Professional Documents
Culture Documents
TUESDAY, JAN. 19
12:41 p.m.
Obama on he
his first anniversary
office and just hours
before the result of the
Massachusetts election
Photograph ;
by Callie Shell
www.time.com
R WHOLE
INS HAVE
it
We've gotten the best out of whole grains for over 100 years.
That’s the Post Natural Advantage.
Contents
4 | 10 QUESTIONS
Michael Pollan
6 | POSTCARD Yemen
8 |INBOX
11 | THE MOMENT
Nancy Gibbs on the
tollin Haiti
18 | History Davos,
where the global élite
wine, dine, test the
slopes—and talk
Obama, burdened The President took power at a time ofcrisis. How he can recover his stride, page 22.
19 | MILESTONES Illustration for Time by Dylan Roscover
We mourna
photographer, a
novelist and a singer
22 | COVER Hitting the Reset Button In just a 43 | sociaL NORMS How | 49 | ARCHITECTURE |
year, President Obama has seen his storybook siblings cansharethe | Eero Saarinen,
20 |cuRIOUS CAPITALIST ascent descend into a Washington mess. To burden of caring for misunderstood |
Justin Fox on what to
" . ‘
regain public trust, the thinker will have to
. c a ee
FEE Pare
| y
+a us due
make of the profusion become a tenacious fighter by Joe Klein 45 |HEALTH Why
Fe ic indi you should
of economic indicators 30 | Mass Revolt How the Democrats bungled Sretereamrtebconsider 52 | Books An
g ; ; running barefooteven | anthology that opens
what should have been a gimme Senate election a alte
: SE SN after you grow up the door to European
in Massachusetts by Karen Tumulty Beton
' f 46 |CASH CRUNCH
32 | What It Will Take to ;Rebuild Haiti Money, A new website lets 53 | Movies The
sure, But other recent disasters, from vou—and everyone tearjerker makesa
Teddy New Orleans to Sichuan, offer important cleeeiteanibedie nambback:
Pendergrass, lessons on how best to help the battered nation credit-card spending
ay 54 | sort List What
page 19
by Bryan Walsh, Jay Newton-Small and Tim Padgett. ae Rada oe
pie ; Lily Tomlin has on her
Also: First person accounts from TIME reporters Kindle: the Galactica
on the ground in Haiti prequel, Caprica
1-800-843-TIME of write to TIME at F 30601, Tampa, Fla. 33630-0601. Malling list: We make a portion of viling list available to reputablef f you would prefr that we © y ‘
P.O, Box 60001, Tampa, Fla, 336 / Send US an e-Mail at privacy@time.customersve.com, Printed in the
oe i
"6
challenging being a journalist amid so unique. He flew to the Dominican Re-
much pain and suffering. ‘All I can do is public the day after the quake and was in
get the word out,’ you say.” And he has. Port-au-Prince that same night. Schwarz,
Miami bureau chief Tim Padgett rode in | who first covered Haiti in 2004, finds
and out of Port-au-Prince in relief helicop- the country incredibly vibrant and has Richard Stengel, MANAGING EDITOR | 2
ah ER
t athows
Maytake1 to4 daysforful effect. #1
PREVEc!
get complete relief of symptoms within «
Can you tell us what your cur- I would bring animals back
rent diet is? If it is not vegetar- onto farms. We have seen a
ian, why not? wholesale migration ofani-
Scott Yanoff, MILWAUKEE mals to feedlots over the past
I still eat meat. But I eat a lot 20 or 30 years. On a farm, their
less. Ihave enormous respect waste feeds the crops and the
for vegetarians, but I believe crops feed the animals—it’s
there are ways to eat meat that an elegant solution. When we
are good for you and good for took animals off the farms,
the environment. we divided that solution into
two big problems.
What's your guiltiest pleasure,
and how do you rationalize it? lam a recent grad living in an
Kirsten Hagfors expensive city. How do you rec-
KETCHUM, IDAHO oncile food ethics and cost?
I like French fries, and I prob Jennifer Kincaid
ably shouldn't eat them very SAN FRANCISCO
often. I actually came up with No question—to eat healthy
arule: Eat all the junk food and to eat with some sense of
you want as long as you cook environmental responsibility
it yourself. One reason we costs more than to eat badly. If
struggle with obesity today is you have any space at all, a $70
that special-occasion foods like home garden can yield $600 of |
French fries, cakes and cookies | produce. That is the cheapest,
have become so easy to obtain. | most local, most nutritious
produce you can have.
Do you think organic farming
can be done on a large scale, What do you think about the
bringing cost down closer to | adage “It’s not the food we eat;
that of nonorganic foods? How can consumers ensure a You should be able to decide it's our eating habits”?
Michael Lawrence, NASHVILLE strong food system for future if you want to eat genetically Bill Merkes |
I think organic food will come generations? modified food. And we're not HEALDSBURG, CALIF.
down in price. But we need Brad Christian allowed to right now. The more I’ve studied this
to pay people a living wage so MEMPHIS, TENN. question, the more I realize
they can afford to buy real food. We need to vote with our forks What can be done to end subsi- | it’s not just the content of our
In the 1970s, the rise of fast food as consumers. We also need to dies for agribusiness? | diet; it’s our eating life. Are we
paralleled the collapse of fam- make our agricultural policies Kim Graves, CATSKILL, N.Y. eating alone? Are we eating at
ily wages. In a way, cheap food support the kind of food sys- I don’t agree that we need to tables? Are we snacking? All
has subsidized that collapse. tem we want—support farm- eliminate subsidies. Govern these things may turn out to
We have to rebuild those two. ers who are growing organic ment has been supporting matter a lot to our health. We
food or local food, not just big | farmers in one way or another stress over food—that can’t be
Can small changes in American corn and soy farmers. since the Depression. There's good for us either. One of the
shopping and eating patterns been intervention in agricul- things I hope to do with this
make a difference collectively? Are genetically modified crops ture going back to the Old book is help people relax a
Judith Corr harming our health? Testament. I think we should little bit about food. a
GRAND RAPIDS, MICH. Barbara Comnes, CHICAGO support our farmers, but we
Without question. Look, you The honest answer is, We don’t should get something more VIDEO AT TIME.COM
get to vote with your fork know. There is a tremendous for it than cheap calories. To watch an
three times a day. That’s a lot experiment being performed interview with
more votes you have than in right now on humans and If you could change only one Michael Pollan
any other realm of life. Get the environment with these thing about our agricultural sys- and to subscribe to the 10
ting that vote right even once crops, which are much less tem, what would it be? Questions podcast on iTunes,
7K
yy
a day makes a difference. regulated than people realize. Scott Exo, PORTLAND, ORE. go to time.com/10questions
«a
%
ae A
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Inbox
The Teen Job
Chop
Wine The New
Arent = 33%)
ly Genes Slave Trade
Destiny
Shedding Our DNA Chains Yemen: The New New I’m Rubber, You’re Glue—
Kudos on your cover story on epigenetics | Frontier Now Call Me an Idiot
[Jan. 18]. As the director of mind-body Instead of sending tens of millions of dol- DISSENT lam one of the antireform lib-
medicine for a cancer center that offers lars to Yemen for military purposes, the OF THE erals Joe Klein disparages in
WEEK
seminars on how patients can benefit from U.S. should be spending funds to eliminate “Village Idiots” (Jan. 11]. While
this emerging science, I can attest that illiteracy and poverty [Jan. 18]. Building the value of the health care reform bill is
most have never heard ofepigenetics. Yet schools with qualified teachers and medi- debatable—3o million people may get cov
everything in our environment—the way cal clinics in every village would truly help | erage that may or may not be worthwhile—
we think and feel, our exposure to stress— the people of Yemen. Ican’t understand why anyone would not
affects the way our DNA is expressed. Robert Read Sr., HICKORY, N.C. be outraged that the government is forcing
Once we understand this premise, we can them to buy private insurance from an
incorporate strategies to effect epigenetic | Now Yemen is the U.S.’s “most fragile ally.” industry that routinely pays CEOs seven
changes—including neurogenesis, the | But our country does a good job on its own figures while denying sick, dying people
growth of new nerve tissue in the brain. | of keeping terrorists busy there and all coverage. How is that not outrageous?
