Time Magazine

26

COVER: Iranscam throws a bright light on the shadowy world of the arms dealers

Adnan Khashoggi and Manucher Ghorbanifar explain how they maneuvered to set up sales of U.S. weapons to Iran.

-- Khashoggi may be in some financial trouble, but as a lavish spender he is still the global champion. An inside look at the Saudi sybarite's glittering world of jets, yachts, mansions, fabulous parties and glamorous "escorts." See World.

48

BUSINESS: The Dow Jones tops 2000 as Wall Street enters 1987 on a bull run

The stock market breaks through an important psychological barrier into uncharted territory. While professionals take the milestone in stride, many believe that the run-up marks the start of a third and major upsurge in the great bull market that began in 1982. -- Corporate Raider Carl Icahn gives up on his bid for USX. -- Defections plague a computer-industry alliance.

56

ETHICS: The case of Baby M. raises the dilemmas of surrogate motherhood

If a society legitimates the practice, does it imperil its most venerable notions of kinship? Or if surrogacy is prohibited, are childless couples denied a way to realize the most venerated purpose of their union? Such issues are central to a New Jersey trial in which a judge must answer the most searing question of all: Whose child is this?

16

Nation

A leaked Senate report provides fresh insights into the Iranscam puzzle. -- Presidential hopefuls rush the 1988 campaign kickoff. -- A poll for TIME shows that Iranscam has hurt the Republicans. -- A provocative book on Martin Luther King and a television special on civil rights shed light on the man and the movement.

36

World

Public strikes cause chaos in France. -- Chad scores a victory against Libyan forces. -- South Africa's new attacks on the press.

66

Living

There's a boom in gemstones: converts to New Age spiritualism use crystals as talismans, and collectors find new value in rock art.

70

Cinema

Julie Christie, Gerard Depardieu, Beatrice Dalle and a gaggle of horny Quebecois enliven four foreign-language films.

76

Theater

Soviet Director Yuri Lyubimov makes a blazing U.S. debut with Crime and Punishment. -- Mary Tyler Moore shines in Sweet Sue.

78

Books

Nathan Zuckerman lives, dies and lives again in Philip Roth's The Counterlife, a novel that explores the truth about fiction.

82

Essay

From Crimson Tide to Hoya and Tar Heel, the identities of sports teams are tied to colorful and sometimes appalling nicknames.

8 Letters

59 Science

60 Education

63 People

75 Religion

80 Milestones

Cover: Photograph by Ted Thai