WASHINGTON, D.C.: After losing out to Madeleine Albright in the running for Secretary of State, Richard Holbrooke has collected his consolation prize: a Clinton appointment as special envoy to Cyprus. TIME's Dean Fischer notes that the appointment is right up the alley of the man schooled in shuttle diplomacy during his peacemaking trips to Bosnia. "He really enjoys this kind of work," Fischer says. Besides, Holbrooke is familiar with 23-year-old dispute between Greece and Turkey over the island, having spent time there as assistant Secretary of State in 1995. Holbrooke will work unpaid and part-time, spending an estimated one week a month on the job while remaining in his private position as an investment banker with CS First Boston.