Brenda Stockdale, ATLANTA around the world. We invade countries Ezra Abrams, NEWTON,MASS.
to spread our form of government, then
It is important to clarify for your readers we fail to comprehend their ancient tribal Klein apparently spends too much time
that not all those who receive a diagnosis systems, theirreligioussystemsandtheir | tweeting with people just like him. To call
of myelodysplastic syndrome (MDS) will views about marriage and family struc those of us who voted for change in the
die within two years ofgetting it, regard- ture. The rise of terrorist activity over the past election “village idiots” because we
less of whether they take “conventional | past decade should at last lead us to look | think the Democrats’ health care plan isa
blood medications” or azacitidine. Of the more carefully at ourselves, not the people sellout destined to be a fiasco shows how
estimated 60,000 people living with MDS | chewing khat in Yemen. far removed he is from working America.
in the U.S., 75% have a lower-risk diag- Tom Edgar, Boise, IDAHO Philip Brimble, LoS ANGELES
nosis, providing a much less ominous | Bag
prognosis. Research indicates that lower- Klein needs to get out more. The failure to
risk MDS patients under age 70 survive, ‘It’s time the Fed preserve the public option is an affront not
on average, four to nine years after diag- to the left but to the base. Progressives are
nosis, meaning that some MDS patients took its meddling not demanding that everything be thrown
live much longer. hand off the housing out. Keep the regulations and break up
Richard M. Stone, Mikkael A. Sekeres, insurance monopolies. Move the financial
Aplastic Anemia & MDS market. Obama’s aspects ofthe bill to reconciliation, and
International Foundation relief program institute Medicare for all with a 51-vote
ROCKVILLE, MD.
just reinflates the majority. That is a rational response.
Virginia Velez, BAINBRIDGE ISLAND, WASH.
The work of Dr. Lars Oloy Bygren in epi- housing bubble.’
genetics referenced in your article would Daan Pan, CHINO HILLS, CALIF., Mandating that Americans buy from
seem to nullify one of the icons of Darwin- responding to “Postcard: Inland Empire” profiteers in the insurance industry is not
ian evolution, Darwin's finches. Darwin in the Jan. 18 issue | “landmark” governance. Itis the outsourc-
noted that the bill length offinches ing of responsibilities that government
changed depending on environmental con- should retain and consolidate.
ditions. Darwin explained this by natural Anthony Noel, GREENVILLE, N.C.
selection. Other scientists have noticed
that the bill lengths of those finches return Hands Off the
to normal when conditions return to nor- Housing Market!
mal. Sounds like epigenetics and not Dar- “Postcard: Inland Empire,” with its tale of
winian evolution. Darwin skeptics tend to qualified, would-be homeowners getting
agree that organisms can adapt (or evolve) outbid at every turn by developers, carries
vrevac
within certain boundaries, but such or- a message that should be heeded by Wash-
ganisms do not evolve into new species. ington [Jan. 18]. Bad economic choices TuYHO
si
Bygren’s study of epigenetics would seem and unexpected economic reversals are
to explain this phenomenon better and inevitable for any nation. Though painful
more simply than Darwinian evolution. for those involved, market forces will even- M¥dYE
Timothy Cox, PALM BEACH GARDENS, FLA. | tually clean up these disasters and restore
\ ee
‘inone place.Iteasily
of your business from virtually anywhere, ¢ :
mobile device.It's
'snever
er benteasier to
getyourbusinesgoing.
\ — a
q\\\
: _ =
Inbox ?
|
of impassioned sites than working extra hours—even for pay. were above the
| comments, many Christopher Timm, ALBUQUERQUE, N.M. national poverty line
from a struggling by a mere $170.
_ older generation Anentry position at my firm has gone unfilled for months because young It's my parents’
with little sympathy and grandparents’
people applying did not turn up for interview requests, attended inter-
for Junior's work generations that
views inappropriately dressed or offered résumés full of spelling and gram-
woes. A sampling irresponsibly spent
mar mistakes and text spelling. I might be old-fashioned, but it’s people
from both sides of beyond their means
like me who are still doing the hiring. | and got us into this
the gap:
Paul Rowney, SARASOTA, FLA. economic mess. Do
you know what | say
Teens bring little or nothing to the table but a misguided sense ofentitle- to them? You had
ment, minimal skills and a poor work ethic. your chance, and
Rick Clark, BREA, CALIF. you blew it, so either
step aside or make
some room.
Why weren't the parents of the young man who dreams of building a sky-
Jason Boeckman
scraper insisting that he stay in school rather than quit in the ninth grade?
Cincinnati, Ohio
Susan Simpson, ORANGE CITY, FLA. =
stability—if allowed to do so. Attempts painful. I felt their rapes in my memory, in | [Jan. 18]. From those comments, I can
to create a utopian society and protect my own vulnerable body. Skinner writes | understand why those readers did not
citizens from this pain will only defer the about the difficulty of healing after eman- want him to be chosen. But according to
inevitable and possibly make the eventual cipation. But the depth of harm done to the criteria set forth by Time, the Person
correction catastrophic for all. these young girls is beyond suffering, and of the Year is the one who “most affected
CarlH.Strom, FORT MYERS, FLA. I’m not sure there ever is “emancipation.” the news and our lives... for better or for
After they are rescued, what life is there for worse.” For the purpose of this topic, the
The Atrocity of these girls? Can they ever really recover? key phrase is “for better or for worse.” To
Human Trafficking Suki Falconberg, SAN FRANCISCO them, Bernanke was influential for the
Thank you for “The New Slave Trade” worse. To others, for the better.
{Jan. 18]. The tragedy of human trafficking Thank you for Sindiswa’s story, which was Jeff Dodge, FERNDALE, WASH.
and enslavement still needs much more heartbreaking and sickening. It is so pain-
coverage, and it’s encouraging to see itina ful to read—and yet so important that we Love the SpongeBob PJs!
prominent publication like Time. I was sor- never forget her and thousands like her. Re Joel Stein’s “Call Me!” [Jan. 18}: [have
ry to see, however, that human trafficking Jessica Kane, WENHAM, MASS. noticed that the younger generation prefers
_ in the U.S. was not mentioned. There have indirect, nonverbal, present-yet-absent
been cases of trafficking and slavery report- Perhaps South Africa should once again be contact. As for me, Skype me! Nothing is
ed in all 50 states and D.C, and Kevin Bales, the object of celebrity condemnation. If the sweeter if you live away from family. Ican
founder of Free the Slaves, estimates the world soccer federation, for example, re- listen to my grandchildren read and can see
number of modern-day slaves in the U.S. to fused to participate in games there, maybe them smile with three teeth missing, dance
be between 40,000 and 50,000. Leaving out the government would take meaningful and joke. [can hear about their latest adven-
| this information allows readers to assume action against this despicable practice. tures while seeing the expressions of joy and
that it is a problem only in a faraway place. Pamela Withrow, EDMOND, OKLA. wonder on their faces. Maybe when a robot
Elizabeth Tromans, HAMILTON, OHIO can kiss your boo-boo, wipe away the tears
And in TIME’s Defense ... and give youa big hug to make everything
Asa former prostitute, I found E. Benjamin I would like to respond to the Inbox mes- all better, younger people will discover that
Skinner’s descriptions of the young traf- sages that criticized Time for naming anactual human's touch is priceless.
ficked girls in South Africa excruciatingly Ben Bernanke Person of the Year for 2009 Marie Glenn, MADRAS, ORE.
