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...dollars in derivative portfolios, building up potential liabilities many times its capacity to pay out if the portfolios defaulted. Few financial experts ever imagined the scope of the impending defaults. Neither did regulators. AIG's uncollateralized insurance combine was regulated by Washington's Office of Thrift Supervision, whose task is to watch over savings-and-loan companies, not global insurers. And it wasn't watching...

Author: /time Magazine | Title: How AIG Became Too Big to Fail | 3/19/2009 | See Source »

Immediate financial fixes. Central banks and financial technocrats are moving to end some of the more flagrant abuses and rethink the financial system's rules - but, inevitably, that is a slow and painstaking task. London needs to serve up some quicker fixes. One suggestion: an immediate ban on opaque off-balance-sheet "special purpose vehicles," which played such a big role in the meltdown (and in the Enron scandal). Another: the establishment of a G20 College of Supervisors, the beginning of a world regulatory body to oversee financial markets, coordinate national responses and troubleshoot crises at cross-border financial institutions...

Author: /time Magazine | Title: The G20's Chance Meeting | 3/19/2009 | See Source »

...after a leader," he wrote. Such pragmatism is typical of the Muslim world's soft revolutionaries. They believe that their own governments, the Islamist extremists and the outside world alike have all failed to provide a satisfying narrative that synthesizes Islam and modernity. So they are taking on the task themselves. The soft revolution's combination of conservative symbols, like Islamic dress, with contemporary practices, like blogging, may confuse outsiders. But there are few social movements in the world today that are more important to understand...

Author: /time Magazine | Title: A Quiet Revolution Grows in the Muslim World | 3/19/2009 | See Source »

English Professor Louis Menand recalled feeling thrilled when the Harvard Faculty finally approved the new curriculum at the last Faculty meeting of the 2006-2007 academic year. Menand, who helped author the Report of the Task Force on General Education, said that almost the entire room—168 professors, to be exact—raised their hands as the Secretary of the Faculty counted the votes. At that meeting, the Faculty moved to eliminate the nearly 30-year-old Core program and implement the new Gen Ed curriculum over a period of two years...

Author: By Bonnie J. Kavoussi, CRIMSON STAFF WRITER | Title: Kicking the Core to the Curb | 3/19/2009 | See Source »

...long as there's been an Internet, China has sought to monitor and control how its citizens use it. That's no small task in the world's most populous country, which now has more web-surfers - some 253 million - than America. Technology known as "the Great Firewall" blocks web sites on an array of sensitive topics (democracy, for instance), while tens of thousands of government monitors and citizen volunteers regularly sweep through blogs, chat forums, and even e-mail to ensure nothing challenges the country's self-styled "harmonious society." Together this massive network of Internet nannying is imperiously...

Author: /time Magazine | Title: Chinese Internet Censorship | 3/18/2009 | See Source »

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