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...Bernanke and Paulson were doing what they thought was necessary to prevent what they viewed as a possible catastrophic failure of the national and perhaps global banking system. If Merrill Lynch had been left on its own to suffer huge fourth quarter losses, it might have faced a fate like that of the departed Lehman. Morgan Stanley (MS) nearly had the same set of problems until the Japanese financial house Mitsubishi UFJ agreed to honor a commitment to put $9 billion into the U.S. investment firm. Whether their presumption was right or not, it appears that Paulson and Bernanke believed...

Author: /time Magazine | Title: The Waterboarding Of Ken Lewis | 4/24/2009 | See Source »

...communications, its use of safe houses, codes, and the way al-Qaeda looks at the world. In other words, pretty much all low-level stuff. He said there were no dramatic confessions he knew of, the kind we see virtually every week in the popular TV show 24 that prevent a catastrophic attack in the nick of time...

Author: /time Magazine | Title: The CIA's Willful Ignorance on Harsh Interrogations | 4/22/2009 | See Source »

...that the CIA was drawn haphazardly into abusive interrogation, haphazardly fell back on vague ideas of torture, and ended up with with the vaguest results. It all reflects a White House under extreme pressure after 9/11, giving orders to a compliant CIA to do something, anything, to try to prevent another such attack...

Author: /time Magazine | Title: The CIA's Willful Ignorance on Harsh Interrogations | 4/22/2009 | See Source »

...What happened? Maritime security analysts say a combination of factors - both on sea and land - contributed to the pirates' near total defeat. Most significantly, the success in the strait shows how concerted and well-coordinated action by regional governments can prevent pirate attacks on commercial shipping. "From Roman times to the Barbary pirates, throughout history, the reasons [for resolving piracy] are always the same," says Pottengal Mukundan, director of the International Marine Bureau in London. "For pirates, it becomes a much riskier activity. That is really the deterrent...

Author: /time Magazine | Title: How to Defeat Pirates: Success in the Strait | 4/22/2009 | See Source »

...weeks earlier, however, Attorney General Eric Holder told CBS News that his agency was still reviewing the Bush Administration's use of state secrets as an argument to prevent litigation. He said that the Justice Department was considering reversing the citing of state secrets in one of the three cases that had been reviewed so far, though he did not describe which case. Last Wednesday, during a speech at West Point, Holder strongly condemned the behavior of the Bush Administration. "We must once again chart a course rooted in the rule of law and grounded in both the powers...

Author: /time Magazine | Title: Civil-Liberties Advocates Dismayed By Obama's Moves | 4/21/2009 | See Source »

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