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...years has come from making bets. At Lehman Bros., trading and investing on the firm's own account contributed about 60% of its $6 billion in pretax profits last year. Key to these profits is leverage, a.k.a. debt. But with high leverage comes high risk. If your investments go sour or nobody will lend to you, your business can evaporate in a matter of days. That happened to hedge fund Carlyle Capital in early March. Then lenders and customers cut off Bear Stearns...

Author: /time Magazine | Title: The Crusading Hedge-Fund Manager | 6/19/2008 | See Source »

Savage Grace Directed by Tom Kalin; written by Howard A. Rodman; not yet rated; out now In this acid, fact-based portrait of the idle rich, love means finding new ways to hurt the ones you love most. Julianne Moore is the desperate mom, Stephen Dillane the sour dad, and two fine young actors, Barney Clark and Eddie Redmayne, play their son at various stages of his promise and ruin. A lush, creepy, boldly acted tale of suffocating passion...

Author: /time Magazine | Title: 5 Things You Should Know About | 6/5/2008 | See Source »

...Player of the Year Mike McLeod and New England Coach of the Year Jack Siedlecki in addition to one of the most potent defenses in the league. The 124th edition of The Game, pegged as perhaps the best Game since the epic 29-29 tie in 1968, quickly turned sour for the outcoached Bulldogs, as the Crimson scored early and at will to break out to a 27-0 halftime lead and an eventual 37-6 win.“We were the better team,” head coach Tim Murphy said. “You could see that...

Author: By Madeleine I. Shapiro, CRIMSON STAFF WRITER | Title: Murphy, Crimson Take Ivy Crown | 6/3/2008 | See Source »

...storied building with 23 double rooms is only a short walk from the Black Sea coast in Nizhneimeretinskaya Bukhta, a town just 28 miles (45 km) down the shoreline from Sochi - the host city of the 2014 Winter Olympics. But Koval's reckoning of future wealth turned sour early this year when it started looking as if a government decree requisitioning his property for Olympic development could render his home and source of income all but worthless. "The prospect of confiscation has killed the real estate market in the area," says Koval. "Who is going...

Author: /time Magazine | Title: Postcard: Sochi | 5/14/2008 | See Source »

...anything less than 2.2 lbs. (1 kg) is deemed more shell than meat. The exact sauce recipe is a closely guarded secret, but I noted plenty of garlic, ginger, honey, vinegar and chopped fresh red chili added to a rich tomato sauce - a superb balance of sweet and sour...

Author: /time Magazine | Title: The Best Ever ... Chili Crab: Some Like It Hot | 5/7/2008 | See Source »

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