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Born in Oxford, Miss., in 1948, Sims endured a troubled childhood in Pittsburgh that included time spent in foster care. (She later credited her unhappy childhood with fueling her drive and determination.) She arrived in New York City to attend the Fashion Institute of Technology in 1966 and decided to try modeling to support herself. After most agencies turned her down, proclaiming her skin color "too dark," she forged out on her own, landing a photo spread with the New York Times by contacting a photographer directly. At a time when "black is beautiful" became a rallying cry for many...

Author: /time Magazine | Title: Appreciation: Naomi Sims, the First Black Supermodel | 8/5/2009 | See Source »

...exponential growth of hyper-frequency trading, announced on Tuesday, Aug. 4, that it was considering a ban on one form of this activity, known as flash trading. But it has said nothing about an even bigger element of high-frequency trading, known as co-location, even as the New York Stock Exchange (NYSE) is building two new facilities to house such traders...

Author: /time Magazine | Title: High-Frequency Trading Grows, Shrouded in Secrecy | 8/5/2009 | See Source »

...that doesn't mean there aren't grim pockets elsewhere. By the end of March 2011, Deutsche Bank projects, 65% of borrowers in the Chicago metro area, 71% of those in the Baltimore and Portland, Ore., areas, and 77% in greater New York City will be underwater. On paper, that might look a lot better than the 93% Deutsche Bank is expecting for Fort Lauderdale, Fla., and the 92% figure for El Centro, Calif. But to the people living in those houses, unable to move, the relative good fortune will likely be little consolation...

Author: /time Magazine | Title: Half of All Mortgage Holders Expected to Be Underwater | 8/5/2009 | See Source »

...needed daughter Chelsea's help to blow out the candles. His was far from the biggest, however. At one of the 6,000 parties thrown in honor of Franklin Roosevelt's birthday in 1934, 52 young girls - one for each year of the President's life - paraded through New York City's Waldorf-Astoria hotel wearing frothy white satin-and-chiffon gowns topped with hats shaped like triple-tiered birthday cakes. Each carried in her right hand a long pink electric candle. Clumping into the shape of a birthday cake, they held the candles over their heads, switched on their...

Author: /time Magazine | Title: Presidential Birthdays | 8/4/2009 | See Source »

...Perhaps anticipating opposition to the proposal for a hybrid facility, the Administration seems to be lining up a Plan B: it has referred the cases of dozens of detainees to prosecutors in New York City, Washington, D.C., and Alexandria, Va., for possible criminal trials, according to the Associated Press. All three districts have previously prosecuted terrorism cases...

Author: /time Magazine | Title: New Gitmo Proposal Draws Wide Range of Critics | 8/4/2009 | See Source »

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