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...best of my recollection, my fraud began in the early 1990s. At that time, the country was in a recession and this posed a problem for investments in the securities markets. Nevertheless, I had received investment commitments from certain institutional clients and understood that those clients, like all professional investors, expected to see their investments out-perform the market. While I never promised a specific rate of return to any client, I felt compelled to satisfy my clients' expectations, at any cost. I therefore claimed that I employed an investment strategy I had developed, called a "split strike conversion strategy...

Author: /time Magazine | Title: Bernard Madoff's Full Statement to U.S. District Court | 3/12/2009 | See Source »

Over the past two decades, Minneapolis' 33,000-student district has seen a steady increase in the number of homeless kids, as the Twin Cities area has hemorrhaged manufacturing jobs and the supply of affordable housing has dwindled. The recession has worsened the problem: between July and December, Minneapolis Public Schools (MPS) tallied nearly 20% more homeless students than during the same period the year before. Perhaps out of necessity, the district has become a national model for how to identify what it refers to as "highly mobile students" and ensure that their education is not interrupted. Case in point...

Author: /time Magazine | Title: Keeping Homeless Kids in School | 3/12/2009 | See Source »

...premise: that a straight adult male can successfully troll for straight adult male friends. Men are genetically programmed to shed friends once they get married, not add them. "If my dad had social engagements, it was my mom who arranged them," Rudd says. "But I never had a problem making friends." So, sitting in a booth at the Half King bar in New York City, two beers down, we decide to see if we can pull it off. (See the Top 10 Movie Bromances...

Author: /time Magazine | Title: Paul Rudd: Everybody's Buddy | 3/12/2009 | See Source »

...That doesn't seem quite right. Since September, the bad news about banks has been nonstop - and not just at the top of the food chain. Although teetering giants like Citigroup and Bank of America grab the headlines, at the end of last year 252 institutions were on the problem list of the Federal Deposit Insurance Corporation (FDIC), up from 171 three months earlier. Seventeen banks have failed so far in 2009; expect hundreds more over the next few years. (See the top 10 financial collapses...

Author: /time Magazine | Title: While the Giants Reel, Many Small Banks Are Thriving | 3/12/2009 | See Source »

...Narcotic Drugs in Vienna on March 11th. Costa urges countries to "look at drug control as a series of inter-related factors where each intervention has an impact on others," emphasizing the need to incorporate innovative and inclusive crime prevention methods in all efforts to reduce the drug problem rather than tackling each measure individually...

Author: /time Magazine | Title: The Disturbing Rise of Drug Gangs | 3/11/2009 | See Source »

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