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...Despite that economic muscle, it's unlikely to offend anyone, not least because it's unusually open about its agenda. The fund's managers publish an annual report making clear their interest in financial - not political - returns. And with Norway's central bank left alone to run the fund, the role of the country's government - in deciding its broad strategy and monitoring its performance - is clearly defined. Such measures have made the fund the industry's gold standard. In a recent study by the U.S.-based Peterson Institute for International Economics, Norway's fund scored 100% for governance...

Author: /time Magazine | Title: Caring Capitalists | 6/11/2008 | See Source »

...international relations during his administration. From the President on down, Americans are at least thinking - openly - about what went wrong, and why, and what can be learned from it. The latest issue of Foreign Affairs has a long article by Secretary of State Condoleezza Rice on the national interest. If not always convincing, it is an effort to explain why specific ways of looking at the world keep cropping up among American policymakers, decade after decade. Rice joins - to name but a handful of luminaries - Robert Kagan, Michael Mandelbaum, Anne-Marie Slaughter and Fareed Zakaria, all of whom have recently...

Author: /time Magazine | Title: Bush's Farewell Tour | 6/11/2008 | See Source »

...there are sometimes hidden costs in the fine print, interest payments not due for months, especially when the outrage is calculated for maximum political effect. And that outrage came back to haunt Barack Obama Wednesday when Jim Johnson, the man running his vice presidential search team, stepped down after the Wall Street Journal reported that he had received preferential deals on mortgages because he was friendly with an executive at Countrywide Financial, which has been tied to the subprime foreclosure crisis. "Jim did not want to distract in any way from the very important task of gathering information about...

Author: /time Magazine | Title: The Outrage Game Bites Obama | 6/11/2008 | See Source »

...sometimes in unsavory countries around the world. Current lobbyists also populate the ranks of McCain's unpaid advisory staff. Eventually, the torrent of stories about these ties, driven largely by opposition researchers working for the Democratic cause, forced McCain to create a new conflict-of-interest policy and unceremoniously jettison several trusted advisers from his campaign...

Author: /time Magazine | Title: The Outrage Game Bites Obama | 6/11/2008 | See Source »

...those who closely observe politics or work in the business, none of this is surprising. Nearly all the nation's brightest, and even idealistic, political professionals take jobs for wealthy interests in off years. Both McCain and Obama know this, and no matter how many conflict-of-interest policies they construct, the next Administration will be populated by people who have previously been paid large sums by companies and organizations that want to bend government to their whims...

Author: /time Magazine | Title: The Outrage Game Bites Obama | 6/11/2008 | See Source »

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