Archive for the 'Follow Up' Category

Follow Up: Texas hearing on Dick Cheney, Alberto Gonzales indictment turns chaotic

Courtesy Dallas News:

RAYMONDVILLE, Texas — A county prosecutor who brought indictments against Vice President Dick Cheney, former Attorney General Alberto Gonzales and others pounded his fist and shouted at the judge Friday about special treatment for high-profile defendants as a routine motions hearing descended into chaos.

 

Willacy County District Attorney Juan Angel Guerra, who is accusing the public officials of culpability in the alleged abuse of prisoners in a federal detention center, asked Presiding Judge Manuel Banales to recuse himself. Guerra has complained about Banales’ handling of the case.

 

Attorneys for the vice president and other defendants leapt to their feet in objection, as Guerra pounded the table and accused Banales of giving the defendants special treatment in allowing motions to quash the indictments to be heard before the defendants were arraigned.

 

“Now all of a sudden there is urgency,” Guerra shouted. “Eighteen months you kept me indicted through the election.” The charges against Guerra were dismissed in October. Guerra lost re-election in the March Democratic primary.

 

Banales called a recess to contact the chief justice of the state Supreme Court for suggestions on how to proceed, and ordered Guerra, who had slipped out once before in the hearing, to remain in the courthouse.

 

“I will not obey that order,” Guerra said. When Banales implied he would take steps to keep Guerra in court, Guerra agreed to stay if the judge asked him respectfully.

 

Unlike the initial hearing Wednesday when Guerra was absent and media and attorneys for the indicted appeared in equal numbers, curious residents packed the well-worn pews of the Willacy County Courthouse’s only courtroom Friday.

Article Continues @ Sourced Site.

Follow Up: Voters weigh in on same-sex marriage, abortion

Courtesy Market Watch:

…Voters appeared less enthusiastic about measures that aimed to restrict abortion. In Colorado, voters rejected Amendment 48, which sought to give fetuses the same rights as people by granting legal rights to “any human being from the moment of fertilization.”

It marked the first time a state ever attempted to define human life on the ballot, said Jennie Drage Bowser, senior elections analyst for the National Conference of State Legislatures in Denver. Had it passed, the implications may have extended beyond the abortion debate and into issues as disparate as criminal justice, estate taxes and stem-cell research, she said.
Cecile Richards, president of the Planned Parenthood Federation of America, agreed, saying the measure could have banned all abortions or been used to block in vitro fertilization or to keep doctors from providing lifesaving medical care to a woman if the treatment needed could harm a fertilized egg.
“This rejection by voters of Amendment 48 sends a clear message: personal, private health-care decisions should be made by women, their doctors, and their families, not by politicians,” Richards said in a statement. “We need government policies that improve access to health care, not take it away.”
Complete Article @ Sourced Site.

Radio host suspended for airing anti-Palin protesters’ numbers

Courtesy McClatchy:

Anchorage AM radio host Eddie Burke has been suspended for a week for broadcasting the phone number of women involved in organizing a protest against Sarah Palin.

The women later received threatening phone calls.

In a statement, KBYR-AM 700 station manager Justin McDonald said broadcasting the numbers last week was “breaking station policy.” Burke will be suspended for one week without pay, he said.

Article Continues @ Sourced Site.

Fed’s $85 Billion Loan Rescues Insurer

Courtesy NYTimes:

WASHINGTON — Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group.

The decision, only two weeks after the Treasury took over the federally chartered mortgage finance companies Fannie Mae and Freddie Mac, is the most radical intervention in private business in the central bank’s history.

With time running out after A.I.G. failed to get a bank loan to avoid bankruptcy, Treasury Secretary Henry M. Paulson Jr. and the Fed chairman, Ben S. Bernanke, convened a meeting with House and Senate leaders on Capitol Hill about 6:30 p.m. Tuesday to explain the rescue plan. They emerged just after 7:30 p.m. with Mr. Paulson and Mr. Bernanke looking grim, but with top lawmakers initially expressing support for the plan. But the bailout is likely to prove controversial, because it effectively puts taxpayer money at risk while protecting bad investments made by A.I.G. and other institutions it does business with.

