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...billion in nonperforming loans that it either holds or has guaranteed against. In a painful stroke of irony, there is a $15.4 billion line item for deferred taxes on the asset side of Freddie's balance sheet. That means Freddie is still hoping to claim $15 billion in write-offs against future profits. But since Freddie continues to lose money and is now part of the government, the likelihood that it will have to pay taxes anytime soon is probably nil. Add up all those items, and it becomes apparent that the government will probably spend more than $100 billion...

Author: /time Magazine | Title: Freddie Mac: Government's New Black Hole? | 3/17/2009 | See Source »

...insure the value of certain paper owned by the likes of Goldman Sachs (GS), Morgan Stanly (MS), and Deustsche Bank (DB). When the value of that paper fell, AIG was on the hook to pay off the "insurance" which kept the likes of Goldman from having to book large write downs. Those write downs might have pushed Goldman into a difficult financial situation. The same holds true for a number of the other companies doing business with AIG under similar circumstances...

Author: /time Magazine | Title: AIG's Bailout and the Price of Doing Business | 3/16/2009 | See Source »

...their avocados, it becomes apparent that there is not just one monster and not just one painful itch in their outwardly perfect lives. While the play’s overarching message about the hypocrisy of white Northeastern liberals becomes overbearing at times, it is not easy either to write or perform a play about intolerance in post-September 11th American culture without becoming too preachy. “The Pain and the Itch” comes close to crossing the line but manages to avoid doing so due to the company’s excellent performance and M. Bevin...

Author: By Rachel A. Burns, CRIMSON STAFF WRITER | Title: 'The Pain and the Itch' Satirizes Hypocrisy of White Liberals | 3/16/2009 | See Source »

...write about how most priests don't even like to talk about exorcism, that they find the idea distasteful. Why is that? There's a lot of taboo when it comes to the devil and evil itself. Parishioners don't want to hear about Satan and evil and sin. Father Gary, he's in his 50s, and he was ordained in the late '70s. During that period, you had a lot of turmoil in conjunction with Vatican II shaking up the church and getting rid of many very old traditions, the Latin mass and those sorts of things...

Author: /time Magazine | Title: The Story of a Modern-Day Exorcist | 3/16/2009 | See Source »

...health-care wonks, among them, noted bioethicist Ezekiel Emanuel - brother of White House chief of staff Rahm Emanuel - who has been tapped to play a big role in health-care reform in the Obama Administration's Office of Management and Budget. Emanuel and Wyden teamed up in December to write an op-ed piece in the Wall Street Journal on the limits of employer-based health coverage. And though during the election campaign Barack Obama criticized John McCain for proposing a plan that, like Wyden's, would make employer-provided health benefits taxable, the Administration has suggested in recent weeks...

Author: /time Magazine | Title: Two Dems Want to Scrap Employer Health Care | 3/16/2009 | See Source »

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