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Yet SEC staff failed to adequately follow up or seek third-party verifications on the trades, the report said. In many cases, the report said, "an inexperienced examination team" was assigned the investigation and many of the team's members were not familiar with trading practices and simply accepted Madoff...

Author: /time Magazine | Title: SEC Internal Review Cites Multiple Failures on Madoff | 9/2/2009 | See Source »

If the SEC had even consulted third parties, such as the Depository Trust Company (DTC, a special-purpose bank used by securities firms), to verify trades, the scandal would have been uncovered. For example, a January 2005 statement for a Madoff feeder-fund account indicated it held $2.5 billion of...

Author: /time Magazine | Title: SEC Internal Review Cites Multiple Failures on Madoff | 9/2/2009 | See Source »

Berns and his colleagues recruited 91 kids ages 12 to 18 and asked them to fill out a questionnaire about their tendency to engage in behaviors such as driving without a license, having unprotected sex and using drugs. Then they had the kids undergo a relatively new kind of brain...

Author: /time Magazine | Title: The Teen Brain: The More Mature, the More Reckless | 9/2/2009 | See Source »

The result is a fragmentation of the vote that will make it more difficult to form the kinds of stable coalitions that Germany has gotten so used to of late. Sunday's elections demonstrate the trend at the state level, with potential coalitions - such as a government of Social Democrats...

Author: /time Magazine | Title: Small Parties Gain in German State Votes | 9/1/2009 | See Source »

Three years ago, Gaddafi opted to invest his excess oil revenues in a sovereign wealth fund called the Libyan Investment Authority, which has rocketed in value thanks to soaring oil prices on the world market. The fund has about $65 billion in capital, part of which Libya has used to...

Author: /time Magazine | Title: Lockerbie Bomber's Release Casts a Shadow Over Gaddafi Celebration | 9/1/2009 | See Source »

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