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The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma — investors and counterparties would shun firms that used the central bank as lender of last resort — and that needy institutions would be reluctant to borrow in the next crisis. Clearing House Association fought Bloomberg’s lawsuit up to the U.S. Supreme Court, which declined to hear the banks’ appeal in March 2011.

$7.77 Trillion

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

“Secret Fed Loans Helped Banks Net $13 Billion.” — Bob Ivry, Bradley Keoun, Phil Kuntz, Bloomberg News

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Featured Longreader: Lou Dubois, social media editor for NBC Philadelphia. See his story picks from The Guardian, Boing Boing, Sports Illustrated and more on his #longreads page.

Why is the protest happening now? Why not in 2008, when Wall Street nearly collapsed, or 2009, when unemployment and foreclosures soared? For Ben-Moshe, Obama’s election seemed like the end of the battle, not the beginning, and it took her three years to return to the field. Garofalo thought that his generation needed to be inspired and then let down by Obama in order to realize that they had always expected someone else to do the heavy lifting. Michelle Brotherton didn’t understand the precise reasons for the financial crisis in 2008, but in the following years she saw two concrete results: ongoing distress for the majority of Americans, a quick rebound for the rich. In living rooms and in bars, she and her friends grumbled about the injustice of it all, until their cynicism made the topic moot.

“All the Angry People.” — George Packer, The New Yorker

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It is not that Kagan is silent at oral argument. She is more talkative than her bow-tied predecessor, Justice John Paul Stevens, who tended to sit quietly through most of each session before gently asking, “May I ask a question?” Kagan asked ten questions on her very first day out last fall. But she actually asked the second-fewest questions this year. Only Thomas spoke less, as in not at all, and the questions Kagan has asked were incisive and quite brief. As one Court observer put it to me this spring after oral argument: “Sotomayor talks. Kagan listens.”

“Her Honor.” — Dahlia Lithwick, New York magazine

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At 1:28, Sheehan, still on the way to the hotel, sent a text message to Yearwood. And then another text message to an unidentified recipient at 1:30. At 1:31—one hour after Diallo had first told a supervisor that she had been assaulted by the client in the presidential suite—Adrian Branch placed a 911 call to the police. Less than two minutes later, the footage from the two surveillance cameras shows Yearwood and an unidentified man walking from the security office to an adjacent area. This is the same unidentified man who had accompanied Diallo to the security office at 12:52 PM. There, the two men high-five each other, clap their hands, and do what looks like an extraordinary dance of celebration that lasts for three minutes. They are then shown standing by the service door leading to 45th Street—apparently waiting for the police to arrive—where they are joined at 2:04 PM by Florian Schutz, the hotel manager.

“What Really Happened to Dominique Strauss-Kahn?” — Edward Jay Epstein, New York Review of Books

More from Epstein: “Have You Ever Tried to Sell a Diamond?” The Atlantic, Feb. 1982

Top 5 #Longreads of the Week: The Globe and Mail, Air & Space magazine, The New York Times Magazine, Inc. Magazine, New York Magazine, plus a guest pick from Guardian executive producer Stephen Abbott.

1991 Jeffrey Katzenberg memo to Disney execs.

As we begin the new year, I strongly believe we are entering a period of great danger and even greater uncertainty. Events are unfolding within and without the movie industry that are extremely threatening to our studio.

Some of you might be surprised to read these words. After all, wasn’t Disney number one in 1990? Yes, but our number one status was far from a sign of robust health. Instead, it merely underscored the fact that our studio did the least badly in a year of steady decline for all of Hollywood… a year that was capped off by a disastrous Christmas for nearly everyone. Although we led at the box office in 1990, our bottom line profits in the movie business were the lowest in three years.

Now, added to that, the nation’s economy is acknowledged to be in a recession… a recession that I am convinced will be quite devastating to our industry.

“Some Thoughts on Our Business.” — Jeffrey Katzenberg, Letters of Note, Jan. 11, 1991

See also: “The Internet Tidal Wave.” Bill Gates, May 26, 1995

Bitcoin was drawing the kind of attention normally reserved for overhyped Silicon Valley IPOs and Apple product launches. On his Internet talk show, journo-entrepreneur Jason Calacanis called it “a fundamental shift” and “one of the most interesting things I’ve seen in 20 years in the technology business.” Prominent venture capitalist Fred Wilson heralded “societal upheaval” as the Next Big Thing on the Internet, and the four examples he gave were Wikileaks, PlayStation hacking, the Arab Spring, and bitcoin. Andresen, the coder, accepted an invitation from the CIA to come to Langley, Virginia, to speak about the currency. Rick Falkvinge, founder of the Swedish Pirate Party (whose central policy plank includes the abolition of the patent system), announced that he was putting his life savings into bitcoins. The future of bitcoin seemed to shimmer with possibility.

“The Rise and Fall of Bitcoin.” — Benjamin Wallace, Wired

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Kare’s first assignment was developing fonts for the Mac OS. At the time, digital typefaces were monospaced, meaning that both a narrow I and a broad M were wedged into the same bitmapped real estate — a vestigial legacy of the way that a typewriter platen advances, one space at a time. Jobs was determined to come up with something better for his sleek new machine, having been impressed by the grace of finely wrought letterforms in calligraphy classes he audited at Reed College, taught by the Trappist monk Robert Palladino, a disciple of master calligrapher Lloyd Reynolds. (The lasting impact of Reynolds’ instruction can also be seen in the playful cursive of the seminal West Coast Beat poets Gary Snyder and Philip Whalen, making Reynolds and Palladino the human hyperlinks between desktop publishing and Jack Kerouac’s Dharma Bums.)

For the Mac, Kare designed the first proportionally spaced digital font family that allowed text to breathe as naturally on the Mac’s white screen as it does in the pages of a book. The distinctive Jobs touch was upgrading the original monikers of these elegant typefaces from the names of train stations near Philadelphia — like Rosemont and Ardmore — to those of world-class cities like Geneva, Chicago, and New York.

“The Sketchbook of Susan Kare, the Artist Who Gave Computing a Face.” — Steve Silberman, NeuroTribes 

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Well into his forties he kept swinging between the poles of his double life as only a true Manichean can, a rock star buried in a pile of cocaine one minute and a sadhu renunciant fingering his beads the next. But by his fifties he had abandoned the pretensions of stardom altogether. He had married a formidable but endlessly forgiving woman. (“People sometimes say to me, ‘What’s the secret of a long marriage?’ ” Olivia says in the movie. “And I’m like, ‘You don’t get divorced!’ ”)

“George’s God.” — Andrew Ferguson, The Weekly Standard

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