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...part of the Federal Reserve deal, both GM and Cerberus will reduce their stakes in GMAC, a company decimated by the crisis in residential loans. Although created originally to finance GM's car sales, GMAC also got into residential mortgages, including the subprime variety. Result: GMAC has lost $8 billion over the past two years. Cerberus will distribute shares to its investors, thereby reducing its voting stake to 14.9% and its overall equity stake to 33%. GM will transfer some of its shares to a trust, which will sell off the stock over the next three years...
...sending a single soldier to fight for a year in Afghanistan or Iraq is about $775,000 - three times more than in other recent wars, says a new report from the private but authoritative Center for Strategic and Budgetary Assessments (CSBA). A large chunk of the increase is a result of the Administration's cramming new military hardware into the emergency budget bills it has been using to pay for the wars. (See pictures of U.S. troops in Iraq...
...other colleagues - Jose Fillat and Judit Montoriol-Garriga - put out a paper called "Looking Behind the Aggregates: A Reply to Facts and Myths About the Financial Crisis of 2008.'" In it, they argued that even though overall lending seemed to be robust, that could very well be the result of companies drawing down existing credit lines - agreements banks had made in better times and now couldn't renegotiate. In fact, there was plenty of anecdotal evidence in the business press to suggest that was exactly what was happening, that companies were locking in funding not to invest, but to hoard...
...Informants are common in drug and other criminal cases. But they pose a special challenge in terrorism cases, where the government cannot afford to wait for the plot to play out before making arrests. As a result, the prosecution relies heavily on the informants - who often have powerful incentives to keep the case going. "Obviously, the model worked to achieve a conviction," says Cipparone, the defense attorney for Shnewer. "But looking at it systemically, I have significant concerns about the payment of informants in this context--informants with these kinds of backgrounds, given this much free reign...
...high society has gone unnoticed in recent years. Long considered an aggressively secular city, London has quietly become one of Britain's most Christian areas, going from the least observant region in Britain in 1979 to the second most observant today. Much of that resurgence in piety is the result of the city's expanding and devout immigrant population. But there is also a growing number of young, highly educated and moneyed Londoners - people such as Mumford - who are turning to the church. (Read TIME's Top 10 religion stories...