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All News At a Glance
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Street battles break out in Gaza City
Heavy fighting was under way in the north of Gaza City last night as the Israeli Defence Minister, Ehud Barak, pledged to continue the war against Hamas – entering its 10th day – until "peace and tranquility" returned to the south of his country.
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A Top Editor Leaving Washington Post
The second-ranking editor at The Washington Post announced on Monday that he would step down, leaving the paper and its newly arrived top editor to fill vacancies in two of the highest newsroom positions, during a period of acute change at the paper.
Philip Bennett, the managing editor for the last four years, said that he would leave at the end of the week. Recently, Jim Brady said he would soon step down as executive editor of WashingtonPost.com, the newspaper’s Web site. More...
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Dangers of Third Hand Smoke
You've heard of the dangers of smoking and of second hand smoke, but have you heard of third hand smoke? It's a newly discovered danger that doctors are now warning of. Third hand smoke is the toxic chemicals left on clothing and in you hair that lingers long after you've smoked a cigarette. So even if you don't smoke around your child, it's still dangerous to children, giving the health department yet another reason to discourage tobacco use. More....
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GM’s 2008 U.S. Sales Dive to 49-Year Low on Recessio
General Motors Corp.’s U.S. sales plunged to a 49-year low in 2008, dragged down by a 31 percent slide in December as demand was ravaged by the recession and concern that the biggest domestic automaker might collapse.
Toyota Motor Corp.’s U.S. deliveries plummeted 37 percent last month, while Honda Motor Co. slipped 35 percent, Ford Motor Co. fell 32 percent and Nissan Motor Co. was down 31 percent, pointing toward the industry’s worst annual volume since 1992. Chrysler LLC dived 53 percent. More...
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Obama picks former Clinton aide Panetta for CIA
President-elect Barack Obama has chosen former White House chief of staff Leon Panetta to lead the CIA, which has been widely criticized for harsh interrogation of terrorism suspects, Democratic officials said on Monday.
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Al Franken Declared Winner in Minnesota Senate Race
After nearly two months of political and legal controversy, the Minnesota Board of Canvassers certified Democrat Al Franken as the winner of the state's Senate race. Incumbent Norm Coleman, a Republican, and his attorneys have vowed to challenge the board's decision.
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Obama 'planning $800bn stimulus'
US President-elect Barack Obama is meeting Congressional leaders to discuss his plans for a multi-billion dollar stimulus package.
US media reports say the package could be worth more than $800bn (£551bn), including $300bn of tax cuts - which would be higher than had been expected.
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Casualties rise in Gaza offensive
Casualties have been pouring into over-stretched hospitals in the Gaza Strip as Israel presses on with its offensive against Palestinian militant groups.
The Palestinian health ministry said 90 people, mostly civilians and including 26 children, had been killed since Israeli forces went in on Saturday.
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Bush first ex-prez to face limit on Secret Service protection
President George W. Bush's "after-life," as Laura Bush calls the post-presidency, is shaping up to be pretty comfortable, with a Dallas office, staffers, Secret Service protection, a travel budget, medical coverage and a $196,700 annual pension, all at taxpayers' expense.
However, Bush will be the first president not to benefit from one former lifetime benefit: Secret Service protection. More...
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New US embassy opens in Baghdad
The new US embassy in Baghdad has been opened, with a dedication ceremony attended by the Iraqi president.
The compound is one of the biggest and most expensive embassies the US has ever built, and was opened amid heavy security in the Iraqi capital.
