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...first time this has happened, yet Wall Street still isn't getting the message. One August day nine years ago, Russian bonds defaulted. A surprising result of this default was the spectacular failure of Long-Term Capital Management (LTCM), a hedge fund in Greenwich, Conn. Surprising because LTCM had nary a penny in Russian bonds. They nearly took the global financial structure with them...

Author: /time Magazine | Title: Blowing up the Lab on Wall Street | 8/16/2007 | See Source »

There are four reasons why investors everywhere should fear the ongoing fallout from the bust in the U.S. housing market. First, U.S. housing-credit problems have spread to other sectors. Not only have several hedge funds suffered or failed as a result of their exposure to U.S. mortgage products, but some banks and insurance companies as far afield as Australia, Germany and Taiwan have also run up large losses. And they are likely just the beginning, with major firms like Goldman Sachs and Bear Stearns announcing in recent days that some of their own investments have been badly hit. Second...

Author: /time Magazine | Title: Global Investing: Look Out Below | 8/16/2007 | See Source »

...city, has ballooned into trillions of dollars in losses around the world, thanks to the magic of Wall Street's financial engineers. Blame it on one of the Street's recent innovations, the collateralized debt obligation, or CDO. The recipe: buy home loans, blend them, then slice up the result into different securities (reflecting different levels of risk) to sell to investors. Many such securities carry AAA or "investment grade" ratings despite subprime mortgages being in the mix. From there, things get really complex--CDOs created from other CDOs, synthetic CDOs crafted from credit-default swaps, none of which...

Author: /time Magazine | Title: Ground Zero of the Real Estate Bust | 8/16/2007 | See Source »

What's driving the decline? Evans' work-life dilemma is a good place to start. As a result of Title IX's success, women coaches are expected to win as much as the men. With those expectations come crippling hours, including weekends spent on the road recruiting. That puts unique pressure on women with families, who, since they are less likely to find a spouse ready to back-burner a career to raise the kids, may have more trouble than their male counterparts in making child-care arrangements...

Author: /time Magazine | Title: Where Are the Women Coaches? | 8/16/2007 | See Source »

...their coach than with any other adult at school. Many coaches wield enormous influence on campus and in their communities. So what message is being sent to young women when men fill most of these leadership roles? "Their own expectations, their own aspirations are limited and distorted as a result," says Marcia Greenberger, a co-president of the National Women's Law Center...

Author: /time Magazine | Title: Where Are the Women Coaches? | 8/16/2007 | See Source »

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