WRITE Sendan e-mail: Senda letter: TIME Magazine Letters, Time & Life Building,
ee |To US letters @time.com. New York, N.Y. 10020. Letters should include the writers full name, address
Please do not send attachments and home telephone and may be edited for purposes of clarity and space
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PAGE 18
The Moment
‘ FAITH, HOPE AND CHARITY ALL SOMEHOW SURVIVED
I 1 7|KO Port-au-Prince the first days of Haiti’s agony. But dignity was among
the first to die. There was no time or means to keep
it alive once the Haitian capital was turned inside out by a 7.0-magnitude earthquake, the living
tossed from their homes to commune with the dead in the streets. In the days following the quake,
corpses had to be collected in wheelbarrows and shopping carts; at the city’s Grand Cimetiere, with
its elegant tombs, chickens pecked at bodies stacked along the central path, left by families who
couldn't afford a burial. Other remains were loaded by bulldozer into dump trucks and hauled
away to mass burials in the cursed swamplands outside the city. Everywhere were funeral pyres,
fueled by wood crates or old tires, set alight by people who had given up hope that the government
would come to clear the corpses. Passersby, hit by the heat and stench, broke into a run; some
images just burn too deep. —BY NANCY GIBBS
TIME February 1, 2010 Photograph for TIME by Timothy Fadek 1]
Briefing
The World
5 |Chile
The Right’s
Resurgence
Billionaire Sebastian
Pifiera won Chile's
election on Jan. 17,
making him the
first conservative
elected President
in more than half
a century. Pinera
Defense Secretary Robert Gates, left, and edged out Eduardo
Admiral Mike Mullen at a safety briefing Jan. 15 Frei, the center-left
former President,
2| Haiti 3 |Washington who was backed
by the widely
Aftershocks The Road to Fort Hood popular outgoing
Imperil Relief A Pentagon analysis of the shooting ram President, Michelle
Efforts page that left 13 people dead at the Army Bachelet. Pinera
base at Fort Hood, Texas, in November won almost 52% of
It was the last the vote, breaking
concluded that the military was ill
thing Haiti needed. the center left’s
equipped to identify threats within its
A 6.1-magnitude hold on the office,
aftershock struck
ranks. The report recommended that
which began after
the country shortly several officers be investigated for lax
Augusto Pinochet's
after 6 a.m. on supervision of Major Nidal Malik Hasan, brutal dictatorship
Jan. 20, barely the Army psychiatrist accused of the mur ended in 1990.
An Afghan soldier in Kabul, where insurgents a week after the ders, who was allowed to serve despite Analysts attributed
carried out a large-scale attack on Jan. 18 capital Port-au- unease about his behavior. the result to Frei's
Prince was flattened lackluster campaign
1| Kabul by a massive and Pifiera’s ability
earthquake that 4| Washington
Hitting Close to Karzai’s Home killed as many
to separate himself
from the legacy of
In one of the boldest attacks on the as 200,000 and _ The FBI’s Photoshop Mishap Pinochet's rule.
left 1.5 million
Afghan capital since Hamid Karzai If Spanish politician Gaspar Llamazares
homeless. Aid
became President, insurgents laid siege to looks familiar, that’s probably because
groups fear that the
several areas of Kabul on Jan. 18. Suicide tremor—the worst his image recently appeared on the FBI's
bombers blew themselves up near Karzai’s of the dozens of list of most-wanted terrorists—next to
palace and the Education Ministry, while aftershocks that Osama bin Laden’s name. In an effort
another three of the seven perpetrators have hit Haiti since to depict how the elusive al-Qaeda
took over a shopping complex across from the quake—could leader, now 52, may have aged over the
the Justice Ministry. All the attackers hinder the delivery past decade, an FBI forensic artist took
were killed, as were two civilians and of food and water.
a photo of Llamazares from the Internet
About 4,000
three members of the Afghan security and merged it with bin Laden’s features.
additional U.S.
forces. At least 70 people were wounded. The bureau has apologized to Llamazares
troops have been
The incident—a reminder of the Taliban’s and removed the picture from its website.
pledged to Haiti
ability to strike at the shaky Afghan to help deliver aid,
government—came as Kabul mulled a bringing the total Have you
program aimed at persuading insurgents to 15,000. seen this
to renounce violence in exchange for (digitally
altered) ; i
economic incentives, amnesty and Taliban
man? 4 r »
representation on a proposed Grand
Peace Council. OSAMA FBI GASPAR
BINLADEN COMPOSITE LLAMAZARES
Numbers: 47%
Percentage of Muslim Americans who think O Percentage of U.S. wives who
of themselves as Muslims first; 28% say > ) Ye earned more than their husbands
they consider themselves Americans first O in 2007, up from 4% in 1970
10| California
The Couch-Potato Generation
A Kaiser Family Foundation study found
that U.S. kids ages 8 to 18 are consuming
more media than ever before. According
to the survey, children and teens are now
using their phones, computers, TVs and
video-game systems for a total of 7.5 hours
a day, or 52.5 hours a week. (The authors
explain that multitasking and dual
use devices—like cell phones that play
video—push those figures even higher.)
In the past decade, music listening has
increased the most, up nearly an hour
per day. The only leisure activity that has
6 |Ukraine become less popular is reading.
A COUNTRY LOOKS EAST Whoever leads Ukraine next, it won't be pro-Western President
Daily media consumption for U.S. kids
Viktor Yushchenko, who placed fifth in the nation’s Jan. 17 elections. Since coming to power
in 2005, Yushchenko has clashed with Russia and angered Ukrainians byfailing to make good on (eee SG Watching TV:
his promises ofeconomic reform. Prime Minister Yulia Tymoshenko and her predecessor Viktor aaS88 270 min.
Seaen
Yanukovych both seen as more Moscow-friendly were the top vote getters, prompting Russia Seeae rae Listening to music:
to unfreeze ties with the former Soviet republic. The two will face each otherin a Feb. 7 runoff. SEaEEE 151 min.
Se8E8 (¢ Talking on cell phones:
Seaeaa8 33 min
Seaeae8 :
7|Washington 8 | Britain 9 |Iraq Sean 8 Playing video games:
2ae8828 ~ 73min.
Someone Is A Candy Revolution Candidates aanen Tt @
“rr Text messaging:
bo
Listening Disqualified
U.S. food giant Kraft has reached an “Tr sa 90 min.
A forthcoming agreement to buy 186-year-old British An election com- Saen8 & Nonschool computer use:
Justice Department confectioner Cadbury for $19.5 billion, mission barred some @=r10min. 89 min.
report is expected ending months of resistance and rejected 500 candidates from
to conclude that Iraq's parliamentary
offers. But the takeover has left a bad taste
the FBI invoked elections in March,
for British citizens upset at the sale ofa
nonexistent terror- acting on a list
ism emergencies to
national icon—and for Kraft shareholder compiled by another
* |What They’re
illegally obtain more
Warren Buffett, who criticized the panel that cited Claimingin Argentina:
than 2,000 U.S. purchase. If finalized, the deal will make alleged ties to the
It’s the fight that Argentina just won't give
telephone records, Kraft the largest player in the global candy outlawed Baath
up. Though it relinquished the Falklands
according to the market, displacing Mars. Party once led by
when it surrendered to the British to end a
Washington Post. Saddam Hussein.
9% 1982 war, Argentina has consistently
FBI general counsel The move threatened
mr Share of the asserted sovereignty over the South Atlantic
Valerie Caproni to spark sectarian
confectionery archipelago. In December, the Argentine
called the bureau's strife by angering
“i market, 2008 Congress passed a law that recognized the
methods, which members of the
disputed territory as part of its Tierra del
included issuing 9 country’s Sunni
Fuego province. On Jan. 18 the British
approvals after the minority, who
government rejected the gambit, saying
fact and persuading 6 claimed they would
there is “no doubt” that Britain remains the
phone companies be disproportionately
, x islands’ rightful owner. Recent indications
to release records, affected and saw the
that there could be oil reserves surrounding
“good-hearted ruling as an attempt
Ei] the territory may have sparked the
but not well 0 to curtail their
Mars, Cadbury Nestle The Kraft attempted landgrab.
thought out.” participation.
Inc, PLC SA Hershey Foods
Co. Inc.
