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...balance sheet of debacles caused by this economic crisis - the $700 billion Troubled Asset Relief Program (TARP), the stock-market swoon, the credit crunch and the ongoing global recession - $165 million is small change. But the revelations of the AIG bonuses, like nothing else, seemed to finally tip the mounting public furor over corporate malpractice into a full-scale rebellion. Yet Geithner, embarrassed for discovering the bonuses so late, plans to dock AIG that much out of the next $30 billion in bailout funding when it is delivered - which amounts to a mere 0.1% of the total AIG has received...

Author: /time Magazine | Title: How AIG Became Too Big to Fail | 3/19/2009 | See Source »

...fixes. Central banks and financial technocrats are moving to end some of the more flagrant abuses and rethink the financial system's rules - but, inevitably, that is a slow and painstaking task. London needs to serve up some quicker fixes. One suggestion: an immediate ban on opaque off-balance-sheet "special purpose vehicles," which played such a big role in the meltdown (and in the Enron scandal). Another: the establishment of a G20 College of Supervisors, the beginning of a world regulatory body to oversee financial markets, coordinate national responses and troubleshoot crises at cross-border financial institutions. Europe...

Author: /time Magazine | Title: The G20's Chance Meeting | 3/19/2009 | See Source »

...acknowledge in its investment portfolio. The firm also has $48 billion in nonperforming loans that it either holds or has guaranteed against. In a painful stroke of irony, there is a $15.4 billion line item for deferred taxes on the asset side of Freddie's balance sheet. That means Freddie is still hoping to claim $15 billion in write-offs against future profits. But since Freddie continues to lose money and is now part of the government, the likelihood that it will have to pay taxes anytime soon is probably nil. Add up all those items, and it becomes apparent...

Author: /time Magazine | Title: Freddie Mac: Government's New Black Hole? | 3/17/2009 | See Source »

...said. “The course was already challenging, but the wind made it that much harder.” The average Harvard score for the round was 82.94, indicating the depth of the Crimson squad. Harvard golfers also took five of the top eight spots on the score sheet. “We haven’t played in a long time so we were really eager to get out there,” Sheldon said. “We knew they were a decent team, but we were confident in our abilities.” The defending...

Author: By Evan Kendall, CRIMSON STAFF WRITER | Title: Victory Kicks Off Season | 3/15/2009 | See Source »

...story about the notorious numbers racketeer Newsboy Moriarty. In the first sentence, I took readers down into the lint at the bottom of Moriarty's loot-lined trouser pockets. Bellows must have loved that lint as much as I did, because as I was finishing the second sheet of copy, he materialized and said in his electric whisper, "Keep it coming. Everything you've got. I don't care how long it is. I want it all." In my 53 years as a writer, that remains the greatest compliment I have ever received...

Author: /time Magazine | Title: Jim Bellows | 3/12/2009 | See Source »

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