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...invested in MCI (formerly WorldCom), which recently announced that the pretax income it reported for 2000 and 2001 was just a tad off--$74.4 billion less than it had said, after writedowns and adjustments. Outside auditors have signed off on bogus earnings reports and balance sheets at companies from Rite Aid to Xerox. In some cases, auditors dealt with corporate brass intent on concealing thievery; WorldCom's ex-CFO, Scott Sullivan, recently pleaded guilty to fraud and conspiracy charges, for instance. In other cases, auditors simply lacked spine: again and again, they failed to police the books aggressively for fear...

Author: /time Magazine | Title: Revenge of The Bean Counters | 3/29/2004 | See Source »

...bloom of our youth anyhow. Our hesitancy to walk seems instead to be a side-effect of our late-20th-century upbringing. We come, many of us, from a sidewalk-less, SUV-saturated suburbia that is famously inhospitable to walkers. Acquiring our cars was a rite of passage; our high schools were flanked by expanses of asphalt. Most of our walking was done at saunter, as we described long, lazy circuits of the mall. In my hometown, walking seems a dangerous eccentricity; when, at home over winter break, I walked to the end of Main Street, a high-school classmate...

Author: By Phoebe Kosman, | Title: Taking to The Street | 3/22/2004 | See Source »

Talk about reinstating the draft is more about nostalgia for a time when military service was perceived to be a near universal and often beneficial rite of passage for young men in our country than it is about keeping our military at full strength. Given the success of the all-volunteer force in manning today's smaller and more highly skilled military, a return to a large, general draft is neither necessary nor desirable for maintaining U.S. military effectiveness...

Author: /time Magazine | Title: Forum: Should The Draft Be Reinstated? | 12/29/2003 | See Source »

...across the floor. Kids grow up. The magic of Christmas is replaced by some of the more ragged emotions that surface in families, especially during the holidays. The weight of conflict often moves in where imagination once lifted everyone's spirits. If we're lucky, it is merely a rite of passage and we emerge from it. But it takes determination to come around again to the uncorrupted enthusiasm that was once so natural. Perhaps that's the true richness of this traditional Christmas tale. It may not be sacred, but it lifts us above the stressful commotion of shopping...

Author: /time Magazine | Title: Too Hip for the Holidays | 12/22/2003 | See Source »

...know what? If you don't like it, don't read it. This to me is the major rite of passage of adulthood. I was a late bloomer. I was late in my 30s before I could do it. Give something more than two pages, but if you're on page 50 and you don't like it, forcing yourself to read it will just make you get mad. Life's too short. There are too many books...

Author: /time Magazine | Title: Conversation: Marathon for a Reader | 12/15/2003 | See Source »

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