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In Iraq on Sunday, at least 27 Iraqis were killed and 52 Iraqis were wounded across the country. A suicide bomber struck at a shrine in Kadhimiya, killing 40 people and wounded 79 others. 16 Iranians were killed and 37 more were wounded , as thousands of Shi'ite pilgrims, many foreign, are making their way to Karbala to observe the Ashuraa holiday. The United States opened its new $592 million embassy building in Baghdad on Monday.. Over 500 Killed in Gaza Warn Posted January 4, 20 10 days after the Israeli attack on Gaza began, 520 Gazans have been reported killed and thousands wounded. On Saturda, an Israeli tank attacked a house full of Palestinian children, killing one and injuring 11 others, at least 31 additional civilians were also killed. Tens of thousands of civilians have been displaced from their homes, and food is in increasingly short supply. One third of the population is without water, and three quarters without electricity. An Israeli soldier was killed today, the first since Israel launched its ground operation, 31 Israel Defense Forces soldiers have been wounded. Israel is believed to be using controversial white phosphorus shells to screen its assault. The weapon used by British and US forces in Iraq, can cause horrific burns but is not illegal if used as a smokescreeni. Haaretz news service also reported the use of cluster bombs Israel Stocks Rise With Global Equities as Investors Ignore War 05 Jan 2009 Investors in Israeli stocks are disregarding a war less than 37 miles away from Tel Aviv, helping the TA-25 index rebound from its worst year since 1983... The index has climbed 7.4 percent since Dec. 27 when Israel started its campaign against Hamas in the Gaza Strip. World unites in protests 04 Jan 2009 Tens of thousands took to the streets across the world this weekend to protest against Israel's bombing of Gaza. More than 5,000 demonstrators marched on Trafalgar Square in London. Hundreds threw shoes at Downing Street, inspired by the Iraqi journalist who showed the Muslim sign of disrespect to George Bush last month. Mass demonstrations took place in other major western capitals and across the Muslim nations of the Middle East. Europe angered by Bush's defence of Israel 05 Jan 200 European leaders are increasing their calls for a ceasefire, between Israel and Gaza. European Union delegation is on its way to the region. In the United States, the Bush administration is backing Israel's actions and continues to blame Hamas for the violence. US Installed Iraqi Ex-Prime Minister Says Bush "Utter Failure" Khalid al-Ansary, Reuters: "Former US-installed Iraqi Prime Minister Iyad Allawi has denounced the policies of President George W. Bush as an 'utter failure' that gave rise to the sectarian venom that ravaged his country. In an interview published on Saturday in the pan-Arab newspaper Asharq al-Awsat, Allawi found fault with American management of Iraq since the US-led invasion in 2003 as well as the government of present Prime Minister Nuri al-Maliki." British forces have taken four key Taliban positions during an 18-day offensive in southern Afghanistan's Helmand province in which 100 Taliban fighters and five British soldiers were killed. The British Defence Ministry said the action began on December 7 and involved some 1,500 British troops plus Danish and Estonian and Afghan government forces.
Britain: No US request to resettle Gitmo inmatesPrime Minister Gordon Brown says the U.S. has not asked Britain to accept Guantanamo Bay detainees if the camp for terrorist suspects is closed. President-elect Barack Obama pledged to shut Guantanamo. Several European nations said they are considering taking inmates who cannot be returned to their own countries because of the risk of persecution. Some 250 detainees remain at Guantanamo. Russia seeks EU monitoring as Ukraine gas dispute intensifiesOn Sunday, Russia asked the European Union to provide monitoring of Ukraine's gas transit system and accused Ukraine of stealing gas bound for Europe. An exchange of accusations fuelled an arguement over payments demanded by Russia's Gazprom for gas supplied to the Ukraine, which has led to shortfalls in several European countries. Zimbabwean rights campaigner Jestina Mukoko, who appearred in court Monday on charges of plotting to overthrow President Robert Mugabe, is being poisoned and tortured in custody, according to news sources. Mukoko, who is in solitary confinement at the notorious Chikurubi Maximum Security prison, is being force fed drugs by prison personnel and her lawyer has called for a toxicology report to support the allegations. Mukoko was seized from her home on December 3 by armed men who identified themselves as police. Gunmen seize oil services vessel off Nigeria: Gunmen hijacked a vessel belonging to French oil services