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...That left Prabhakaran with control of the north, secured by several thousand soldiers. But the transformation from running a guerrilla force to a conventional army may have been the leader's undoing. The nation's current President, Mahinda Rajapaksa, took office in 2005 and vowed to pursue a military solution. In a conventional war against an army many times its size, the LTTE was sure to be outmatched, and eventually it was. Prabhakaran never again appeared before the press after 2002, but he continued to release photos and speeches every year. "With its greed for land, Sinhalam [Sri Lanka...

Author: /time Magazine | Title: Prabhakaran: The Life and Death of a Tiger | 5/19/2009 | See Source »

...news about foreclosure rates is also a challenge to bank earnings and balance sheets. If the government could have kept hundreds of thousand of mortgage holders in their houses, banks would keep at least some of the income for the properties. Those same banks now face large write-offs on their home loan portfolios which may make the recovery of the financial services industry even more difficult than it already...

Author: /time Magazine | Title: What Foreclosures Soaring 32% in April Will Mean | 5/13/2009 | See Source »

...weather the same degree of losses, especially as it has adequately prepared its populace for "martyrdom." As a result, it believes it is able to withstand much greater human and material losses than the U.S. A $100-per-bbl. spike in the price of oil and a few thousand Americans dead, its thinking goes, will convince the U.S. to seek a truce...

Author: /time Magazine | Title: Understanding Iran's Deterrence Game | 5/13/2009 | See Source »

...Three thousand dollars to fix the pipes beneath a tennis court; $462 for the upkeep of a swimming pool; $942 to fit a chandelier. The extravagance of many of the expense claims filed by British MPs in recent years, deliciously catalogued this past week by the country's Daily Telegraph newspaper, which obtained leaked details, have British voters fuming. In a poll taken by the Times of London, more than four fifths of Britons thought all the country's legislators were as bad as each other for milking their allowance system, if not illegally, then far beyond its spirit...

Author: /time Magazine | Title: Expenses Scandal Only Adds to Brown's Woes | 5/13/2009 | See Source »

Really? Two thousand inflatable penguins that I spent all winter blowing up and signing and dating. I shipped 250 to each of the events on tour this year and people get the penguins in rounds and we have various contests. I like to get people moving and jumping. I think it's good to add more emotion and chaos...

Author: /time Magazine | Title: Novelist Chuck Palahniuk | 5/12/2009 | See Source »

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