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...heard of payment for order flow, right?" Madoff asked. "Huh?" I responded. Madoff explained that Bernard L. Madoff Investment Securities had pioneered the practice of paying customers to trade through it, thereby siphoning business away from the New York Stock Exchange (NYSE). The firm was able to use its sophisticated computer systems and trading algorithms to earn enough off the spreads between what it bought and sold stocks for to more than offset the amount it paid customers. (See the top 10 crooked CEOs...

Author: /time Magazine | Title: Bernie Madoff's Other Legacy | 8/24/2009 | See Source »

...Grill Order: 1. What to ask for at Annenberg when country-fried steak simply won’t do (see the ’Berg...

Author: By The Crimson Staff, CRIMSON STAFF WRITER | Title: Dictionary of Harvardisms | 8/24/2009 | See Source »

...version may still contain some redactions, but it is expected to answer some of the pressing questions that remain over the CIA's use of coercive interrogation techniques against high-value terror detainees. That could be a key factor in whether Attorney General Eric Holder decides to order a separate investigation into the interrogations. The President is said to favor dropping the matter. But if the IG report declares or even suggests that interrogators went beyond the bounds of what the Bush Administration's top lawyers deemed legal, that may force Holder's hand. Here are five of those questions...

Author: /time Magazine | Title: Five Questions for the CIA IG's Interrogation Report | 8/24/2009 | See Source »

...when Basiji militiamen roughed him up on the way to Friday prayers last month, Karroubi spoke out again. "They want to create an atmosphere of threat and terror so that people are kept silent," he said. And despite the growing atmosphere of official intolerance for challenges to the postelection order, Karroubi has again infuriated supporters of President Mahmoud Ahmadinejad by publicizing the charge that opposition protesters were raped and abused in prison. (See the five reasons to suspect Iran's election results...

Author: /time Magazine | Title: Iran's Karroubi Tries a More Confrontational Approach | 8/24/2009 | See Source »

...Libyan officials are to meet with representatives of Britain and the U.S. next week to discuss what remains to be done in order to have the sanctions lifted. Even though Libya has the backing of the Arab League in demanding an immediate end to sanctions, don't expect any movement soon. For one thing, the Libyans want to wait until Megrahi's appeal is over before considering compensation - and that'll be just fine with the West. Ghaddafi's neighbors may begin simply ignoring sanctions as they have been doing with Iraq, but it could still be years before...

Author: /time Magazine | Title: Why the West Will Be in no Rush to Lift Libya Sanctions | 8/24/2009 | See Source »

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