group Bourbon off Nigeria's Niger Delta on Sunday as it traveled toward a Royal Dutch Shell offshore oilfield. Piracy and kidnapping is common in the Niger Delta, home to Africa's biggest oil and gas industry. Militants say they are fighting for a fairer share of the region's natural wealth and have blown up pipelines and kidnapped oil workers since early 2006, shutting down around a fifth of Nigeria's oil output. In National News: Madoff's assets to be kept secret The US Securities and Exchange Commission, which sued Bernard Madoff last month for allegedly directing a $US50 billion fraud, is to withhold public access to a list of his assets. rofessor John Coffee, of Columbia Law School said "There is the danger that foreign regulators and foreign creditors may seek to seize that money if the names and sources are made public." Madoff was charged last month by federal prosecutors with directing an alleged Ponzi scheme through his New York investment firm. Richardson to withdraw bid for Obama cabinet Published: Sunday January 4, 2009 NewMexico Gov. Bill Richardson, tapped in December by President-elect Barack Obama to serve as secretary of Commerce, withdrew his bid because of an federal investigation into his political activities. Richardson, who will remain governor , is facing a federal grand jury investigation into whether he exchanged government contracts for contributions to three Richardson political committees Embattled Illinois Governor Rod Blagojevich to replace Barack Obama in the US Senate Democratic leaders plan to grant few if any privileges next week to Roland Burris, the man picked by embattled Illinois Governor Rod Blagojevich to replace President-elect Barack Obama in the US Senate. Senate officials said that a Democrat will object to Burris being duly sworn with the rest of his class, and propose that his credentials be reviewed by the Rules Committee Majority Leader Harry Reid attempted to influence embattled Gov. Rod Blagojevich (D-IL) choice of Senate appointee before charges against Blagojevich became public. Reid tried to convince Blagojevich to not appoint Reps. Jesse Jackson Jr. and Danny Davis, as well as Emil Jones, president of the state senate - all of whom are black. Chicago Sun-Times sources say Sen. Reid found them to be insufficiently electable. Sen. Hillary Clinton helped a New York developer with legislation not long before he donated to her husband's foundation, the New York Times reports. Robert Congel's donation of $100,000 to Bill Clinton's foundation came after Mrs. Clinton secured earmarks for $5 million worth of road construction serving one of Congel's projects and an allowance to use tax-free bonds for the financing of this project. Minn. board expected to announce Al Franken winnerIn Minnesota, the state Canvassing Board is poised to certify the results of the Senate election recount in Al Franken's favor. The latest numbers showed Franken, a Democrat, with a 225-vote lead over Republican Sen. Norm Coleman, who led Franken on election night. There will be a seven-day waiting period before an election certificate is completed. If any lawsuits are filed during that waiting period, certification is conditional until the issue is settled in court. Alaska governor Sarah Palin is said to have benefited from "political meddling.The December 18 arrest of Sherry Johnston, grandmother to Bristol Palin's newborn son Tripp Johnston, was delayed until after the November election, according to Alaska State Troopers. Iinvestigators knew Johnston's connection to the Palin family, and the search warrant "WAS delayed ". Johnston was suspected of arranging a sale of the prescription painkiller OxyContin and charged with six felony counts of "misconduct involving a controlled substance" . Curbs May Be Eased on Paving in Forests
The Bush administration appears poised to push through a change in U.S. Forest Service agreements that would make it far easier for mountain forests to be converted to housing subdivisions. Mark E. Rey, the former timber lobbyist who heads the Forest Service, signaled his intent to formalize the controversial change before the Jan. 20 inauguration of President-elect Barack Obama. As a candidate, Obama campaigned against the measure in Montana, where local governments complained of being blindsided by Rey's negotiating the policy shift behind closed doors with the nation's largest private landowner." An Army program is giving overweight enlistees a second chance,helping the military meet it' s expansion. The waiver program allows enlistees who don't qualify for the military to shape up after joining. So far, the program has helped the Army meet it's recruiting goals in a tight recruiting market. As the economic recession worsens, it is expected to help the military's recruiting efforts as vast numbers of unemployed people seek stable employment.
