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Nowhere was that more true than in the ill-conceived investment to turn the twinned 11,000-unit middle-class housing complex known as Stuyvesant Town and Peter Cooper Village, built originally to accommodate World War II veterans, into luxury housing, for which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut...

Author: /time Magazine | Title: Should Private Equity Invest in Residential Real Estate? | 1/20/2010 | See Source »

...known as a social liberal, that's for sure." - The Boston Globe...

Author: /time Magazine | Title: Senator-Elect Scott Brown | 1/19/2010 | See Source »

...meeting, the heads of the intelligence agencies admitted to a string of mistakes that brought Umar Farouk Abdulmutallab within a fortuitous malfunction of blowing up Flight 253 over Detroit. The National Security Agency had known from an intercept in Yemen that al-Qaeda had recruited a Nigerian to carry out a terrorist attack; another intercept had suggested some sort of attack around Christmas. The State Department had learned from the U.S. embassy in Abuja, Nigeria, that the son of a prominent Nigerian banker had joined extremists in Yemen. The CIA had even produced a background report on Abdulmutallab. All this...

Author: /time Magazine | Title: Spotlight: The Intelligence Breakdown | 1/18/2010 | See Source »

Pennsylvania has long been known for shady politics, but this year promises to be particularly ugly as series of corruption trials unfold, all stemming from a sweeping probe known as "Bonusgate." Prosecutors charge that leaders of both parties in the state House of Representatives flagrantly ignored the law, using taxpayer money to wage political warfare and to lavish perks on aides and party loyalists. The price tag is likely in the tens of millions, and prosecutors warn there could be more indictments, possibly targeting leaders of the State Senate. "There was an unbelievable sense of entitlement in Harrisburg that they...

Author: /time Magazine | Title: Corruption Scandal Scrambles Pennsylvania Politics | 1/18/2010 | See Source »

...Kabbalah with healing. In 2000, he told a reporter that he had had a vision of a "soul" appearing to him and telling him that the secrets of the Torah would be revealed to him, allowing him to no longer work hard in his life. He became known as a healer for young women, some of whom fell in love with him. One of his "wives" said she was smitten after he cured her of a mysterious disease that had left her bald at age 10. Some of the women in the household severed all contact with their own families...

Author: /time Magazine | Title: In Israel, the Messiah with More Than 30 'Wives' | 1/18/2010 | See Source »

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