$2.5 53
Amount of money Afghans paid in bribes— Number of bottles of Tylenol, Motrin and
typically to police, judges and politicians— Rolaids recalled by Johnson & Johnson after
BILLION in 2009, according to the U.N. MILLION an odor reportedly sickened some 70 people
Briefing —
Spotlight
Haiti Earthquake Relief
ENDING AID Private donations to Haiti from around the world are on track “You will not be forsaken.
to surpass the record set after Hurricane Katrina, but there is a ways to go You will not be forgotten.”
w20Wd
AML
President Obama, in an
# BARCLAYS
CAPITAL
Briefing
Verbatim
For daily sound bites,
visit time.com/quotes
Roger Cohen
‘Lam the Christ eternal.’ Assessing China’s censorship policies
MEHMET ALI AGCA, inastatement, on being freed in the New York Times:
from a Turkish prison almost three decades after he shot “Beijing resists the very
and wounded Pope John Paul II openness on which it depends.
Openness for China is a means
to an end—prosperity and
‘The nearest I have come to it is going development—but nota value.
home and finding I don’t have my This is the Chinese paradox
Google now appears bent on
door key, challenging. Google is right
VIVIENNE WESTWOOD, fashion designer, on homelessness, to doso... Like the man who
the theme of her new menswear line taps phones fora living and
comes to believe phone tappers
are everywhere, [China] has iz
‘It’s the sign of a leader to step in elevated suspicion to an
|
obsession.” —1/14/10
when something’s not working, have
Reihan Salam
the guts to reverse it and not let the Writing about the Taliban offensive
mistake linger, in Afghanistan on the Daily Beast:
JEFF ZUCKER, CEO of NBC, on the network's decision to “In a sense, what we're seeing
cancel The Jay Leno Show and allow Leno to reclaim The Tonight is the Taliban’s answer to
Show from Conan O’Brien the Tet Offensive, when the
Viet Cong and North Vietnam
launched a coordinated attack
‘Iam perfect. I have all the attributes on all of South Vietnam's
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ces: Fox News; AP; New York Times; Independent; London Times; PBS; New York Times TIME February 1, 2010 |
Fraud is in the details
“Good auditors detect fraud the way good doctors diagnose disease, by putting
all the little clues together.” —Jean Bedard, PhO, Timothy B. Harbert Prof
In many ways, confidence in our financial system rests firmly on the shoulders of auditing
professionals. With demand for more corporate accountability, we require auditors to be
ethical, independent and sharp. So how does a good auditor think? Bentley Professor
Jean Bedard studies auditor decision making and she has a theory
One of your studies compared auditing to medical diagnosis. What were the
parallels? -in the medical case study, the patient was giving his doctors misinforn
2er them away from the actual problem. This mimicked the situation the auditor t
So how does a good auditor think? A good auditor will see the patterr
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Brief History
i
THE SKIMMER
REEFLl
Freefall: America, Free
Markets, and the Sinking
of the World Economy
By Joseph E. Stiglitz
W.W. Norton & Co.; 361 pages
social issues joined the agenda. In 1987 the group was rebranded agreement on recognizes innovation
as the World Economic Forum, and conflict resolution was add- Gaza and Jericho as the true engine of
ed to its remit: it hosted a summit in 1988 that headed off war be- 2000 Bill Clinton attends, the economic growth and
tween Turkey and Greece and in 1992 the first sit-down between first U.S. Presidenttodoso ~ views government as a
South African President F.W. de Klerk and Nelson Mandela. 2002 After the 9/11 terrorist facilitator, not a roadblock.
All the schmoozing and schussing have made Davos a popu- attacks, the conference is The crisis has given us an
lar target for antiglobalization activists. Police and protesters moved to New York City opportunity to rethink
clashed in its snowy streets in the 1990s, while critic Samuel Hun 2010 The WEF's our economic order, says
tington famously coined the pejorative term “Davos man” for 40th meeting is Stiglitz. The biggest danger
what he saw as a whole species of aloof internationalist élites. For expected to is that we don’t seize it.
Mann's part, years after The Magic Mountain, he noted the peculiar draw 2,500 —BY BARBARA KIVIAT
effect Davos had on its sanatorium patients: The “narrowness of attendees
Milestones
Ross Macdonald and finally to better. He thought and spoke Dennis Stock
Parker, whose mononymous the way he wrote; his voice In 1951, when he was
detective, Spenser, long ago was Spenser's, and it was im an assistant to pioneer-
entered the pantheon inhab possible not to be entertained ing strobe photographer
ited by Sam Spade, Philip by both of them. Gjon Mili, Dennis Stock
Marlowe and Lew Archer. Despite being a writer of won LIFE magazine's
Although Parker’s body of tough-guy books, Parker was competition for young
work included books featur as mushy asa Frank Capra photographers. Stock
was 23. Thanks to
ing other protagonists, it is movie when he spoke of his
talent, persistence and
Spenser who will endure and wife Joan, the great love of his
an eye for irony, he
whose adventures will be read life. The pair met when they climbed the ladder of
in the next century. were 3, came to know each the profession. Dennis
Smart-alecky, funny, fear other well in college and were hung around the
less, loyal and honorable, married for 54 years. He spoke cooperative agency
Spenser was so like his creator of her as ifstill in the first Magnum until founder
that the words poured out of thrall of romance, and dedi Robert Capa invited him
Parker’s fertile brain at an as- cated to her almost every one to join, and he was still
an active member when
tounding rate. Beginning with of his 60-plus books. Once,
Robert B. Parker The Godwulf Manuscript in during a rough patch, they
he died on Jan. 11 at
81. His most
THE PRIVATE-EYE NOVEL IS 1974, Parker wrote prolifically; separated for a short while.
memorable photo story
the quintessential form of the in recent years he published at He was miserable. “I learned was on actor James
American mystery story, and least three books annually but that I could live without Dean, with whom he
for the past 36 years its great penned more, an output Joan,” he told me, “but traveled across the
est practitioner was Robert B. that ensures avid read- Robert B. I didn’t want to.” country—at one point,
Parker, who died on Jan. 18 ers will have new mate- Parker —BY OTTO PENZLER Dean decided to pose
at 77. In the genre's lineage of rial to devour. Parker in an open coffin at a
Hundred-Dollar
Baby funeral parlor—just
hard-boiled icons, the baton once said that while he Penzler is the proprietor of
months before Dean
passed from Dashiell Ham tried to write slower, the Mysterious Bookshop
died in a car accident.
mett to Raymond Chandler to the books didn’t get any in New York City
Stock’s greatest work
was his 1960 book
Jazz Street. When
five Grammy nominations Dennis died, | found
for Best Male R&B Vocal a long-forgotten
Performance and pioneering dedication in my copy:
concerts for women-only au “For John: There is so
Teddy Pendergrass and this great, powerful voice the rest of his life to helping New York Times
LIKE SAM COOKE, JACKIE came out of this tall, thin guy. others with spinal-cord
Wilson, Otis Redding and He had one of the most flex trauma. He was our best
Marvin Gaye, Teddy Pender ible voices we had ever heard. friend, a great humanitarian
grass was among the greatest Despite the group’s string and a tremendous musical
male soul singers of the 20th of successes, we made the force. His legacy will live on.
