House approves punitive tax on bailed-out companies: Those with bonuses greater than $125K would surrender 90 percent of it. The recently bailed-out Barclays bank gags the Guardian for blowing the whistle on tax-avoidance schemes--just as new allegations emerge. A.I.G. sends memo to employees on
If you enjoyed the A.I.G. bonus brouhaha, wait until Fanny and Freddy start paying out. The pipedream of corporate social responsibility needs to be shelved. Six years after the invasion, Baghdad shops open their doors again. Convicted of insulting Ayatollah Ali Khamenei, Iranian blogger dies in prison at
Fed announces it will pump an additional $1.2 trillion into the economy, which could lower interest rates--and stimulate inflation. Dodd: We ensured A.I.G.'s bonuses would be paid because the administration feared costly lawsuits. I.R.S. says it will allow Madoff victims to claim
France "won't pass judgment" on Church doctrine, but does point out that the Pope's stance on condoms threatens lives. IBM in talks to buy Sun. A.I.G. expected to ask its bonus-happy employees to return half the money. Turns out A.I.
Head of Europe's Central Bank lectures on Dante and Derrida; AIG head-honcho sports Che Guevara shirt. China enjoys interncontinental shopping spree on fire-sale assets, natural resources. The Shining Path reinvents itself with cocaine, reigniting war (great photo gallery, video). Books read by the New York Times
Both reformists and conservatives face a tough battle in Iran's June elections. Meet Adnan Oktar and Turkey's creationist movement. Op: Harazi Kabul and Obama Washington need to get together quickly, says former ambassador. A.I.G. execs should consider honorable suicide Japanese-style, says U.S.
Obama directs Treasury officials to "pursue every legal angle" to rescind bonuses at AIG. Though it may now be too late to get the AIG bonuses back, stricter rules could be attached to the next $30 billion. Thorough: 27 visualizations and infographics to understand the financial crisis. The
The booming industries of recent years, from construction to finance, will not bounce back. The global job market is hungover, recovery is unaided by a ballooning labor force. The "patriotism as disease defense mechanism" hypothesis: natural distrust, fear of strangers. "We used to be in these hills
Europe actually not pleased about taking "the worst of the worst" from Guantánamo. About two-thirds of all Polish mortgage holders now face skyrocketing payments. Lessons learned from Obama's economic blueprints about his policy style. Need style inspiration? Try the fashion of Mad Men creator Matt
Americans see 18 percent of their wealth disappear in 2008. Why Bashar al-Assad, that "lisping former opthamologist who rules Syria with an iron fist," enjoyed the best week ever. Among TIME's world-changing 10 ideas: Africa as a business destination (for China). You know Warhol,