Former president George H.W. Bush told Foxnews that he has high hopes for the political future of his son Jeb Bush, the former governor of Florida. Asked by Wallace if Jeb Bush would run for the Senate, as his brother as often suggested, Bush supported the idea, and added"I'd like to see him run. I'd like to see him be president some day,". |
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GMAC Chairman Merkin: On the Way Out A board shakeup by GMAC'Financial Services new biggest shareholder, the Treasury Dept., is likely to dislodge Chairman Ezra Merkin from the top spot. Merkin, whose ties to disgraced financier Bernard Madoff have led to several lawsuits, is expected to leave the finance company in a board shakeup that will nearly cut in half the number of directors. With a $6 billion bailout package, the Treasury Dept. will become GMAC's biggest shareholder. That means there will be a clean sweep that will likely push out Merkin, along with most of the executives who were appointed by owners General Motors and Cerberus Capital Management. Merkin was sued by New York University for feeding funds from the college to Madoff's investment firm, which is accused of defrauding investors. NYU also accused Merkin of concealing Madoff's fraudulent practices from the university. As a university trustee and chairman of its investment committee, Merkin steered funds to Madoff. The Maryland State Police surveillance of advocacy groups was far more extensive than previously acknowledged. Records show that troopers monitored -- and labeled as terrorists -- activists devoted to such wide-ranging causes as promoting human rights and establishing bike lanes. Intelligence officers created files on People for the Ethical Treatment of Animals, calling the group a "security threat" because of concerns that members would disrupt the circus. Angry consumers fighting a 72 percent electricity rate increase in 2006 were targeted. The DC Anti-War Network, which opposes the Iraq war, was designated a white supremacist group, without explanation. ." The operation has been called a "waste of resources" by the current police superintendent and "undemocratic" by the governor. The monitoring, under the administration of then-Gov. Robert Ehrlich Jr. (R), spiraled out of control, with an undercover trooper spending 14 months infiltrating peaceful protest groups. Troopers claim they inappropriately labeled 53 individuals as terrorists . But the new documents reveal a far more expansive set of police targets.The FBI and police departments in several cities, including Denver and New York , also responded to the threat of terrorism by spying on activists. On any given night 200,000 U.S. veterans sleep homeless on the streets of America. One out of every four people -- and one out of every three men -- sleeping in a car, in front of a shop door, or under a freeway overpass has worn a military uniform. Last month, two veterans' organizations, Vietnam Veterans of America and Veterans of Modern Warfare, filed suit in federal court demanding the government decide disability claims brought by wounded soldiers within three months. Predictably, the VA is trying to block the effort. On December 17, VA lawyers convinced Reggie Walton, a judge appointed by George Bush, who ruled that imposing a quicker deadline for payment of benefits was a task for Congress and the president-not the courts. America's promise to "Support the Troops" appears to end nwhen soldiers take off the uniform and try to make the transition to civilian life and encountered a hostile bureaucracy set up by the Department of Veterans Affairs. Veterans' organizations say that in a best-case scenario, a wounded veteran must wait six months to hear back from the VA. Those who appe al a denial have to wait an average of four and a half years for their answer. In the six months leading up to March 31st of this year, nearly 1,500 veterans died waiting to learn if their disability claims would be approved by the government. |
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International News 1-05-09 |
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Gazans lose last lifeline as warplanes blast tunnels
***Tunnels between Gaza and Egypt, a lifeline for Palestinians, have been blasted by Israeli warplanes. Since being blockaded by Israel two years ago, hundreds of tunnels have been carved out beneath the Gaza-Egypt frontier, providing a vital conduit to bring basic needs into the territory. Israel began its siege of Gaza after Hamas' election victory in 2006. Foodstuffs, building materials, electric equipment and medicines are all brought from Egypt through the passages - as well as weapons and ammunition. Such contraband is a source of income for Hamas, which levies taxes on the smugglers' income. The destruction of many tunnels in the Israeli offensive over the past week has meant shortages in Gaza's shops. The UN has called the Israeli blockade "collective punishment of a civilian population," describing it as a war crime under the Fourth Geneva Convention.
