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ImplosionWhat a difference a year makes. So soon after the Dow Jones Industrial Average reached its highest level ever, the bottom fell out of the American economy. Lehman Brothers filed for biggest bankruptcy in U.S. history in September (an honor previously held by WorldCom), bring down numerous financial institutions. Spurred by the flailing housing market, corporate fraud and mysterious things called “credit default swaps,” the Dow plummeted 777 points in a single day in October. The worldwide crisis hit Greece, Spain and other European players particularly hard. “We’re in a recession” became the universal reason for corporate layoffs and a rallying cry for the 2008 presidential election. (2008) |
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Client 9Sixteen months after being elected as the agent for reform in Albany, Gov. Eliot Spitzer confessed in March to hiring a $4,300 prostitute multiple times. Reports show that Spitzer (known as “Client 9” in the law enforcement sting) may have spent over $80,000 on prostitutes and kept it a secret from his family-but that didn’t prevent his wife Silda from standing stoically by her philandering husband at a cringe-worthy press conference announcing his resignation. Lt. Gov. David Paterson was immediately sworn in as New York’s first African-American governor following the scandal. (2008) |
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Perfect Tex Part 3
10 years of GO Magazine, from MySpace to marriage equality