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...renters can even start considering buying," says Gleb Nechayev, a senior economist at Torto Wheaton. He looked across markets at the average monthly cost of buying a condominium, assuming a 20% downpayment and annual fees of 1.5%. Even after adding in interest on the loan, buying an apartment in certain markets - including Las Vegas; San Diego; Orlando, Fla.; Sacramento; and Fort Lauderdale, Fla. - came out to be cheaper than the average rent price. In West Palm Beach, Fla., buying cost 20% less...

Author: /time Magazine | Title: Bright Spot in the Housing Crash: Cheaper Rents | 1/22/2009 | See Source »

...Wriston changed the y in City to an i. After years of success, though, he left the bank with billions in bad loans to Latin America. Only profits generated by the U.S. retail-banking and credit-card juggernaut built by Wriston's protégé John Reed--combined with a certain amount of forbearance by bank regulators and a lot of cash from Saudi Arabia--enabled Citi to survive. Reed then agreed to a 1998 merger with Travelers Group, which necessitated congressional repeal of the Glass-Steagall Act and established Citigroup as the greatest financial supermarket on earth...

Author: /time Magazine | Title: Citibank: Teetering Since 1812 | 1/21/2009 | See Source »

...helped build a foreign policy bubble as well. After 9/11, it acted as if America's power were virtually unlimited: our resources were infinite; our military was unstoppable; our ideology was sweeping the world. Bush and Dick Cheney were like homeowners who took on more and more debt, certain that they could cover it because the value of their home would forever rise. They toppled regimes in two countries with little history of competent, representative government. They defined the war on terrorism so broadly that it put the U.S. in conflict not only with al-Qaeda but also with Hizballah...

Author: /time Magazine | Title: The Solvency Doctrine | 1/21/2009 | See Source »

...There is a certain camaraderie among proctors,†Dortz said. “Over the years, you encounter the same people and develop quick relationships with the other proctors...

Author: By Danella H. Debel, CRIMSON STAFF WRITER | Title: A Day in the Life of an Exam Proctor | 1/21/2009 | See Source »

...with Satyam given the recent developments with the board." Some employees say they're staying out of loyalty to the company. "I can't deny that I'm in a dilemma," says D. Ramesh Krishnan, another software engineer. "I have been with Satyam for 10 years ... I feel a certain affiliation to the organization. But I also worry about my future." On Jan. 15, several hundred Satyam employees gathered outside Chanchalguda prison in Hyderabad, where Raju is being held, to express support for their former boss. Indian corporate culture has long been grounded by an unspoken bond between workers...

Author: /time Magazine | Title: India Tries to Save Jobs After Satyam Scandal | 1/20/2009 | See Source »

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