Israel rains fire on Gaza with phosphorus shells
**The UK Times says Israel is using white phosphorus shells to screen its assault on the heavily populated Gaza Strip. The weapon can cause horrific burns but is not illegal if used as a smokescreen. As the Israeli army stormed into Gaza and the Palestinian death toll topped 500, the tell-tale shells could be seen spreading thick white smoke to cover the troops’ advance. Burning blobs of phosphorus cause severe injuries to anyone caught beneath them. The use of the weapon in the Gaza Strip, one of the world’s mostly densely populated areas, is likely to ignite yet more controversy over Israel’s offensive, in which more than 2,300 Palestinians have been wounded. Charles Heyman, a former British Army major, said: “If white phosphorus was deliberately fired at a crowd of people someone would end up in The Hague—meaning as a war criminal.” Israel has brushed aside calls for a ceasefire to allow humanitarian aid into the besieged territory.
Robert Fisk: Keeping out the cameras and reporters simply doesn't work ***UK Independent reporter Robert Fisk says Israel is keeping cameras and reporters out of Gaza because Israeli soldiers are killing so many innocent people that images of the slaughter would be too much to tolerate. Fisk says the result of the Israeli media ban is Palestinian voices – as opposed to those of Western reporters – are now dominating the airwaves. The men and women who are under air and artillery attack by the Israelis are now telling their own story in the media as they have never been able to tell it before. Fisk says these reports come without the artificial "balance", which television journalism normally imposes on live reporting. However, the flip side is there is no Westerner in Gaza to cross-question Hamas's version of events. Fisk says this is a victory for the Palestinian militia, handed to them on a plate by the Israelis.
Hands off Gaza! ***The World Socialist Web Site has denounced the Israeli military's assault on Gaza as a war crime. Over 500 Palestinians have been killed and more than 2,400 injured, including scores of women and children. The committee says that Israel, a state that possesses one of the most modern and sophisticated military machines in the world is casting itself as the victim. The committee says Israel’s claim that its attack on Gaza is a legitimate reaction to Hamas rockets is false. The committee says that prior to Israel's launching of its air war, not a single Israeli was killed by the home-made and largely ineffectual Qassam rockets fired from Gaza. The increase of such rocket firings was provoked by Israel's shattering of a cease-fire with a cross-border raid in November that killed six members of the Hamas security force. The committee says the rocket attacks from Gaza reflect the desperation of Hamas and the Palestinian population.
FBI E-Mail Says Bush Authorized Abuse of Iraqi Detainees
***An e-mail written by a senior FBI agent in Iraq in 2004 specifically stated George Bush had signed an Executive Order approving the use of military dogs, sleep deprivation and other tactics to intimidate Iraqi detainees. The FBI e-mail--dated May 22, 2004--followed disclosures about abuse of Iraqi detainees at Abu Ghraib prison and sought guidance on whether FBI agents in Iraq were obligated to report the U.S. military’s harsh interrogation of inmates when that treatment violated FBI standards. The FBI e-mail was obtained by the American Civil Liberties Union through a Freedom of Information Act lawsuit. The White House had emphatically denied that any such presidential Executive Order existed, calling the unnamed FBI official who wrote the e-mail “mistaken.” The ACLU has called on Congress to demand that a special prosecutor be appointed to investigate whether the President and other officials broke federal and international laws, “including the War Crimes Act, the federal Anti-Torture Act, and federal assault laws.”