century. We first noticed easy choice to launch Teddy’s —BY KENNETH GAMBLE AND
Teddy’s talent while we were solo career. With hits like LEON HUFF
rehearsing Harold Melvin and “Close the Door,” “Turn Off
the Blue Notes. One day in the the Lights” and “I Don’t Love Gamble and Huff founded
early 1970s, Teddy, the group’s You Anymore,” he skyrocket- Philadelphia International
drummer, was asked to sing, ed to superstardom, earning Records
Fox
Justin
To read Justin Fox's daily
take on business and the
economy, go to time.com/
curiouscapitalist
data. Is there any escape? Probably not tion overload making it harder to see the
trends and patterns that matter. In other
words, we might be better off paying less
THE MONTH OF JANUARY OFFERED THOSE | But what is troubling at a time like this, | (orat least less frequent) attention to data. |
who track the ups and downs of the U.S. with the economy on everyone’s mind, is
economy 92 significant data releases how misleading many economic indica- With that in mind, | asked a few of my
and announcements to digest. That’s tors can be about the present. favorite economic forecasters to name
according to a calendar compiled by Consider GDP. In October, the Com- an indicator or two that I could afford
the investment bank UBS. The number merce Department announced—to to start ignoring. Three said they dis-
doesn’t include corporate earnings, data rejoicing in the media, on Wall Street and regarded the index ofleading indicators,
from abroad or informal indicators like, in the White House—that the economy originally devised at the Commerce
say, cardboard prices (a favorite of Alan had grown at a 3.5% annual pace in the Department but now compiled by the
Greenspan's back in the day). third quarter. By late December, GDP had Conference Board, a business group. Fore-
It was not always thus. “One reads casters want new hard data, and the
with dismay of Presidents Hoover and index “consists entirely of already
then Roosevelt designing policies to released information and the Con-
combat the Great Depression of the 1930s ference Board’s forecasts,” says Jan
on the basis of such sketchy data as stock Hatzius of Goldman Sachs. (The
price indices, freight car loadings, and leading-indicators index topped
incomplete indices of industrial produc- a similar survey by the Chicago
tion,” writes the University of North Tribune in 2005, it turns out.) The
Carolina’s Richard Froyen in his macro- monthly employment estimate put
economics textbook. out by payroll-service firm ADP got
two demerits, mainly because it
But that was then. The Depression doesn’t do a great job of predicting
inspired the creation of new measures the Labor Department employment
like gross domestic product. (It was gross numbers that are released two days
national product back in those days, but later. And consumer-sentiment
the basic idea is the same.) Wartime plan- indexes, which offer the tantalizing
ning needs and advances in statistical prospect of predicting future spend-
techniques led to another big round of ing patterns but often function
data improvements in the 1940s. And in more like an echo chamber, got the
recent decades, private firms and associa- been revised downward to a less impres- thumbs-down from two more forecasters.
tions aiming to serve the investment sive 2.2%, and revisions to come could The thing is, I already ignore all these
community have added lots of reports ratchet it down even more (or revise it (relatively minor) indicators. I had been
and indexes of their own. back up). The first fourth-quarter GDP hoping to learn I could skip GDP or the
Taken as a whole, this profusion of estimate comes out Jan. 29. Some are say- employment report. I should have known
data surely has increased our under- ing it could top 5%. If it does, should we that professional forecasters wouldn't
standing of the economy and its ebb and | really believe it? forgo real data. As Mark Zandi of Moody’s
flow. It doesn’t seem to have made us any Or take jobs. In early December, the Economy.com put it in an e-mail, “I cher-
better at predicting the future, though; Labor Department’s monthly report sur- ish all economic indicators.”
perhaps that would be too much to ask. prised on the upside—and brought lots Most of us aren’t professional fore-
of upbeat headlines—with employers re- casters. What should we make ofthe
porting only 11,000 jobs lost and the un- cacophony of monthly and weekly data?
employment rate dropping from 10.2% The obvious advice is to focus on trends
The profusion of data to 10%. A month later, the surprise was | and ignore the noise. But the most im-
surely has increased in the other direction—unemployment portant economic moments come when
our understanding of | had held steady, but employers reported trends reverse—when what appears to
the economy. It doesn’t 85,000 fewer jobs. Suddenly the headlines be noise is really a sign that the world
were downbeat, and pundits were pon- has changed. Which is why, in these un-
seem to have made us tificating about the political implications certain times, we jump whenever a new "NOLL
TIIVs
ABHYH
any better at predicting of astalled labor market. Chances are, the economic number comes out. Even one
the future, though disparity between the two reports was that will be revised in a month. a WL
HOS
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ink we’ve
doi 1ea‘pretty
id job of
°orking iin this
‘town without
being completely
consumed by it.’
Photographs for TIME by Callie Shell
Tough reviews
The President scans
the headlines on his
way back to the White
Houseon Jan. 19
In the Arena
¥ Klei
Starting Over.
One year in,
Obama’s
Zenda Is on
te support.
Nhat he must
lo to revive it
24
Money talks Obama listens to
Lawrence Summers, director
of the White House’s National
Economic Council, during a
briefing on the economy in the
Roosevelt Room on Jan. 19
+7
In the Arena
26 time.com/swampland
negotiate with six Republican Senators.” THE INTERVIEW
28
President has to convey a little heat too.
He has to be as concerned with stagecraft,
political appearances, feel-your-pain em
pathy as he is with substance. That seems
like an effort for Obama. In his first meet
ing with aides on his Nobel morning, he
skipped past the political question—How
could they react to the perception that the
prize was premature?—to the heart of the
matter: What was the rationale for a war
President to receive a peace prize? This led
directly to the most memorable passage
of his Nobel lecture, about the need to
combat the evil that exists in the world, a
passage celebrated by his domestic friends
and foes alike. But his eloquence will be
remembered fondly in history only if
Obama himself is—and not just as the
first of his race but as one who led the
nation through a difficult time. “To lead
successfully,” an Administration official
told me, “you have to convince people that
you're with them, that you get their prob
lems right down to your gut.”
AS SCOTT BROWN TOLD That such a message would resonate bill was turning into a series of backroom
the story the morning here was poignant, given that no one had deals—a Medicaid exemption for Sena-
after the election, the fought harder and longer than Kennedy tor Ben Nelson’s Nebraska, tax breaks for
first sign that some- for universal health care, something that unions, sweeteners for the hospital and
thing remarkable was the terminally ill liberal lion had referred drug industries. Asa veteran of the Kenne-
about to happen in the to before his death in August as “the cause dy political operation put it, “They think
Democratic strong- of my life.” And it was all the more ironic there’s a lot coming out of Washington—
hold of Massachusetts considering that Massachusetts has come and none of it is for them.”
was ... well, it was a closer than any other state to assuring Then there were Brown’s strengths as
sign. One with his coverage to all of its citizens, thanks to a a fresh, energetic and appealing candidate
name on it. Someone had made it by hand 2006 law that was championed by a Re- who stood out in contrast to his Democrat-
and planted it in the snow in a front yard publican governor, Mitt Romney, who ic opponent. State attorney general Martha
near Lunenburg. That was back in Decem- was celebrating onstage with Brown on Coakley seemed to take the race so much
ber, when the polls showed he was run- election night. for granted that she barely bothered to
ning 30 points behind Democrat Martha Although the rest of the country sees campaign until it was too late. Asked by
Coakley in the special election to fill the Massachusetts as the bluest of blue states— the Boston Globe about how few campaign
Senate seat once held by the late Edward it had not elected a Republican Senator appearances she was putting in, she madea
Kennedy. Pretty soon after that, he told since Richard Nixon was President—its dismissive reference to a Brown campaign
me, “they were popping up all over the political complexion is actually more video: “As opposed to standing outside Fen-
place.” People were even spelling out his subtle. Registered Democrats outnumber way Park? In the cold? Shaking hands?”
name in snowbanks. Republicans 3 to 1, but fully half the state’s Brown, 50, did that and much, much
By mid-January, it was hard to find voters are registered “unenrolled”—not af- more, running up the odometer on his
any place in the state that was not dot- filiated with any party. And four of its last black GMC pickup to 200,000 miles (about
ted with Brown signs—even in the store- five governors have been Republicans, al- 320,000 km) as he crisscrossed the state.
fronts and driveways of Hyannis Port, the beit ones of a more moderate stripe than And while Coakley was taking time off,
fabled seaside hometown of the Kennedy that of the national party. he was on the air early with upbeat ads—
clan. As for the message that Brown’s As I talked with voters braving the one of which even compared him to John
flinty 5-point win sent to Democrats snow to get a glimpse of Brown in the days F. Kennedy. On the stump, he promised
across the country, that was summed up leading up to the election, the health care to change the way things get done in
by the winner. “What happened in this issue came up again and again. They were Washington—sounding a note similar
election can happen all over America,” he unsettled by the mounting costs of their to one that helped get Obama elected
declared. “When there’s trouble in Mas- state’s program and even more so by the 14 months earlier.
