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Bank executives said they finally realized their mammoth problem last weekend. Société Générale chief executive of corporate and investment banking Jean-Pierre Mustier told reporters that he was "convinced [Kerviel] acted alone." Kerviel confessed to the elaborate fraud during a six-hour grilling by bank officials on Saturday night, according to the Daily Telegraph, which posted a photograph online of a slender, dark-haired man. Despite the weekend revelations, three days lapsed before executives suspended trading of Société Générale shares. They declined to tell reporters...

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

...course, the futility of war isn't what you think about when you're watching an hour of bad-guy heads popping off in the latest Rambo, the most violent of the series. In fact, it's not even what Avi Lerner, one of the film's producers, saw in it. "This is the Rambo that makes America feel good about what he's doing," Lerner says. "This time it's a Rambo that's saving the world...

Author: /time Magazine | Title: Stallone on a Mission | 1/24/2008 | See Source »

...votes were counted, victorious center-right lawmakers uncorked Spumanti directly on the Senate floor. "Take them away!," implored Senate President Franco Marini, pounding his gavel as the bubbly spilled out of the bottles onto the carpet. "This isn't a tavern here!" The final tally after nearly an hour: 161-156 to bring down the coalition, 20 months after Prodi eked out a victory over his perennial nemesis Silvio Berlusconi, the controversial TV mogul-turned-politico. It was all good theater, but yet another sign that Italy's political system is in serious disrepair...

Author: /time Magazine | Title: How An Italian Government Falls | 1/24/2008 | See Source »

Perhaps its unrealistic for all 50 states to hold their party elections by caucusing at Las Vegas hotels, but it should be deeply considered. Everything was so well run, that it clocked in at under an hour. The media was penned in a roped off area; in Iowa, where I could walk around to anywhere in the room, I'm concerned I may have been counted in the first round as a Chris Dodd voter...

Author: /time Magazine | Title: Caucusing on the Vegas Strip, Baby | 1/19/2008 | See Source »

...Private affairs are not the only area where pundits have hammered Sarkozy for inconsistencies. During that January 8 press conference, for example, Sarkozy said 2008 would feature the death of France's 35-hour workweek. Less than 24 protest-punctuated hours later, he promptly did a volte-face and declared, "it's not the government's intention to abolish the legal working limit." At the same time, Sarkozy defended his controversial decision to use the corporate jet loaned to him by billionaire friend Vincent Bolloré during his Christmas vacation to Egypt with Bruni. Waving off what detractors called...

Author: /time Magazine | Title: Sarkozy's 'Sarkotic' Tendencies | 1/18/2008 | See Source »

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