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Tuesday: 10 Iraqis Killed, 12 Wounded In Iraq on Tuesday at least 10 Iraqis were killed and another 12 were wounded in the latest attacks. The resignation of Mahmoud al-Mashhadani the parliamentary speaker allowed the passage a measure that will allow British and other foreign troops to remain in Iraq after the current U.N. measure expires. The U.S. will operate under a separate agreement. Nineteen security officials who had been accused of a coup plot are now out on bail and facing forgery charges instead. No evidence to convict 10,000 detainees– U.S. commander December 22, 2008 - 01:56:49 A U.S. official told Aswat al-Iraq that U.S. forces in Iraq have detained 10,000 prisoners without evidence of their wrongdoing. The official said Us " forces have evidence to convict 2,000 detainees, who will be referred to the Iraqi judiciary. A total of 350 detainees have been convicted, and more than 100 received death sentences,” He added that 50 detainees were teenagers .”
El Salvador to withdraw all troops from Iraq Dec 23, 2008 17:36 ESTEl Salvador, the only Latin American country with troops in Iraq, said Tuesday it is bringing its 200 soldiers home as a U.N. mandate expires in January. El Salvador is one of a dwindling number of countries with troops deployed in the U.S-led war in Iraq. Iraq to start 2nd bidding round for oil, gas contracts 23 Dec 2008 Iraqi Ministry of Oil announced it will open its second licensing round for international companies to develop the country's oil and gas fields at the end of the year. Oil Minister Hussein al-Shahristani will announce the petroleum fields that Iraq intends to develop with the pre-qualified international oil companies on Dec. 31. Chavez denies helping Iran ship weapons to Syria Dec 23, 2008 19:15 EST President Hugo Chavez is denying a report that claims Iran used Venezuelan flights to send missile parts to Syria.The socialist president said Tuesday the accusations are part of a "permanent aggression" against Venezuela. Italian newspaper La Stampa made the allegations in a Sunday article, citing intelligence sources. Via a statement by its military-technical cooperation agency, Russia once again denied that it intended to supply the S-300 surface-to-air missile system to Iran, a denial it has repeated throughout the week over persistent Israeli concerns and comments from Iranian officials suggesting that the agreement had already been completed. Israeli officials say they have canceled plans to allow about 40 trucks of humanitarian aid to enter the embargoed Gaza Strip on Christmas Eve. The officials said they were acting in response to increased rocket fire from Palestinians in the sealed-off territory. East Timor still on brink of anarchy: report 23 Dec 2008 03:40:00 GMT East Timor remains on the brink of anarchy and could slide back into the violence that fractured the country in 2006. A U.N. peacekeeping report said a "precipitous fall" in oil revenue threatened to bring more social unrest in a country. Three-in-four households are struggling to find enough food and chronic malnutrition hit one-in-two children under 5 in many areas. East Timor's economy relies on off-shore oil and gas reserves shared with Australia, and which pump around $40 million a year into government coffers. In the midst of continuing protests in Greece, shots were fired at a riot police van in Athens, missing the 23 officers on board but hitting the engine. One of the van's tyres also burst. A group calling itself "Popular Action" claimed responsibility for the strike . At the start of the midday march, roughly a dozen youths toppled a police vehicle, with the officers inside escaping unscathed. In National News: Cheney admitted to FBI he altered Plame talking points in a manner certain to expose herVice President Dick Cheney, according to a confidential FBI report, admitted to federal investigators that he rewrote talking points for the press in July 2003 that made it much more likely that then-covert CIA-officer Valerie Plame in sending her husband on a CIA-sponsored mission to Africa would come to light. Cheney conceded that in drawing attention to Plame’s role it might also unmask her role as CIA officer. White House Lied About Iraqi Yellowcake Buy, But That’s Not the Biggest ScandalA new congressional report confirms what many have long known: that the White House and in particular then White House Counsel Alberto Gonzales, lied to Congress in 2004 when he told them the Bush administration was not repeatedly warned by the CIA not to make the claim that Saddam had tried to buy uranium ore from Niger.The report documents that the CIA at least four times tried to prevent Bush and other top officials from presenting that lie to Congress and the American public in the run-up to the Iraq invasion. CBS: KBR knowingly exposed troops to toxic dustA CBS News investigation has obtained evidence that a subsidiary of Halliburton, the giant energy company formerly headed by Vice President Dick Cheney, knowingly exposed United States soldiers to toxic materials in Iraq.
