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...financial crisis in California grew worse this week as state controller John Chiang warned that if legislators and Governor Arnold Schwarzenegger fail to come up with a budget-balancing package, he would begin paying California's bills with IOUs on July 2. The state has only done this once since the Great Depression...

Author: /time Magazine | Title: The Legacy of Proposition 13 | 6/27/2009 | See Source »

...album of all time until eclipsed by the Eagles' Greatest Hits, 1971-1975, brought in a reported $125 million for the singer in the years after its release in 1982. Though there were early signs of an inclination to spend - he apparently missed out on landing the bones of John Merrick, better known as the Elephant Man, despite bidding about $1 million for them in 1987 - Jackson showed early investment savvy. Shelling out $47.5 million in 1985 for the rights to a catalog of music that included 251 Beatles songs was a profitable move. Those rights, as well as concerts...

Author: /time Magazine | Title: What Happened to Michael Jackson's Millions? | 6/26/2009 | See Source »

Ensign, Senator John • letter complaining about cuckolding by - "Please help me! This should not be how the leadership of our country should be allowed to behave" - was e-mailed to Fox News anchorwoman by husband of mistress of the day before the public confession...

Author: /time Magazine | Title: This Preposterous Week! Paul Slansky's News Index | 6/26/2009 | See Source »

...Hodgman, John • nerdiness and geekdom are amusingly extolled...

Author: /time Magazine | Title: This Preposterous Week! Paul Slansky's News Index | 6/26/2009 | See Source »

...Pyongyang's recent bellicose behavior, a new U.N. resolution passed this June forbids the country from exporting arms and authorizes member states to search North Korean vessels suspected to be carrying them, though they must first seek Pyongyang's legal consent - effectively, a non-starter. Nevertheless, the U.S.S. John McCain, an Aegis class destroyer, has been tailing the freighter and will be replaced now by the U.S.S. McCampbell as the Kang Nam 1 nears the Straits of Malacca and Singapore, perhaps the world's biggest maritime pit stop. The city-state's government says it will act "appropriately" should...

Author: /time Magazine | Title: Why Burma May Be North Korea's Best Friend | 6/26/2009 | See Source »

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