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...year-old name, it's actually a 14-year-old company that was spun off by American Express in 1994. AmEx had gobbled it up 10 years earlier, and it wasn't in prime shape when AmEx spat it out. To compensate for its relatively small size and skinny capital base, Lehman took risks that proved too large. To keep profits growing, Lehman borrowed huge sums relative to its size. Its debts were about 35 times its capital, far higher than its peer group's ratio. And it plunged heavily into real estate ventures that cratered...

Author: /time Magazine | Title: How Financial Madness Overtook Wall Street | 9/18/2008 | See Source »

...decided to] undertake the printing of all the works," says Gwen Lee, the festival's director and founder of the 2902 photography gallery. It's a generous move by the not-for-profit festival, given that a digital print of around 10 sq. ft. (1 sq m) in size can cost hundreds of dollars to produce...

Author: /time Magazine | Title: Depth of Field | 9/18/2008 | See Source »

...transcript of your bizarre interview, in which McCain refused to answer simple and legitimate questions, was frightening. It showed a resentful, uncommunicative and uncooperative McCain who was uncomfortable with the straight talk he used to be known for and who had a chip on his shoulder the size of a sequoia. Such a volatile temperament renders him unfit to have his finger anywhere near the button. Lee Otterholt, Laguna Beach, Calif...

Author: /time Magazine | Title: Inbox | 9/18/2008 | See Source »

...upper ranks of the literary world with Infinite Jest, his 1,079-page (and 388-footnote) meta-epic of tennis, drug addiction, art, terrorism and loneliness set in a future when each year is known by the name of its corporate sponsor (e.g., the Year of the Trial-Size Dove Bar). Infinite Jest was the quintessence of 1990s literary maximalism, and it became instant required reading. Enough with those '80s party-boy writers! Here was a novelist with the industrial-strength intellectual chops to theorize even our resolutely anti-intellectual age. Wallace became a reluctant literary pinup, with his stubbly...

Author: /time Magazine | Title: David Foster Wallace: The Death of a Genius | 9/18/2008 | See Source »

...June of 2008, hidden on farmland in a small town in Tennessee, a village of nearly 100,000 people was constructed for four brief days, just at it has been every year since 2002. Since its inception, the Bonnaroo Music and Arts Festival has grown in both size and scope into the summer music festival. I made the voyage to what’s been called this generation’s Woodstock, harboring an empty hope that the experience would be an appropriate comparison to that summer of ’69. I would like to believe that...

Author: By Beryl C.D. Lipton, CRIMSON STAFF WRITER | Title: Bonnaroo: You Ain't No Woodstock | 9/18/2008 | See Source »

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