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...captive for nearly two months released the ship after receiving a reported $3 million ransom on Jan. 9. All did not end well for the pirates, however: reports said several of them drowned when their boat capsized as they returned to shore. The tanker, the Sirius Star, is the largest ship ever hijacked and had been held since Nov. 15. It was carrying about $100 million worth of crude...

Author: /time Magazine | Title: The World | 1/15/2009 | See Source »

...will need all those attributes in the next few months. In taking on the task of prosecuting the largest swindle in history, he has accepted a role that brings with it enormous public scrutiny, which could be uncomfortable for a guy that is said to be low key. "He is the opposite of a press hound," says Glenn Colton, a partner at law firm Wilson Sonsini Goodrich & Rosati, who has worked with Litt...

Author: /time Magazine | Title: The Man Who Will Prosecute the Bernard Madoff Case | 1/14/2009 | See Source »

...popular view back then. "He had taken a lot of heat" for the position inside the Fed, a colleague says. Some regional Fed presidents thought he was excessively gloomy. As an insider put it, they thought Geithner had been captured by his constituents - the heads of the largest banks and investment firms in New York, most of whom were leveraged to the hilt and deeply vulnerable to turmoil in the mortgage-backed-securities market. But Geithner's view prevailed that week with his boss, Ben Bernanke. A few weeks later, the Fed slashed its key interest rate by half...

Author: /time Magazine | Title: Can Tim Geithner Lead the Economy Out of Its Mess? | 1/14/2009 | See Source »

...Last week I went to Philadelphia," comedian W.C. Fields once said, "but it was closed." Formerly America's capital and its largest city, Philadelphia lost much of its population and influence over the centuries. But it's open now. As America gets ready for Barack Obama's inauguration, anyone looking for a dose of U.S. history and culture would do well to skip Washington D.C. and head to the City of Brotherly Love...

Author: /time Magazine | Title: Liberty Belle: What's on in Philadelphia | 1/14/2009 | See Source »

...Given those numbers, concern is growing that the clashes could continue even when the Gaza assault ends. That's especially true in France, whose six million Muslims and more than 600,000 Jews constitute the largest of each respective community in Europe. Memories of the violence inspired by Israel-Palestinian clashes in 2002 and by Israel's offensive in Lebanon in 2006, prompted quick appeals for calm after the latest incidents. French President Nicolas Sarkozy declared "our country will not tolerate international tension mutating into inter-community violence", and promised no perpetrator of such trouble would "remain unpunished...

Author: /time Magazine | Title: Gaza War Sparks Rise in Europe Violence | 1/14/2009 | See Source »

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