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...First, because the crisis has metastasized so swiftly, you three guys have failed to adequately explain the systemic risks that lie behind the decisions to spend billions of taxpayer dollars. The three of you, before Congress and in the press, have spent a lot of time asserting that those risks were there, but I don't think you've ever really explained them. AIG, for example, is now getting $150 billion of our money. But it would actually be nice to know, specifically, why that's the case - and yes, please, bore me with details. Lots and lots of them...

Author: /time Magazine | Title: A Letter to My Friend Tim Geithner | 12/3/2008 | See Source »

...providing the economy with the seed corn it needs to grow. Then, a couple of weeks ago, Secretary Paulson said that that wasn't going to be how the TARP funds would be used. He announced, in effect, that the TARP was going to be rolled up, having not spent some $300 billion in funds that Congress, after much drama, had allocated. Then Citibank teetered, and out came the TARP again, this time in pretty much its original guise: to ring-fence the toxic assets on Citi's books. This made some sense, because leaving toxic assets on banks' books...

Author: /time Magazine | Title: A Letter to My Friend Tim Geithner | 12/3/2008 | See Source »

...Obama Inaugural festivities via United or American. Disney, like any self-respecting media company, owns or leases aircraft to get its own VIPs around. They're not going to let Miley Cyrus slum it on Southwest. The privileged would include Bob Iger, Disney's CEO. The company spent more than $65,000 in 2007 on Iger's personal travel aboard corporate aircraft, and it requires him to fly corporate when he's on business. Disney extends the private-jet perk to other top officers as well as directors attending meetings and other company events. Nice. Yes, Iger is having...

Author: /time Magazine | Title: Why the Big Three Should Fly Corporate Jets | 12/3/2008 | See Source »

...national stage. The Chavista rebels complain that the theatrics of revolution have superseded the obligations of governing in Venezuela. That concern is a big reason why the PSUV lost last week in large urban centers like Caracas and Maracaibo. In those areas, Chávez, to his credit, has spent billions on long-overdue social projects. But violent crime has nonetheless reached horrific levels, basic services like trash collection seem to have collapsed, and corruption is growing. Chávez, whose brother Adan defeated a breakaway Chavista candidate last week for the governorship of Chávez's home state...

Author: /time Magazine | Title: Hugo Chávez for President ... Now and Forever? | 12/2/2008 | See Source »

Which means that if the opposition can't defeat Chávez in the coming referendum, it will have to figure out how to do it in 2012. Right now no one appears to be up to the task, largely because Chávez's foes spent so many years fecklessly plotting his overthrow by strikes and coups instead of ballots; they are still playing catch-up. Not that Chávez has always played fair: his government, for example, ruled that scores of opposition candidates were ineligible to run in last week's contests because of murky corruption charges...

Author: /time Magazine | Title: Hugo Chávez for President ... Now and Forever? | 12/2/2008 | See Source »

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