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Greenberg is not likely to escape tough questions. It was Greenberg, after all, who supervised Joseph Cassano, chief of AIG's Financial Products (FP) unit, whose sales of uncollateralized credit-default swaps brought down the company. Representative Peter Welch, a Vermont Democrat and committee member, blamed Greenberg for "allowing a culture to develop that completely contradicted the insurance-company ethic of limiting risk." Greenberg, Welch said, is trying to redeem his reputation on the grounds that "he was out the door before the roof fell...
Trading in the lucrative swaps - which insured banks against losses on loans backed by mortgage securities - began on Greenberg's watch. But he is likely to argue that only after his ouster in March 2005 did the company's troubled FP unit fail to put up sufficient collateral to cover potential losses from the increasing number of loans backed by subprime mortgages. "You want to make sure you don't have any unexpected surprises down the road," he told TIME in a recent interview...
...trial is the first time a coup plot has landed high-ranking military officials in court. The 40 soldiers now being held include a retired general and colonel believed to have cofounded JITEM, a secretive military-intelligence unit which many Kurds suspect is responsible for most of the dirty work in the southeast, including the extrajudicial killings of dozens of Kurdish activists. The Ergenekon trial - the group named itself after a mythic central Asian valley Turks believe they come from - "is a milestone," says Nuserivan Elci, who represents some 50 families of the 'missing' in Silopi. "It's a historic...
...police recruits were not trained to confront armed terrorists, Interior Ministry chief Rehman Malik told reporters. They were shown fleeing the building in a panic as the rangers - a paramilitary force - and members of the Punjab police's élite commando unit arrived. The security forces mounted nearby buildings and worked their way into the besieged facility. Fierce gun battles ensued as they sought to push back the attackers. In scenes reminiscent of the three-day siege of Mumbai's luxury hotels, there was a relentless exchange of gunfire, with ammunition crackling loudly in the background. The local area, Manawan...
...chop, running lights out to avoid detection. Supervisory agent Mark White stood on the bow, peering through night-vision goggles that revealed an empty sea clear out to Coronado island, 8 miles (13 km) away. Hill, director of the CBP's marine-interdiction unit in San Diego, busied himself scanning the green squiggles on the radar screen and radioed to agents in helicopters hovering above the coastline. "They're the bird dogs," Hill says of the choppers. "We're the hunters...