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Elmo, arguably the most successful Sesame Street character in recent years - he has a vibrating doll, people - can do sarcasm and irony just as well as any British comedian. So when Ricky Gervais, creator and star of the U.K. version of The Office, showed up to perform with the furry little Muppet, he nearly met his match in hilarious banter...

Author: /time Magazine | Title: Elmo Schools Ricky Gervais | 3/13/2009 | See Source »

...Arguing that today's financial market chaos came out of nowhere will be key to Myerson's case. While Pointer, his lawyer, claimed in court recent events were indeed "unforeseeable and unforeseen", Nicholas Mostyn, representing Myerson's ex-wife, hit back that "the present downturn was totally foreseeable and indeed well under way" at the time of the couple's settlement a year ago. Moreover, Mostyn argued, as a fund manager, Brian Myerson knew as well as anyone that shares can go up as well as well as down. "He agreed in exchange for having a majority of the assets...

Author: /time Magazine | Title: How To Credit Crunch Your Divorce — Maybe | 3/13/2009 | See Source »

...Internal Revenue Service is bracing for a deluge of amended tax returns from tens of thousands of victims caught up in the recent wave of multibillion-dollar Ponzi schemes and other frauds, most notably the sensational swindle perpetrated by Bernie Madoff and R. Allen Stanford's $8 billion certificates-of-deposit scam...

Author: /time Magazine | Title: Another Victim of the Ponzi Schemers: The IRS | 3/13/2009 | See Source »

...Navy spy plane, killing the fighter pilot and damaging the Navy's EP-3 so severely that it and its 24-member crew were forced to land on the island, where they were held for 11 days in a tense diplomatic standoff. For both that run-in and this recent one, China said the U.S. was operating illegally inside its 200-mile "exclusive economic zone," based on the U.N. Convention on the Law of the Sea. China signed that treaty...

Author: /time Magazine | Title: Behind the Sea Spat Between the U.S. and China | 3/12/2009 | See Source »

French President Nicolas Sarkozy has never hidden his infatuation with celebrities. In recent years Sarkozy has burst with pride while being photographed with the stars he likes to count as both political supporters and personal friends. In 2007, he even went and married one. But as Sarkozy's government tries to crack down on illegal Internet downloads of music and movies, suspicions have surfaced that the proposed regulation could be just another case of the President protecting his famous friends...

Author: /time Magazine | Title: France Cracks Down on Internet Downloads | 3/12/2009 | See Source »

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