What frightened Fed and Treasury officials was not simply the prospect of another giant corporate bankruptcy, but A.I.G.’s role as an enormous provider of esoteric financial insurance contracts to investors who bought complex debt securities. They effectively required A.I.G. to cover losses suffered by the buyers in the event the securities defaulted. It meant A.I.G. was potentially on the hook for billions of dollars’ worth of risky securities that were once considered safe.

If A.I.G. had collapsed — and been unable to pay all of its insurance claims — institutional investors around the world would have been instantly forced to reappraise the value of those securities, and that in turn would have reduced their own capital and the value of their own debt. Small investors, including anyone who owned money market funds with A.I.G. securities, could have been hurt, too. And some insurance policy holders were worried, even though they have some protections.

“It would have been a chain reaction,” said Uwe Reinhardt, a professor of economics at Princeton University. “The spillover effects could have been incredible.”

Financial markets, which on Monday had plunged over worries about A.I.G.’s possible collapse and the bankruptcy of Lehman Brothers, reacted with relief to the news of the bailout. In anticipation of a deal, stocks rose about 1 percent in the United States on Tuesday. Asian stock markets opened with strong gains on Wednesday morning, but the rally lost steam as worries returned about the extent of harm to the global financial system.

Still, the move will likely start an intense political debate during the presidential election campaign over who is to blame for the financial crisis that prompted the rescue.

Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, said Mr. Paulson and Mr. Bernanke had not requested any new legislative authority for the bailout at Tuesday night’s meeting. “The secretary and the chairman of the Fed, two Bush appointees, came down here and said, ‘We’re from the government, we’re here to help them,’ ” Mr. Frank said. “I mean this is one more affirmation that the lack of regulation has caused serious problems. That the private market screwed itself up and they need the government to come help them unscrew it.”

House Speaker Nancy Pelosi quickly criticized the rescue, calling the $85 billion a “staggering sum.” Ms. Pelosi said the bailout was “just too enormous for the American people to guarantee.” Her comments suggested that the Bush administration and the Fed would face sharp questioning in Congressional hearings. President Bush was briefed earlier in the afternoon.

A major concern is that the A.I.G. rescue won’t be the last. At Tuesday night’s meeting. lawmakers asked if there was any way of knowing if this would be the final major government intervention. Mr. Bernanke and Mr. Paulson said there was not. Indeed, the markets remain worried about the financial condition of major regional banks as well as that of Washington Mutual, the nation’s largest thrift.

Article Continues with Links @ Sourced Site.

Tuesdays with Rupert

Courtesy Vanity Fair:

