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Forte may not have had Madoff's years of experience, but his instincts were dead-on: of the $50 million in investor monies, the SEC says Forte deposited $26 million, withdrew $23 million, took $12 million for himself, and gave the rest to early investors, a formula considered the Ponzi gold standard. Forte did not return phone calls to comment on his case. He appeared in court without a lawyer, according to local reports...

Author: /time Magazine | Title: Beyond Madoff, Ponzi Schemes Proliferate | 1/23/2009 | See Source »

Both the New York Post and New York Daily News have quoted sources saying that Caroline Kennedy withdrew her name after learning that Paterson - who has the sole authority to name the replacement for Clinton - had decided against picking her. Recent polls have shown that while she was once considered a strong candidate for the position, New Yorkers now say they would prefer state Attorney General Andrew Cuomo - another member of a famous political family, and a former cousin-by-marriage of Caroline Kennedy. A series of tense media appearances and an unusually aggressive behind-the-scenes lobbying campaign...

Author: /time Magazine | Title: Ted Kennedy's Circle Upset by Caroline's Awkward Exit | 1/22/2009 | See Source »

...Israel win? Depends on how you define win. Some would say that every day the Jewish state continues to exist, grow and even prosper is a victory. It's sobering that both fronts where Israel most recently withdrew to the last inch of the international border--Lebanon and Gaza--are used as staging grounds for launching rockets at our civilians. If we need to fight once every few years, we'll do it. Shuki Raz, RAMAT GAN, ISRAEL...

Author: /time Magazine | Title: Inbox | 1/21/2009 | See Source »

...Washington Richardson Bows Out President-elect Barack Obama's pick for Commerce Secretary, New Mexico Governor Bill Richardson, withdrew his name from consideration amid a grand-jury investigation into state contracts awarded to a political contributor. While the governor headed back to the statehouse, Obama's team scrambled to fill other crucial posts...

Author: /time Magazine | Title: The World | 1/8/2009 | See Source »

...Arab states will be willing to go now to make peace with Israel is unclear. The Saudi-sponsored Arab Peace Plan, which offered Israel peace with 22 Arab countries if it withdrew to its 1967 borders, will remain on the table for Israel's new PM to consider. Even Syria, a prime supporter of Hamas, spent part of 2008 in indirect peace talks with Israel mediated by Turkey. But Syria has broken off its talks for now, destroying any chance that Damascus, on behalf of Israel, might put pressure on the exiled Hamas leaders residing there...

Author: /time Magazine | Title: Can Israel Survive Its Assault on Gaza? | 1/8/2009 | See Source »

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