America's Child Soldiers: US Military Recruiting Children to Serve in the Armed Forces In violation of its pledge to the United Nations not to recruit children into the military, the Pentagon “regularly target(s) children under 17,” the American Civil Liberties Union says. The ACLU states in a report titled “Soldiers of Misfortune” that the Pentagon “heavily recruits on high school campuses, targeting students for recruitment as early as possible and generally without limits on the age of students they contact.” FBI taps cell phone mic as eavesdropping toolThe FBI appears to be using a form of electronic surveillance in criminal investigations by remotely activating a mobile phone's microphone and using it to eavesdrop on nearby conversations. The technique is called a "roving bug," and was approved by top U.S. Department of Justice officials for use against members of a New York organized crime family. Defense Secretary Robert M. Gates asked most Bush administration political appointees except those targeted for dismissal to stay on in the Pentagon until replaced by the Obama administration In Environmental News: Up Shit Creek Giant pond of coal ash escapes, floods Tennessee homes 23 Dec 2008 A giant flood of coal ash -- the toxic sludge left over after coal burning -- broke through an earthen retaining wall at a plant in Harriman, Tenn., Monday. Five hundred million gallons of nastiness flowed into tributaries of the Tennessee River and inundated a dozen nearby homes. The U.S. Environmental Protection Agency said the cleanup will take at least several weeks, or, in a worst-case scenario, years. Court Reinstates Clean Air Rule During EPA FixIn a ruling hailed by environmentalists, a federal appeals court reinstated one of George Bush's clean air regulations. In July, the US Appeals Court for the District of Columbia threw out the Clean Air Interstate Rule, which required 28 mostly Eastern states to reduce smog-forming and soot-producing emissions that can travel long distances in the wind. In Financial News: Financial analyst Ralph Silva of TowerGroup told CNBC that he expects no less than one third of banks to fail in 2009 and that anything up to a thousand could collapse if they don't merge. US determined to unlock Switzerland's banking secretsAccusations by US prosecutors this week shed light on the allegedly cloak-and-dagger world of UBS, Switzerland's biggest bank.A grand jury in Florida charged one of UBS's top executives, Raoul Weil, with helping 17,000 Americans to avoid tax by safeguarding some $ 20 billion in secret Swiss bank accounts.The charges against Weil carry a potential sentence of five years in prison and a $250,000 fine.
$380 million Ponzi scheme Ex-broker Kosta Kovachev was charged Tuesday for conspiring to commit wire fraud with New York lawyer, Marc Dreier, in an alleged $380 million Ponzi scheme. Kovachev, allegedly helped sell phony bank notes to hedge funds. Kovachev , two years earlier was under investigation for his role in what was described as a $28 million Ponzi scheme. $640 Million Sneeze Wal-Mart will pay as much as $640 million to settle 63 lawsuits around the country alleging that the retailer had exploited its workers. The payout could add up to less than 0.1 percent of the company’s revenues this year. Head of Fund Invested in Madoff Said to Commit SuicideRene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead after committing suicide Tuesday in his office in Manhattan. Mr. de la Villehuchet lost as much as $1.4 billion that had been invested with Bernard Madoff, the money manager accused of running a $50 billion Ponzi scheme. Meanwhile, Madoff is only under house arrest. A black man in Mississippi gets five years for stealing a six pack of beer. Madoff gets house arrest for admitting stealing $50 billion.
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