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...staggering number of them are disappearing. So far this season, which is barely a quarter of the way over, six NBA head coaches, or 20% of the total, have already been fired; the latest victim, Sacramento's Reggie Theus, just got the news on Monday. That's a new record for axings before Christmas. The other casualties include Sam Mitchell, the 2006-07 NBA Coach of the Year for the Toronto Raptors, fired by the club on Dec. 3; Maurice Cheeks, the beloved ex-champion point guard for the Philadelphia 76ers, canned by the Sixers last weekend despite winning widespread...

Author: /time Magazine | Title: The NBA's Epidemic of Fired Coaches | 12/17/2008 | See Source »

...Even if this year's coaching moves backfire, don't expect a more patient approach to return. Coaches will no longer get the chance to grow with their players. "I wouldn't cement this year's record. It's one of those things that will get broken in the next year or so," says Van Gundy. "I don't think anyone cares about how the coaches are treated." Except, of course, for a fellow fired coach...

Author: /time Magazine | Title: The NBA's Epidemic of Fired Coaches | 12/17/2008 | See Source »

...Pullen all gave clean bills of health to the numerous funds that invested with Bernard Madoff and his asset-management firm. Clients say the large accounting firms signed off on statements that said the Madoff investment vehicles had billions of dollars in assets as well as an unlikely track record showing years of always-positive returns. The billions have vanished, and the impressive returns now look to have been made up. See the top 10 financial collapses...

Author: /time Magazine | Title: The Madoff Fraud: How Culpable Were the Auditors? | 12/17/2008 | See Source »

...latest cut follows an October cut of 1.5 million barrels a day, which failed to arrest the downward slide in oil futures - prices have plunged a further 18% since November, deepening fears among oil-rich nations of an economic disaster at home. Whereas in July, with futures at a record high of $147 a barrel, the daily oil earnings for Opec's 11 members stood at $4 billion, this week, with oil hovering at around $43 a barrel, the cartel's combined daily earnings stood closer to $1.2 billion. Saudi Arabia's oil minister Ali Al-Naimi said last month...

Author: /time Magazine | Title: OPEC Cuts Production in Effort to Reverse Price Slide | 12/17/2008 | See Source »

...economy would not withstand the collapse of the auto industry, but perhaps carmakers should look to their friends in the oil industry for assistance. ExxonMobil and others reported record profits--with our money--supplying fuel for all the gas-guzzlers Detroit built. Why should U.S. citizens pay again? William Stamm, ROSENDALE...

Author: /time Magazine | Title: Inbox | 12/17/2008 | See Source »

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