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...private equity-owned company, and that, says longtime industry reporter Josh Kosman, is a big problem. In his new book, The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis, Kosman argues that private-equity firms not only pillage the companies they buy, but also put the broader economy at risk by making those companies take on copious amounts of debt. TIME's Barbara Kiviat spoke with Kosman about where he thinks the industry is headed...
...Powell thinks it's only fair that more stimulus money finds its way to minority communities, since much of today's economic disaster can be traced to those areas being lavished with subprime mortgages. Despite recovery.gov, the federal website designed for tracing stimulus outlays, Powell argues, "We need to put how this is playing out under a larger magnifying glass, make it more transparent." If not, he warns, "we'll have the irony of the first black President presiding over the greatest economic restructuring in decades, but it could actually end up worsening the racial disparity." Whether or not that...
...having come this far, can Washington really afford to just walk away from the health care problem, leaving tens of millions uninsured and health costs spiraling upward? That's really the question that the Senate must now face. As Republican turned Democrat Arlen Specter put it on Fox News: "The one option which is not present in my judgment is the option of doing nothing...
...Last year, Georgia stormed to victory with three children singing in an imaginary bee language. Eager to defend its title, Georgia put this year's act through four months of training and arrived in Kiev with an entourage of 21 people, including two vocal coaches, a stage producer, a choreographer and a psychologist. Maia Baratashvili, head of Georgia's delegation, sees Junior Eurovision not as a mere variety show, but as a glimpse into the region's collective psyche. "The West is leading today, so the countries of the former Soviet Union want to see themselves as a part...
...year since the Mumbai attacks, the Indian government has taken several steps to tighten security. It has improved co-ordination between the state and central intelligence agencies, devoted more men and equipment to security services and put intense diplomatic pressure on Pakistan to crack down on LeT and other jihadist groups. But there has been little discussion of how pervasive, low-level corruption can compromise national security. The various brokers and middlemen who helped Sabahuddin never knew he was involved with a jihadist group; he appeared to be simply another young man living in the gray margins of Indian society...