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...there could be a little Ponzi scheme in every hedge fund. It is inherent to the model of the modern hedge fund. The only way to avoid these schemes is to regularly liquidate all assets and allow all investors to decide what to do with their cash returns. In the past, this would have meant seemingly diminished returns. With returns seemingly high, investors did not complain about the status quo. Now, given that regular liquidation would mean more transparency and diminished losses, in recent days investors' opinions would likely differ...

Author: /time Magazine | Title: The Ponzi Scheme in Every Hedge Fund | 1/5/2009 | See Source »

...more tragic than these cries of passionate jubilation sounded from within Harvard Yard are their echoes beyond the College gates. Many pundits have dubbed Obama a modern Lincoln or even the next FDR. As Eleanor Clift, a long-time journalist and pundit who is nearly 70 years old, gushed on the McLaughlin Group last week, “Yes, Barack Obama is obvious [as the Biggest Winner of 2008]. But I would like to broaden it a bit, because I think it’s the restoration of democracy in this country. The people have truly spoken, and spoken loud...

Author: By Lucy M. Caldwell, CRIMSON STAFF WRITER | Title: Barack Like Me | 1/4/2009 | See Source »

...Unless voters learn to identify rulers beyond a family crest or party symbol, the region's leadership crisis will only feed the historical assumption that Asians are somehow ill-equipped to handle democracy. John Stuart Mill, whose writings helped gird modern democratic principles, dismissed the Indians living under British rule as "barbarian," perhaps better suited to despotic rule. The colonial assumption was that Asians were somehow not civilized enough to handle democracy...

Author: /time Magazine | Title: Asia's Dithering Democracies | 1/1/2009 | See Source »

...interface with the the world. On the other hand, I can't imagine my Western civilization and Western culture without the Jewish input, without Jesus Christ, who was born, was crucified and passed away as a Mishnaic rabbinical Jew. I cannot image Christian Europe opening up to modernity without a Maimonides reintroducing Greek philosophy. I cannot imagine modern times without a Spinoza, and Mendelson. I cannot imagine the 20th century without Marx and Freud. So, this conversation between Jews and the world is not just a conversation of pogroms and slaughter and Holocaust; it's also a couple of thousand...

Author: /time Magazine | Title: Can the Jewish People Survive Without an Enemy? | 1/1/2009 | See Source »

...lefty chic. The Miami exiles (many of whom backed Fidel Castro before he went communist) deserve their props too, despite the Elian Gonzalez mess. Most were not corrupt oligarchs and gusanos (worms, as Fidel Castro called them) but industrious working- or middle-class men and women who helped build modern Miami. In December, the Miami Herald unveiled an online database that gives the exiles an Ellis Island-style history of their arrivals...

Author: /time Magazine | Title: After 50 Years of Castro's Cuba, Will the Cold War End? | 12/30/2008 | See Source »

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