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...gulf state, indicated that it may have to default on a portion of its $60 billion in loans. The rush to Dubai has left Citi on the hook for billions of dollars of losses in the financially troubled gulf state. According to research firm Creditsights, Citi has made an estimated $5.9 billion in loans in the U.A.E., which includes Dubai as well as its oil-rich neighbor Abu Dhabi. Of that, $1.9 billion was made to Dubai World. In the end, it might not lose that much. On Monday, Abu Dhabi said it would provide $10 billion in financing...
...dreading Christmas. "None of us like Christmas," he says, adding, "That's sort of bad if you're a pastor." Instead of helping their congregations focus on the season of Advent and prepare to celebrate the birth of Christ, the pastors found themselves competing with a secular consumerism that made December the hardest time to make their message heard...
Houston voters made history in December, electing the first openly gay mayor of a major U.S. city. Annise Parker, 53, takes the oath of office on Jan. 1 to lead the nation's fourth largest metropolis, with some 2.2 million residents. Currently Houston's city controller, Parker has been open about her sexuality throughout her political career and has three adopted children with her longtime partner, Kathy Hubbard. "Tonight the voters of Houston have opened the doors to history," the Democrat said after winning the city's Dec. 12 runoff election. "But now, from this moment, let us join...
Roberts' university and medical school and the even more ambitious City of Faith medical center he envisioned were institutions that could have transformed him into more than another theatrical evangelist, a descendant of the traveling preachers who made questionable careers saving souls and healing ills while spouting spiritual quackery for people desperate for comfort and accessible transcendence. In 1987, TIME reported that the medical center, which cost $250 million to build, was draining Roberts of $30 million to $40 million a year. In his 1995 autobiography, Expect a Miracle: My Life and Ministry, Roberts revealed that he had undertaken...
...joining the United Methodist Church in the late 1960s and giving up the rootlessness of his evangelism. The Methodists, however, would later condemn his methods. For a while, his hospital and academic empire helped make him a pillar of Tulsa society. But the kind of faith he espoused was made of constant appeals to his audience to prove it to him - at $100 or less a pop. His old-time religion crumbled because it was built with small change...