sachusetts, rest assured there’s trouble process they saw going on in Washington. Still, he had a long way to go. One of
every where—and they know it.” Rather than being drafted with the com- only five Republicans in the 4o-seat state
Brown’s victory—some called it “the mon good in mind, they said, the health senate, Brown wasn’t even the best-known
Scott heard round the world”—on the eve person in his family. His wife Gail Huff is
of the first anniversary of Barack Obama’s a popular television reporter. His daugh-
Inauguration was an ominous sign for ter Ayla was a semifinalist on American
Democrats for the midterm elections
ahead and a potentially crippling blow
Although the rest Idol and a four-year starter on the Boston
College women’s basketball team. The
to Obama’s entire agenda. Brown ran ex- of the country sees couple’s other daughter, Arianna, is a pre-
plicitly on a promise to be the “41st Sena- Massachusetts as med freshman at Syracuse University. As
tor,” who would give the Republicans the picture-perfect as the Brown family looks,
power to block what he called “the trillion- the bluest of blue the Senator-elect’s upbringing was any-
dollar health care bill that is being forced states, its political thing but. His parents each married four
on the American people,” one that will
“raise taxes, hurt Medicare, destroy jobs
complexion is times, and his mother was briefly on wel-
fare. Brown was shuttled among relatives
and run our nation deeper into debt.” actually more subtle while he was growing up in the northern
3]
Starting over
More than 1.5 million
Haitians lost their
homes in the Jan. 12
quake, leaving even
makeshift tents in
scarce supply
With tens of thousands struggling to survive,
‘aid teaches Haiti. Whatgast disasters can
teach about the right way to rebuild
BY BRYAN WALSH, JAY NEWTON-SMALL AND TIM PADGETT
PHOTOGRAPHS FOR TIME BY SHAUL SCHWARZ
s
\ j
r ~
WORLD | REBUILDING HAITI
34
FIRST PERSON
the neighboring Dominican Republic or distributed through a ruined Haiti much A 21-year-old man, Evans Brice,
stood silently among the ruins. The
secondary airports in Haiti. (The Asian tsu faster. Indeed, by one measure, things went
mangled corpse of a woman half
nami, by contrast, didn’t touch the capitals better than expected: despite a security
crushed beneath the concrete, her
of affected countries.) Even after the Port vacuum that U.S. soldiers now have to fill, head down as if in defeat, hung
au-Prince airport was partly repaired and fears of widespread violence seemed mostly before him. It was his girlfriend
under the control of the U.S., landing slots unfounded, though there were local excep of five years, Jean Fiona, also 21.
were tight; some NGOs claimed that hu tions. As the shock of the quake receded, Hai Brice had lingered there since
manitarian flights were turned away for tians did what people have done throughout finding her, rubbing his wallet, full
lack of space (though the U.S. insists that the world after natural disasters: they im of her pictures, against his heart
was only temporary). And for the locals, provised, helping one another while they and sobbing. “I cannot leave. | love
her,” he said, his hand reaching out
there was no Plan B. “With Katrina, if you hoped for aid. Haitians “look more poised
to nearly touch her hair, powdered
could walk to the edge of a disaster area, to come together and roll up our sleeves,”
white with concrete dust.
you could get in a car, drive 40 miles, finda says Jocelyn McCalla, a Haitian-American
store and buy what you needed,” says Caryl development consultant.
Stern, president and CEO of the U.S. fund But that spirit won't be enough to keep
for UNICEF. “Here, there is no car. There is Haiti going in the weeks and months ahead.
no highway. There is no 40 miles away.” Continued on page 38
FIRST PERSON
38
which it shares the island of Hispaniola.
While the Dominican Republic has enjoyed
relative political stability, Haiti’s history of
corruption and turmoil has helped keep the
country poor. Before the quake, Haiti had
begun to do better, and in the initial phase
of recovery, there will be jobs in reconstruc
tion. Consistent aid policies that include
microloans for small businesses and more
liberal tariffs that would nurture alow-cost
export sector could help Haiti grow sustain
ably. A richer Haiti would be a safer Haiti.
“Part of recovery has to mean charting a
new role for Haiti in the global economy,”
says Ben Wisner, a research fellow at Ober
lin College and a disaster expert.
To someone standing in the rubble of
Port-au-Prince, it may seem impossible to
believe that Haiti can ever rebuild. But in
the past five years, natural disasters that
were just as catastrophic—the Asian tsu
nami, the 2008 quake in China’s Sichuan
province—were followed by often impres
sive recoveries. More than $10 billion was
spent on aid and recovery for tsunami-hit
nations, and though the effort was hardly
problem-free—it was marred by corrup
tion, poor coordination and the paradox of
too much money chasing too few immedi
ate uses—the Indonesian province of Aceh,
ground zero for the disaster, is back on its
feet. The recovery in Sichuan is even more
impressive: just six months after the quake,
which killed 87,000 people, homeless were
nowhere to be found. Of course, China’s
strong central government and turbo
charged economy were largely unaffected
by the quake. “A place like Haiti—that’s go
ing to be a struggle,” says Ramsey Rayyis,
the regional representative for the Ameri
can Red Cross in China. “You're going to
need a lot more external intervention.”
What does the world owe Haiti? Beyond
the moral imperative to help save the coun
try, there is a practical incentive. Natural
disasters—earthquakes, storms, floods
are unavoidable acts of God. But it’s possi
Parched but patient of what its U.S. counterpart would, as un ble to build societies, from New Orleans
Haitians stand in scrupulous contractors take kickbacks and to Port-au-Prince, that can weather them.
line for hours, hoping building codes go unenforced. It wasn’t only Doing so would save lives and the tens of
to pick up a rare slums that tumbled, after all; grand build billions of dollars that are spent every time
delivery offood ings like the presidential palace and the a fragile community gets wiped out. “The
headquarters of the U.N. mission collapsed world can't afford more of these disasters,”
too. Other developing countries in quake says Roger Bilham, a seismologist at the
ter Response at Johns Hopkins University. zones, like Colombia, build far more secure University of Colorado. “It’s worth invest
Further ahead, a recovering Haiti must ly. “Earthquakes don’t kill people,” says Co ing in these problems now, while we can.”
change the way it builds. The shoddiness lumbia University’s Mutter. “Bad buildings Haiti's buried were victims of poverty and
of construction in Port-au-Prince made the kill people. And buildings are bad because neglect, not just the quake. But we owe it
death toll dramatically higher than it would people are poor.” to the survivors—to people like Michaud
have been had the quake struck inasturdier That’s exactly why recovery will never Jonas—to help build a Haiti that will never
place; the 1989 quake in the San Francisco be complete unless Haiti can break out of again beso vulnerable. —wiTH REPORTING
Bay Area was of almost the same magnitude the economic basement. The country has BY AUSTIN RAMZY/BEIJING, IOAN GRILLO
as Haiti's but killed only 63 people. A con a per capita GDP of $1,300—six times less PORT-AU-PRINCE AND LAURA FITZPATRICK
crete block in Haiti might weigh an eighth than that of the Dominican Republic, with NEW YORK a
ECO-nomical. ECO-logical.
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Life
CASH CRUNCH, PAGE 46
SOCIAL NORMS
Who Takes
Care of
Mom?
Siblings
clash as they
respond to
parents’ aging
WHEN MY MOTHER'S HEALTH
was failing, Iwas the “bad”
sister who lived far away and
wasn’t involved. My sister
helped my parents. She never
asked me to do anything, and
I didn’t volunteer. I was wid
owed, raising kids and work
ing, but that wasn’t really why
I kept to weekly calls and short,
infrequent visits. Iwas stuck in
my adolescent role as the aloof
achiever, defending myself
from my judgmental mother
and other family craziness. As
always, I deflected my sister's
digs about my not being around
more—and I didn’t hear her ris
ing desperation. It wasn’t until
my mom’s funeral, watching
my dad and sister cling to each
other and weep, that I got a hint
of their long ordeal—and how
badly I'd screwed up.
