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...governments of the U.S. and E.U. are faced with another act of "the great bank salvation." This time around it is not clear what the Fed and Treasury will get for their capital. They already hold equity in all of the large financial firms due to recent investment from the TARP. What faces the system now is whether the federal government will end up with de facto control of the private banking system...

Author: /time Magazine | Title: Banks: Losing $100 Billion In One Quarter | 1/14/2009 | See Source »

...deliberate, with an extreme attention to detail. He has a cool head, but friends love pointing to his dry sense of humor. For example, he once told a dentist he was examining in court that he was looking forward to finally having a dentist in his chair. In a recent court brief he quoted Shakespeare. "The irony of the [defense's] casting of his argument in terms of the Lady Macbeth line, 'Out, damned spot! Out I say!,' Litt wrote, "is [an irony] not lost on the Government." (Lady Macbeth was talking of a murder-related bloodstain...

Author: /time Magazine | Title: The Man Who Will Prosecute the Bernard Madoff Case | 1/14/2009 | See Source »

Britain is a small island, with an elite whose members all seem to know each other. Proof, if needed, came at a recent London performance of Gethsemane, David Hare's new play about rot in British politics. The audience was silver-haired and well-heeled. On some seats lay coats by Hare's fashion-designer wife, Nicole Farhi. And sitting in the audience was Lord Levy, a prominent Labour Party fund raiser who is Jewish and made his millions in pop music. Levy is widely seen as the model for the play's Otto Fallon, a Labour Party fund raiser...

Author: /time Magazine | Title: David Hare: Truth to Power | 1/14/2009 | See Source »

...Their outfits and body armor are off-the-rack (of a bad masquerade store). Their solicitations are proffered in barks and grunts. And if you get close enough without paying for the experience they might just bite your head off. For those who have visited the ancient Coliseum in recent years, you have probably run into these would-be modern-day Roman gladiators, or more precisely, they have run into you. Last I checked, they were demanding 20 euros to pose next to them for a photograph outside the Coliseum, holding-the-sword not included. (See 10 things...

Author: /time Magazine | Title: Can Gladiators Help Sell Rome's Coliseum? | 1/14/2009 | See Source »

...summit as a symptom of that imbalance. "I was always convinced that when Blair thought that he'd moved Bush to a different place on this, he hadn't done so at all," Lord Levy, Blair's envoy to the Middle East, said in a recent interview with the Sunday Telegraph. "Once Blair was off the phone or Blair was out of Washington, Bush would then listen to others...

Author: /time Magazine | Title: A Presidential Medal for Tony Blair | 1/13/2009 | See Source »

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