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Uncle Sam is out some $2.3 billion in bailout funding following the bankruptcy of CIT, a major lender to small and medium-size businesses. The Nov. 1 filing by the century-old firm marks the government's first loss stemming from the Troubled Asset Relief Program (TARP), designed to stabilize major businesses during the height of the economic meltdown. CIT says it hopes to emerge from bankruptcy by year's end. More government losses could follow as bailout recipients such as Chrysler and AIG continue to struggle. Still, analysts say it could have been worse: CIT sought more bailout funding...

Author: /time Magazine | Title: The World | 11/5/2009 | See Source »

...some analysts are hailing as a sign of U.S. economic recovery, General Motors, Ford Motor Co. and Toyota all reported a rise in sales in October compared with the same month last year, despite a sharp slump following the end of the Obama Administration's Cash for Clunkers incentive program in August. Ford--the only Detroit automaker to avoid bankruptcy and federal bailouts--reported $1 billion in third-quarter profits, helped in large part by an increase in market share as Chrysler's sales continued to lag. GM, the nation's largest car manufacturer, posted its first year-over-year...

Author: /time Magazine | Title: The World | 11/5/2009 | See Source »

...think the entire intent has changed. It is [about] student-initiated events, not necessarily parties,” Khandelwal said, likening the proposed program to the grants offered by the Freshman Dean’s Office for freshman-initiated events...

Author: By Melody Y. Hu and Naveen N. Srivatsa, CRIMSON STAFF WRITERS | Title: UC Social Grants Stalled | 11/4/2009 | See Source »

According to the Associated Press, Magi convicted 23 Americans, one of whom is an Air Force officer, for the February 2003 kidnapping of Osama Moustafa Hassan Nasr, under the CIA's controversial "extraordinary rendition" program. Three other Americans were acquitted because they have diplomatic immunity. Two Italian secret agents were also convicted. Five other Italians were acquitted, including the head of the country's military intelligence, who resigned when the kidnapping became public. (See a pictorial history...

Author: /time Magazine | Title: CIA Agents Convicted in Italy Unlikely to Serve Time | 11/4/2009 | See Source »

Prosecutors also alleged that the Italian authorities cooperated with the CIA. But the Italian government denies any involvement in the rendition program. Nevertheless, Nasr had been under scrutiny by Italian investigators, who suspected him of recruiting for the insurgency in Iraq. (See Silvio Berlusconi's worst gaffes...

Author: /time Magazine | Title: CIA Agents Convicted in Italy Unlikely to Serve Time | 11/4/2009 | See Source »

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