My sister was so furious, she
barely spoke to me during my
Back to
Basics
Some studies show that
running the way nature
designed us to run—
barefoot—could lead to
stronger feet and fewer
chronic injuries
1. CONTACT 2. GRIP 3. COMPRESS 4. RECOIL
Without a shoe to The forefoot rolls toward When the heel lands, The toes push off, again
cushion it, the foot the big toe, gripping the body's best shock with a much wider renge
strikes the ground on and feeling the running absorber, the arch, is of motion and muscle
the outside edge of the surface while preparing compressed more than balance than is possible
forefoot, not the heel the leg for impact it would be with a shoe when wearing a shoe
$15,789
automatically pop up on this your credit-card statement. ner. He wasn’t being gracious.
weird new site. Why would Marketers are constantly He simply wanted the Blippy
any sane person volunteer to mining all sorts of consumer Largest purchase, community to see that he was
publicize that information? data, and Blippy—which has for an industrial freezer inacool place.
Philip Kaplan, a technol- received seed money from big- I, too, eventually found
ogy entrepreneur and one of name investors like Sequoia that sharing details about
Blippy’s co-founders, hazards Capital and Twitter CEO Evan hs1 6 MILLION what I was buying only made
a guess: “To tell people— Williams—wants to help me want to spend more. With
Venture funds recently
friends, acquaintances, maybe individuals start harnessing raised for this new friends on New Year’s Eve,
even strangers—a little bit this kind ofinformation too. social-networking site I asked to be the one to pur
more about you.” Conversations on Blippy chase a bottle of champagne.
Thad a different theory. occasionally revolve around In an odd way, |felt I would
If scads of people could see how people should spend less be ringing in the New Year
and comment on what I was for things. If you pay more with my Blippy compatriots.
buying, maybe I would be than $29.99 a month fora gym And that made me realize
shamed into spending less. membership, expect to hear Blippy isn’t primarily about
Could there be a practical use about it. But more often the spending habits. Like any
for the exhibitionism and comments are pro-purchase. other social-networking site,
groupthink of social network- That’s especially true when it’s mostly about feeling as if
ing? Location-centric sites people opt to specify what you're surrounded by a par-
like Foursquare encourage they’re buying on sites such ticular group of people even
people to blast where they as Amazon, iTunes and when you're not. ma
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Choose Easy.
4
E5
E
3
==
2
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g
4
STREET JOURNAI
ga
:
&
&
Global
even its headquarters
TOM MCNICHOL ON THE SUNGLASSES COMPANY
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much money during the recession ings offer no place to sit. “This is a place
to work,” says a spokesman wearing the
ra standard-issue Santander red tie.
Spend an hour in Santander City and
it’s easier to understand Banco Santander’s tander exercised its right of first refusal was met with contemptuous resistance. |
unlikely march from sixth biggest bank to buy the remaining 75% for $1.9 billion. The deal became even less popular
in Spain to largest bank in the euro zone. Now Santander has to hope Sovereign is when Abbey’s new CEO, Anténio Horta-
Since Emilio Botin took over for his father worth more than the peanuts it paid for it. Osorio, slammed the brakes on new
in 1986, Santander has spent more than “Ifabank is strong, it is not for sale. Banks mortgage lending in 2006, in the middle |
$60 billion buying banks in Spain, Latin are sold, not bought,” says Juan Rodriguez of the housing bubble. But Horta-Osorio
America, Europe and, more recently, the Inciarte, Santander’s director general and looked prescient after U.K. banks such as
U.S. By sticking to old-fashioned banking an architect ofits international expansion. Alliance & Leicester and Bradford & Bing-
practices while shrewdly employing the Inciarte says Santander will give Sover- ley kept on lending and found themselves
firm’s sophisticated banking software, eign the same treatment it gave the U.K.’s in crisis when the market crashéd. San-
Botin has also made Santander lushly Abbey National bank, an ailing mortgage tander bought them both (in B&B’s case, |
profitable, earning close to $25 billion provider it bought for $11.2 billion in stock only the deposits and branches) for about
in the past two years even as the world’s in 2004. It was Santander’s first foray into one-fifth of what it paid for Abbey.
economies teetered on the brink. Profit Anglo-Saxon territory, and Botin’s “Span-
for 2009 stayed roughly even with 2008's ish paper,” in the words ofone shareholder, THE ABBEY TURNAROUND CAME STRAIGHT
$12.8 billion, making Santander the third from the Santander playbook—and high
most profitable bank in the world. lights the second key to the its incredible
Botin’s commitment to banking’s stodg-
iest virtues—conservatism and patience—
Moneymaker. success: software. First step: in goes San
tander’s proprietary Parthenon software,
means that Santander eschewed the sort of Profits are solid; which organizes a bank’s business by
loans that need to be sliced and diced into geographic spread customer instead of by product line, as Ab
nonsensical derivatives, which caused the
meltdown on Wall Street. Botin loves brick-
has helped growth bey’s had been. “This is the kind of sophis
ticated information JPMorgan still didn’t
and-mortar branches because he wants to have, and I saw it at a Santander branch in
Profits
be able to look into his customers’ eyes be- Chile,” says Davide Serra, head of the U.K.’s
fore he lends thema penny. So there’sa lot of Algebris hedge fund. The system facilitates
eyeballing going on, as Santander now has {d
Congratulations to the winner and finalists of the Zayed Future Energy Prize:
Winner
Toyota Motor Corporation (Japan)
Finalist
Amitabha Sadangi, Chief Executive Officer,
International Development Enterprises (India)
Finalist
Dr. Zhengrong Shi, Founder, Chairman and Chief Executive Officer,
Suntech Power Holdings Co., Ltd. (China)
TURNING TODAY’S
IDEAS
INTO TOMORROW’S
ENERGY
Inspired by the vision of the late His Highness Sheikh Zayed Bin Sultan Al Nahyan, the Zayed Future Energy Prize
is a global prize that rewards renewable energy innovators. The Zayed Future Energy Prize is open to anyone who
has shown leadership in developing and applying future energy solutions, and will help ensure that these solutions continue
to benefit the lives of people around the world.
www.ZayedFutureEnergyPrize.com
GLOBAL BUSINESS AM ERICAN RE: REINVENTING AND RETOOLING THE U.S. ECONOMY --
Me ns
siemens.com/answers SIEMENS
GLOBAL BUSINESS AMERICAN RE: REINVENTING AND RETOOLING THE U.S. ECONOMY - —————
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are priced in the $110-to-$200
range.
what creates the company’s edge impress or provoke; even the company’s
headquarters in Foothill Ranch, south of
Los Angeles, are over the top. The main
aa entrance hall looks like something out of
BY TOM MCNICHOL/FOOTHILL RANCH a video game, with a huge vaulted ceiling
IT’S NOT FAIR TO SAY THAT THE INMATES set off by moody lighting and a row of ejec
are running the asylum at Oakley, the hy- tion seats rescued from World War II-era
percool eyewear company—they’re de- fighter jets. The place is equal parts play-
signing and engineering the joint as well. ground, factory and product-test labora
Employeeing new materials and daring tory. In one test, a quarter-inch steel ball
designs for its products is the lifeblood of is fired at eyewear at more than 100 m.p.h.
Oakley, but it’s never been more impor- (160 km/h); in another, a heavy steel spike
tant than now, with consumers needing is dropped ona lens. Glasses are also folded
more convincing than ever that pricey and unfolded thousands of times by ma
brand names are worth the cost. chine and bombarded by heat, cold, salt
Oakley made its name by turning ordi- and ultraviolet light.
nary sunglassesintoa $150 branded-eyewear Such attention to performance has
experience. And those are the cheap mod- made Oakley a favorite among high-profile
els. The company recently introduced the athletes as well as among U.S. military
C Six, a limited-edition pair made from 75 and law-enforcement personnel. Oak-
layers of carbon fiber. Price: $4,000. 3| leys are also popular with counterfeiters
The company doesn’t expect a run on worldwide: Oakley’s HQ features display |
$4,000 shades. Only 250 pairs of the carbon- a ilar eee eunalaaens cases filled with fake Oakleys, which some
fiber sunglasses have been made, and many 0:akley ratchets up the snob appeal call> Jokeleys. A . *
of them have already been snapped up by with its $4,000 carbon-fiber shades Then again, coming up with designs
well-to-do
‘ ;
customers.
