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...Serious tax reform, in any country, always arouses serious passions. Passage of such a sweeping program will be a supreme test of Nakasone's political will, skill and power...

Author: /time Magazine | Title: Taxing Job: Nakasone's crusade for reform | 1/26/2007 | See Source »

Even as Ronald Reagan tried to regain control of events in the most serious crisis of his presidency, new revelations about these secret machinations kept him on the defensive. There seemed no quick way to clear up the mysteries stemming from the Administration's admission two weeks ago that up to $30 million in profits from secret shipments of U.S. arms to Iran had been diverted to support the guerrilla warfare of the U.S.-backed contras against Nicaragua's Marxist Sandinista government...

Author: /time Magazine | Title: Pursuing the Money Connections | 1/26/2007 | See Source »

...thing is certain: the British government is serious about putting London's financial house in order. The usually dormant trade department has announced no fewer than three major investigations in the past month. Last week it issued a new summons against Geoffrey Collier, one of London's leading securities brokers, for allegedly using privileged knowledge of an impending takeover for his personal profit. Said Corporate and Consumer Affairs Minister Michael Howard: "No one can be in any doubt that we regard insider dealing as a thoroughly pernicious practice ... that we are determined to do all in our power to root...

Author: /time Magazine | Title: Storm Brewing: A stock probe jolts Guinness | 1/26/2007 | See Source »

Ronald Reagan feels it came as a "bolt from the blue," and now he considers it the most serious problem he has confronted during his 14 years in public office. According to an intimate, the President remains "very disappointed and very disturbed about what he was not told" about the Iran-contra scandal. Reagan still thinks he does not know all the details of the Iranian arms shipments and the subsequent funneling of profits to the Nicaraguan rebels. "Everybody keeps saying that they want all the facts," says this ally. "My God, so does he!" In his radio broadcast Saturday...

Author: /time Magazine | Title: Under Heavy Fire | 1/26/2007 | See Source »

...yearning. But such memories seemed too personal to be brought out in public, too complex, above all too risky?too distant from the machine-gun wisecracks that audiences expected of a Neil Simon play. He recalls: "I was afraid I'd kill the plays if I made them more serious...

Author: /time Magazine | Title: Neil Simon: Reliving A Poignant Past | 1/26/2007 | See Source »

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