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...Paulson or Timothy Geithner, then the president of the New York Fed. "Now, that was AIG week," he says, "but it was also breaking the buck on [money-market firm] First Reserve week, and it was the week when Lehman's bankruptcy caused huge problems in the prime brokerage system in London. There were a million things that I would have been talking to Geithner or [Paulson] about...
...fact of the matter is, we already had the collateral," Blankfein says. "If AIG had defaulted, guess what - we would have kept the collateral from AIG and from the banks we'd bought protection from. The government's decision to bail out AIG was about the risks to the system. It wasn't about Goldman Sachs...
Still, an AIG default could have been catastrophic for Goldman, although Goldman claims to have been perfectly hedged against an AIG bankruptcy. "If AIG would have gone bankrupt, it would have affected every institution in the world, because it would have had a big effect on the entire financial system," explains David Viniar, Goldman's CFO. He countered, though, that Goldman would have most likely figured out how to make money trading in such a volatile environment. (See TIME's AIG cover...
...fantasy craze has even crept into our educational system. Dan Flockhart, a former middle-school math teacher in California, designed a fantasy-based curriculum that thousands of teachers are using in their classrooms. His workbook, Fantasy Football and Mathematics, encourages students to draft teams and compute points according to formulas that incorporate basic math concepts like decimals, fractions and negative integers. But before you conclude that this trend is the final sign that American education is doomed, know this: fantasy math may be working. According to preliminary research by the University of Mississippi, most teachers who use Flockhart's program...
...election to take his brother’s former Massachusetts Senate seat in 1962 when he turned the minimum age of 30. Great Society reforms occupied much of the young Senator’s agenda. Kennedy helped pass the Immigration and Nationality Act of 1965, which ended the quota system favoring Europeans and opened the doors to immigration for millions of Asians, Africans, and Latin Americans...