Word: went
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...Occasionally tripping over his words, he seemed nevertheless to be in control of his emotions. In his Queens accent, Madoff said he was grateful for the chance to address the court. "As the years went by, I realized my risk and this day would inevitably come," he said. "I cannot adequately express how sorry I am for my crimes." Madoff explained that his Ponzi scheme, run through an account held by his investment-advisory business at the Chase Manhattan Bank, began during a "recession" in the early 1990s. He believed he would be able to extricate himself and his clients...
...quotes ("There's no shame. We're all victims"), an array of New York City characters paraded by to promote their particular causes and enterprises. A drag queen and a court jester from the Imperial Court of New York carried signs advertising a "Night of a Thousand Gowns." They went practically unnoticed as hundreds of reporters, both print and television, chased after anyone who could provide a sound bite on Bernie Madoff...
...oriented industries were responsible for creating the world's second largest economy, and their lifetime-employment policies, with generous benefits, obviated the need for a comprehensive social safety net of the sort familiar to Western Europeans. Then came the bubble. After financial markets were liberalized in the 1980s, Japan went on a debt-fueled binge that made modern Americans look as thrifty as Amish farmers. The stock market soared into the stratosphere, and property prices went so haywire that it was common to claim that the land on which the Imperial Palace sits in the center of Tokyo was worth...
...bubbles do, this one burst. While Japan's bureaucrats dithered, failing to face up to the crisis in the financial system, the economy went into a long "lost decade." The stock market plunged, then limped, then plunged again. (The Nikkei index is down 82% from its peak in 1989, and recently hit a 26-year low.) Banks that had once been the envy of the world had to be recapitalized. Growth picked up again after the turn of the century, as demand in China and the U.S. grew, only to be clobbered by the global recession and the collapse...
French President Nicolas Sarkozy has never hidden his infatuation with celebrities. In recent years Sarkozy has burst with pride while being photographed with the stars he likes to count as both political supporters and personal friends. In 2007, he even went and married one. But as Sarkozy's government tries to crack down on illegal Internet downloads of music and movies, suspicions have surfaced that the proposed regulation could be just another case of the President protecting his famous friends...