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...that the foundation is shaking, there are scant buyers for the lower-grade issues built on top of the pooled mortgages, and the values of those CDOs have plummeted. Losses in the subprime market drove Bear Stearns to declare two of its hedge funds, once topping $1.5 billion, all but worthless, and banks as far afield as Germany and France have frozen funds or received bailouts because of exposure to U.S. mortgages...

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

...have at least once been made into movies, you'd think they'd give Jane Austen some time off for good behavior. Instead, we have Becoming Jane, which plays like an Austen adaptation, but is in fact a biopic with an asterisk. That is to say, there is some scant evidence that the young, would-be novelist (Anne Hathaway) had a flirtation with an impecunious Irish lawyer named Tom LeFroy (James McAvoy) that came to a lot less than this movie rather melodramatically makes it out to be. Call it, perhaps, a fantasy based on a stray nugget of historical...

Author: /time Magazine | Title: An Unbecoming Jane | 8/3/2007 | See Source »

...objection to alien tort claims is that they run counter to the traditional deference paid to local courts. But this presumes a reasonably functioning local judiciary, and there is scant evidence of that in Colombia. Since 1986 2,515 trade unionists have been murdered there - about 120 a year, making it the world's most lethal country for labor - but there have been only 37 successful prosecutions, leaving a staggering "impunity rate" of 98%, according to Maria McFarland, Human Rights Watch's Colombia expert. This past March, Chiquita Brands International, Inc., pled guilty to one count of "engaging in transactions...

Author: /time Magazine | Title: Suing Multinationals Over Murder | 8/1/2007 | See Source »

...outfit to which he belongs, formed a year ago under the title the Kemalist Politics Group, is one of scores that have emerged in in the run-up to parliamentary elections on July 22. In a rare expression of political will from a middle class that has traditionally seen scant need to get involved, these groups have organized dozens of marches that have brought millions onto the streets in cities across the nation. "Our strategies are long-term," says a friend of Koseoglu's, Demir Buyukozkan, 28, at a recent late-night session in Istanbul. "In the next generation...

Author: /time Magazine | Title: Turkey's Great Divide | 7/12/2007 | See Source »

...There's also scant attention to populating malls with the right mix of shops. Alan Liu, Shanghai-based managing director of Colliers International's North Asia practice, says most try to attract upscale brands. "Everyone thinks they need Prada, Gucci, Fendi in every project, even smaller ones," Liu says. "Well, the vast majority of customers won't spend their money on upmarket products like that." Indeed, at Beijing's Shin Kong Place recently, office worker Zhang Ting, 28, called the center's many high-end international brands "prohibitively expensive." While hundreds of local office workers like Zhang crowded the downtown...

Author: /time Magazine | Title: Aspirational Hazard | 7/12/2007 | See Source »

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