Today's Top News Stories

Senators Wrestle With Fed Bank Oversight Issues

March 8th, 2010

The Federal Reserve could retain oversight of large bank holding companies under a scaled-back regulatory reform plan being considered by key senators, but important questions remained unanswered, lobbyists said on Sunday. In a retreat from a bold proposal to streamline a patchwork bank regulatory system, lawmakers were considering keeping supervision of companies such as Citigroup and Bank of at the Fed, as Reuters reported in February.


Firms Get U.S. Money Despite Iran Work

March 8th, 2010

The U.S. government, while pushing for tougher sanctions against Tehran, has given $107 billion in the last 10 years to U.S. and foreign companies doing business in Iran, much of it in the energy sector, The New York Times reported on Saturday.

Despite the threat of punishment for companies that seek U.S. federal contracts while dealing with Iran, the Times said successive administrations have struggled to exert authority over foreign companies and overseas units of U.S. firms.


Spell-Covered Burial Chamber Found In Egypt's Saqqara

March 8th, 2010

Archaeologists have unearthed the intact sarcophagus of Egypt's Queen Behenu inside her 4,000-year-old burial chamber near her pyramid in Saqqara, chief archaeologist Zahi Hawass announced Wednesday.

The Old Kingdom queen's chamber was badly damaged except for two inner walls covered with spells meant to help her travel to the afterlife, he said in a statement. Ancient Egyptians believed that the souls of royalty could fly to heaven, or alternatively use stairs, ramps and ladders with the help of religious spells.


U.S. Tightens Missile Shield Encirclement Of China And Russia

Written By Rick Rozoff
March 8th, 2010

So far this year the United States has succeeded in inflaming tensions with China and indefinitely holding up a new strategic arms reduction treaty with Russia through its relentless pursuit of global interceptor missile deployments.

On January 29 the White House confirmed the completion of a nearly $6.5 billion weapons transfer to Taiwan which includes 200 advanced Patriot anti-ballistic missiles. Earlier in the same month it was reported that Washington is also to provide Taiwan with eight frigates which Taipei intends to equip with the Aegis Combat System that includes the capacity for ship-based Standard Missile-3 interceptors.


Regulators Close Banks In Four States

March 8th, 2010

U.S. bank regulators closed four banks in as many states on Friday, bringing the number of failures so far this year to 26 as deteriorating loans continued taking a toll on financial institutions. The largest of the four was Sun American Bank of Boca Raton, Florida, which had approximately $535.7 million in total assets and $443.5 million in total deposits, the Federal Deposit Insurance Corp (FDIC) said.


Kenneth Gosting, Yosemite Activist, Found Dead In Creek 

Written By Carl Nolte
March 8th, 2010

Kenneth A. Gosting, a community activist in the foothill region near Yosemite and a correspondent for a number of California newspapers, was found dead in a creek near his home in Mariposa County on Sunday.

Mr. Gosting was 63. He had served as an aide to Gov. Jerry Brown, but resigned after 20 months in 1976 in a dispute in the administration over Mr. Gosting's opposition to an emergency services bill then pending in the Legislature.

He then became a correspondent for a number of newspapers, including the Los Angeles Times, the Merced Sun-Star, the San Francisco Examiner and The Chronicle.


IBM Layoffs Blamed On Offshoring

Written By Patrick Thibodeau
March 8th, 2010

After shrinking its U.S. workforce by as many as 10,000 employees last year, IBM this week may be on its way to cutting another 2,000 workers. IBM isn't commenting on its latest round of cuts and information about it comes from the Alliance@IBM/CWA Local 1701, which gathers its data directly from IBM employees. The Alliance, which has blamed offshoring for many of the layoffs, has been trying to win bargaining rights for employees.


Europe's New Debt Solution: Create Their Own Ratings Agency That Only Gives Friendly Ratings

Written By Vincent Fernando
March 8th, 2010

Is your nation under massive financial pressure due to deteriorating sovereign debt ratings?

Rising interest costs got you down?

Rather than having to actually tackle your mounting debt problems, here's an innovative solution from some Eurozone finance ministers -- create your own, friendlier credit ratings:


Time for a U.S. Revolution – Fifteen Reasons

Written By Bill Quigley
March 8th, 2010

It is time for a revolution. Government does not work for regular people. It appears to work quite well for big corporations, banks, insurance companies, military contractors, lobbyists, and for the rich and powerful. But it does not work for people.

The 1776 Declaration of Independence stated that when a long train of abuses by those in power evidence a design to reduce the rights of people to life, liberty and the pursuit of happiness, it is the peoples right, in fact their duty to engage in a revolution.


Justice Scalia: "There Is No Right to Secede"

Written By Eric Turkenwitz
March 1st, 2010

The right of a state to secede from the nation is way outside my personal injury wheelhouse. But it has become a source of conversation on professorial and political blogs, and the concept has generated interest from the Tea Party movement.

As it happens, my brother has a letter from Justice Antonin Scalia that is directly on point as to the legitimacy of secession. How he got that letter, and its contents, are the subject of today's post.

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