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...parent company), was vacationing in Vail when he was summoned by the board. Nick was about to become the ex-co-CEO, having lost a power struggle to Gerald Levin, the man who would later sell the company to AOL. (That worked well, didn't it?) Nicholas declined. He knew the game was over. He got on the lift instead. (See pictures of TIME's Wall Street covers...
They never did so, and Gramm acknowledged that the credit-default swaps market as it developed was "so opaque that nobody knew who was holding the bag." But he said he didn't buy that it was a major precipitating cause of the crisis. What was? "It was a confluence of two forces," he said. "Alone, neither would have created a cataclysm...
...knew sex was a bad business to be in? That's probably what they're thinking over at Playboy's New York City offices, which are to be closed and its staff either laid off or offered a position at the magazine's headquarters in Chicago...
Geithner's rhetoric before the Senate raises the question: Is the less confrontational approach now history? The short answer: in tone, perhaps. But in substance, not a whole lot is likely to change. The young Treasury Secretary-designate knew the "manipulator" line would get a lot of attention, as it has. So the tone is already different. Further, though Beijing may not know this yet (and will be mortified to learn), some senior economic officials in the new Administration have made it plain that they have little use for SEDs. Some view them as pointless, time-consuming gabfests that accomplished...
Sixteenth century Brits sure knew how to have a good time. Their holiday “partying” traditions are showcased in “The Christmas Revels,” an annual show by production company Revels, Inc., with this year’s theme inspired by Thomas Hardy’s novels and set in Wessex, England. Playing at Sanders Theatre through Dec. 30, “Revels” includes everything from clogging to caroling to serpent playing (the serpent being a snake shaped, British musical instrument of yore). Though jaunty and lighthearted throughout, the show...