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...originally was to stamp out counterfeiting in an era when one out of every three bills in circulation was fake. Though the Secret Service was tasked with guarding President Grover Cleveland's family in the 1890s, presidential security became a formal objective only after the assassination of President William McKinley in 1901. It wasn't until 1951--after a failed attempt on President Harry Truman's life--that Congress codified the agency's permanent protection of the First Family. Its duties also now include candidates for high office and visiting dignitaries. (See the Top 10 secret service code names...

Author: /time Magazine | Title: A Brief History Of: The Secret Service | 11/20/2008 | See Source »

...reorganization option faded after William O. Douglas (then SEC chairman, later a Supreme Court Justice) persuaded Congress in 1938 to approve more punitive bankruptcy laws, but it was resurrected by Congress in 1978 as Chapter 11 of the bankruptcy code. Since then Chapter 11 has been used to reorganize airlines, steelmakers and countless other companies in trouble...

Author: /time Magazine | Title: Don't Call It Bankruptcy | 11/20/2008 | See Source »

...ceremony took place at the Waldorf Astoria in New York City on March 16, 1950, co-sponsored by three other literary organizations in a coup of writers awarding other writers. Nelson Algren won in the fiction category for his tragic American hero story, The Man with the Golden Arm, William Carlos Williams in the poetry category for his work Paterson: Book III and Selected Poems, and Dr. Ralph Rusk in the nonfiction category for The Life of Ralph Waldo Emerson. The New York Times noted the following day that "of the principal prize winners only one, Mr. Algren, had been...

Author: /time Magazine | Title: The National Book Awards | 11/19/2008 | See Source »

...Harvard captures the first of its seven national championships, 12-6. 1894: Rugby brutality continues as seven players were reported to be carried out in “dying conditions,” according to newspapers and had to be suspended for two years. Also, first Yale game with William H. Lewis, Harvard’s first black captain and first football scoreboard, invented by Bostonian Arthur Iwin. 1908: Rumor has it that Harvard coach Percy Haughton strangled a bulldog in locker room to motivate players. Harvard did win, 4-0. 1909: “Battle of the Giants?...

Author: By Julia S Chen, CONTRIBUTING WRITER | Title: The Harvard-Yale Game, Through the Ages | 11/19/2008 | See Source »

...hearings and appeals required by union contracts and state-labor laws in firing a tenured teacher. (Costs can run as high as $100,000). Other districts simply transfer inadequate teachers to other schools in what Calif. Gov. Arnold Schwarzenegger has called "the dance of the lemons." Former Mass. Gov. William Weld tried to pass legislation requiring teachers to take competency tests every five years, a move that triggered a number of complaints from local teachers' unions who called the bill adversarial and intrusive. Weld defended himself by explaining his stance as "anti-slob teacher," not "anti-teacher...

Author: /time Magazine | Title: Tenure | 11/17/2008 | See Source »

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