pe
But Oakley makes 2. 12 GAUGE WATCH From a line of
that counterfeiters want to copy is es-
: a ; j
items like the C Six to push the technology weapon-named watches, it features
sential to Oakley’s continued profitabil-
and discover new ways to design and man- a sapphire crystal and a tachymeter ity. Since 2007, Oakley has been part of
ufacture products. “Our job is to constantly scale and costs $1,195 Luxottica Group, an Italian eyewear con-
search for what’s cool and then come up 3. ELITE ASSAULT BOOT Puncture- glomerate that also owns Ray-Ban and |
with something that’s cooler than that,” and fire-resistant and approved by the Sunglass Hut chain of retail outlets.
says Peter Yee, senior design director. U.S. special forces; $500 a pair Luxottica doesn’t break out sales figures |
“Pursuit of cool” is not part of the com- for Oakley, but Daniel Hofkin, an ana- |
pany’s mission statement, but it’s a heck of lyst with Chicago-based William Blair & |
a recruiting slogan. “Most of my engineer- Co., estimates that Oakley currently adds
ing friends went into horribly stifling jobs about §1 billion a year in revenue to Luxot- |
where they get to design things like an on- tica’s $7 billion annual total. |
off switch that clicks,” says Neil Ferrier, To keep sales of expensive eyewear |
26, an advanced-product-development brisk in this economy, Oakley will have
engineer. “The freedom here at Oakley is to continue to reinvent its products and
fantastic. Once you're given the basic aims itself. That’s an exercise many companies
ofa project, you're free to run with it.” are afraid to try. Oakley’s engineers can’t |
Constant innovation is at the heart Keeping it cool Designing colors wait to tear the place apart and build a
of nearly everything Oakley produces, and artwork for sunglass stems new one. a
siemens.com/answers SIEMEN
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© ARCHITECTURE © BOOKS © MOVIES © SHORT LIST
ARCHITECTURE
51
derailed by an accident, then by the
revelation of betrayal. Before things
started going south, the father had
planned to show his son a bit of
Danish history, a German bunker
from World War II. “We were sup-
posed to have hada nice little talk
about the Occupation,” he notes.
The emotions unleashed in this
tale couldn’t be contained in any
nice little talk. They are painfully
universal. Yet you know exactly
where in the universe you are.
This is the hallmark ofgreat short
stories, from Chekhov’s portraits
of discontented Russians to Joyce’s
struggling Dubliners to Jhumpa La-
hiri’s uprooted Bengalis. People are
the same every where; it’s the places
that define them that are different.
The writers in Best European
seem a more adventurous bunch
than their American counterparts.
They experiment freely with struc-
ture and venture more often down
the path of metafiction, debating
the direction of astory even as their
characters are entangled in it. (“The
BOOKS Basilica in Lyon,” by Serbian writer
Hemon, our literary world just that lets you tour have to love all the views, but it’s
got wider. Hemon, an award- 35 landscapes certainly nice to have them. o IWLL
AO:
HO
Patton Os:
Patton Oswalt
|
Trendsetter
t
WP) i t
After Mo’Nique in Precious, another top stand-up comic does a fine Years ago lenjoyedJohn ia Ax
dramatic turn. In the lowlife parable Big Fan from Robert Siegel (he | Naisbitt’s Megatrends. Sis
wrote The Wrestler), Oswalt plays a rabid New York Giants fan. Toa Now | plan to download
mostly shrill film he lends nuance, obsession and dweebish charm. his China's Megatrends
onto my new Kindle—a
megatrend I'm hoping he
Arts Online
mentioned in his first book.
For more reviews and openings this weekend, go to time.com/entertainment
|. Stein
Calling All Guidos. !n which | get together
with the bard of the Garden State to
assess the merits of Jersey Shore
I DEEPLY LOVE NEW JERSEY, THOUGH NOT ENOUGH TO set, Seaside Heights—or, as my friends called it, Sleaze
live there. So when I heard that MTV’s reality show side Heights. When Smith saw the iron-on-T-shirt shop
Jersey Shore has been portraying my home state as a pit the show’s stars were working in, he yelled excitedly
of testosterone, salaciousness and vulgarity, I was furi- that he had bought three shirts there not long ago. In
ous to think that it might be an inaccurate presentation fact, he wouldn’t stop talking about it. “I make movies
of New Jersey’s testosterone, salaciousness and vulgarity. where people are like, ‘I’ve been to that convenience
To check, I asked director Kevin Smith, New Jersey’s store!,’ and here I am doing it: ‘I’ve been to that store. It’s
great chronicler in films such as Clerks and Mallrats, to famous! I’m famous!’”
watch the show and comment on its inaccuracies. Smith, But the saddest part was when Giancola strolled down
who lives three miles from my house in Los Angeles, the boardwalk with her sweatpants rolled down at the
does not watch any reality shows because that would waist and Smith sighed deeply. “My wife won't do it,”
take time from comic-book reading. But he invited me he said. “She says it’s too Jersey. She also says you can’t
over to his giant house, where he greeted me in a black do it with Juicy Couture. It’s depressing. I think it’s an
robe covering his New Jersey awesome look.” And indeed it is.
Devils T-shirt and pants. Clearly Though we both thought Jenni
I had overdressed for Jersey Shore (JWoww) Farley’s scarf of ablouse
watching. Smith led me to his draped over her giant fake breasts
bedroom and brought us a bunch was a bit much. Or, more accu-
of boxes of Yoo-hoo on a silver rately, one of us pretended to.
platter. Then we lay down on his One episode down, Smith devel
bed on our stomachs, his 103-inch oped an unnatural emotional con
plasma television screen two feet nection to Snooki, who on her first
in front of our faces. We were go- night in the house stripped down
ing to see 4-ft. 9-in. Jersey Shore star to her bra and thong, got in the hot
Nicole (Snooki) Polizzi life-size. tub with all four male housemates
While all of Smith’s quotes and tried to make out with each of
below are otherwise accurate, be- them. Smith figured that he would
cause ofthe sensitive nature of my have hooked up with Snooki and
editors, Ichanged his profanities then tried to save her. “I'd date
to ones used in Elizabethan times. Snooki, and she'd cheat on me
As the first episode started, we were both shocked to repeatedly. ‘Snooki, I’m trying to help.’ ‘I don’t need your
learn that only one of the eight Italian-American cast help, you fat canker-blossom!’” I have no doubt that by
members was actually from Jersey. The rest were Ben- now Smith has called his agent about meeting Snooki.
nies, a term for people who come to the shore during the With all the pausing to deconstruct the mating ritu-
summer. “All these jackanapes are Bennies,” Smith sort als of people who introduce themselves by lifting their
of said. “Looking at this show and thinking it’s about shirts and pointing to their abs, it took us six hours to get
New Jersey is like looking at Hogan’s Heroes and think- through two episodes. We were deeply disappointed by
ing it’s a real depiction of World War II.” When Smith how our state was being tarted up. “There’s more dignity
saw the cast’s house decorated with maps of Jersey to my weed-dealing clowns,” Smith said. “When Jay and
surrounded by Cadillac emblems and Italian flags, he Silent Bob seem like better role models than these dew-
vowed to take down his own antique map ofthe state. berries, we're in trouble.” But we did see in the show that
“This is like the moment for Catholics when Madonna rough-hewn, eager-to-shock impishness that gave both of
started wearing a crucifix and turned it into a trinket,” us our personalities and our careers. We also recognized
he said, before yelling “Flax-wench!” that Jersey toughness that led our wimpy writer selves to
Not long into the show, however, we both admitted run to Los Angeles, where the witty use of profanity and
that the Jersey on the screen looked familiar. In high not our ability to throw a punch got us jobs and wives. So
school | abused hair gel and Jovan musk and rocked a if other people need to believe two-dimensional vulgar-
black tank top. Smith went to the movies in the town ity is all there is to New Jersey, we can let them have their
that Sammi (Sweetheart) Giancola is from, and we both little minstrel show. We didn’t need it. Though Smith
had spent some time at the beach where the show is asked me to leave the DVDs behind, just in case. &
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consult the owner’s manual for load limits and loading guidelines. 4WD EX-L model shown. © 2009 American Honda Motor Co., Inc