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...math, and you can begin to understand how really botched this bailout has been. Since October, the government has deposited $165 billion into the accounts of the nation's eight largest banks. Yet those same financial firms are now worth $418 billion less than they were four months ago, and the Congressional Budget Office estimates that the government's preferred shares are worth at least $20 billion less. In Wall Street terms, that's throwing good money after bad. All told, the government's annualized rate of return on its investment in the nation's largest banks...

Author: /time Magazine | Title: Why Your Bank Is Broke | 1/31/2009 | See Source »

...While the Prime Minister's political track record and personal history have clearly garnered the nation's attention, her sexual orientation has raised relatively few eyebrows. Although Icelandic social policy is among the most progressive in the world - with provisions for marriage and adoption rights for same-sex couples - Siguršardóttir maintains a decidedly low public profile with her civil partner of six years Jónína Leósdóttir, a noted journalist and playwright. "Being gay is not an issue in Iceland," explains Frosti Jónsson, chairman of Iceland...

Author: /time Magazine | Title: Iceland Picks the World's First Openly Gay PM | 1/30/2009 | See Source »

...Obama was sworn in as the new U.S. President last week, Americans made much of the fact that he was the country's first black Commander in Chief. On Saturday, when Jóhanna Siguršardóttir takes over as Prime Minister of the small (pop. 320,000) nation of Iceland, she will become the world's first openly gay female head of government - and Icelanders are hardly batting...

Author: /time Magazine | Title: Iceland Picks the World's First Openly Gay PM | 1/30/2009 | See Source »

...ttir, who was the Minister of Social Affairs in the outgoing government, boasts the highest approval ratings among Icelandic ministers, according to recent opinion polls. "She's a good choice," says Björn Björnsson, 26, a Web editor who lost his job during the nation's financial collapse. "She's one of our most experienced politicians, and through this crisis she has shown nothing but integrity and concern for the public. Iceland needs someone we can trust again, and she's earned my trust...

Author: /time Magazine | Title: Iceland Picks the World's First Openly Gay PM | 1/30/2009 | See Source »

...voicing support for social issues such as gender equality, a robust welfare system and rights for the disabled and elderly. Fellow MP Ágúst Einarsson went as far as to call her "socialism incarnate." Firmly planted in left-of-center politics, the new Minister reflects the nation's postmeltdown retreat from the right, as demonstrated in recent polling data...

Author: /time Magazine | Title: Iceland Picks the World's First Openly Gay PM | 1/30/2009 | See Source »

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