's price to compete for buyers. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
...results of the Prostate, Lung, Colorectal and Ovarian Cancer Screening trial (PLCO), a sweeping, 17-year project conducted by the National Cancer Institute (NCI). The prostate findings were published online on March 18 in the New England Journal of Medicine, and while they may leave many men scratching their head, they do offer some valuable information about the benefit of screening. (Read "Vitamins Do Not Prevent Prostate Cancer, Study Finds...
...that they are cutting their spending on social programs, nonprofit organizations tell TIME that since the recession hit, several have canceled commitments to help fund projects. "We have had three or four partners pull out since October or November, after we had every expectation of the money," says the head of a small organization in London that runs youth programs in eight countries, mostly in Africa. (He did not want to be named for fear of angering donors.) Says Hildy Simmons, who runs a Wall Street philanthropic-advisory service: "There is no new money going into corporate programs, plus whatever...
With the release on March 27 of Monsters vs. Aliens, Jeffrey Katzenberg, the head of DreamWorks Animation SKG, is betting the future of his studio on digital 3-D. While he's not the first to embrace the technology, he has become its most vocal evangelist, asserting that digital 3-D is now good enough to make it--after sound and color--the third sea change to affect movies. "This really is a revolution," he says...