F or nine months, I’ve been interviewing Rupert Murdoch, in an unlikely spirit of openness precipitated by his great satisfaction in having bought The Wall Street Journal, about journalism, his business, politics, his family, and the future for a new biography. I was warned about his charm by many other journalists—warned not to fall victim to it. So the surprise was his lack of it. He’s without introspection and self-analysis and doesn’t like to talk about the past. What’s more, he mumbles terribly (and with a heavy Aussie accent) and seldom finishes a sentence. For the first three months of our interviews, he never addressed a word to or even looked at my research assistant, Leela de Kretser, who was at each of the sessions, and ignored her questions—perhaps because it’s not necessary to acknowledge a girl, or possibly because it was embarrassing for him that she was, at the time, a pregnant girl. (She had the baby. He eventually warmed up.)
But his odd lack of seductiveness or felicitousness—contributing to his aura of villainy—became after a while alluring in itself. There’s no spin, because he really can’t explain himself. Rather, what you see is what you get. He’s transparent. The nature of the beast is entirely evident.
One morning when Leela and I arrived at Murdoch’s office for another interview session, we found the 77-year-old News Corp. chairman and C.E.O. hunched over the phone reporting out a story. He’d been out the night before and gotten a tip. Now he was trying to nail it down. His side of the conversation was straight reporter stuff: Who could he call? How could he get in touch? Will they confirm? Barked, impatient, just the facts. Here was the old man, in white shirt, singlet visible underneath, doing one of the same basic jobs he’d been doing since he was 22, having inherited the Adelaide News in Australia from his father. And he was good at it. He was parsing each answer. Re-asking the question. Clarifying every point. His notepad going. He knew the trade. Of how many media-company C.E.O.’s could that be said? This wasn’t a destroyer of journalism—this was a practitioner.
On the other hand, he was trying to smear somebody. At the dinner party he’d attended—since his marriage to Wendi Deng, he’s become an unlikely fixture at fashionable tables—he heard that a seniormost Hillary Clinton operative was a partner in an online porn company. He didn’t like the operative, didn’t like—no matter how much he had tried—Hillary Clinton. So it didn’t much matter that the story itself seemed far-fetched and tenth-hand. It was juicy and would slime somebody he thought was … a slime. True, it didn’t pan out—and, to his credit, that was the end of it. Well, sort of. Because he kept recycling it. While it did not end up on the Post’s “Page Six,” it became a staple in Murdoch’s repertoire of whispers and confidences and speculations. Rupert Murdoch doesn’t need to print or broadcast the news to make it … news.
He may be among the biggest gossips in New York. In the months of interviewing him, I found that the most reliable way to hold his interest was to bring him a rich nugget. His entire demeanor would change. He’d instantly light up. He’d go from distracted to absolutely focused. Gossip gives him life (and business opportunities). This, I believe, is how the rumor about Michael Bloomberg’s buying The New York Times got legs. I offered it to him as a bit of speculation—conflating two of his favorite subjects, Bloomberg, whom he greatly admires, and the Times, which he does not—that a Bloomberg-Times deal could be possible. He paused, considered, opened his mouth, seemed blissed out for a second, processed this information against his own needs and interests … and then said, “It makes sense. I think I’ll ask him.” And suddenly the rumor was everywhere—he was telling everybody, which made it true. The mayor’s people seemed to like the rumor so much that they began to talk it up themselves. Bloomberg himself seemed to fancy it (offering only a tepid denial) and, Murdoch thinks, could act on it.
He’s a troublemaker—maybe the last troublemaker in the holier-than-thou, ethically straitjacketed news business:
Gary Ginsberg, Murdoch’s chief aide and one of News Corp.’s highest executives—and a former Clinton White House staffer—told his boss that he was planning to go to Paris, in August 2007, for the wedding of his friend Doug Band, Bill Clinton’s chief aide. Band was marrying the handbag designer Lily Raf?i, and the wedding was going to be a party-hearty Clinton affair with supermarket magnate Ron Burkle, real-estate-heir-film-producer Steve Bing, and Bill Clinton himself, Ginsberg reported to Murdoch (Ginsberg too knows that Murdoch likes—needs—gossip). So Murdoch, onto not just a good story but also a way to annoy Ginsberg, secretly called the New York Post editor, Col Allan, and, busting the expense budget, had “Page Six” send a reporter to Paris. Headline (to Ginsberg’s consternation): bill & pals do paris (the city, not the bimbo).
The great fear about Rupert Murdoch, among journalists and proper liberals everywhere, beyond even his tabloidism and his right-wing politics, is that he acknowledges no rules. He does it, without mercy, his way. If you watch him up close, this certainly seems true. He sits in his office and plots and schemes and figures out ways to get (to take) what he wants.
Although he’d agreed with the Bancroft family, Dow Jones’s former owners, to accept a strict structure for protecting The Wall Street Journal’s editorial independence, I watched how blithely he paid no attention to it. It barely figured into his plans or consciousness. Except that he seemed briefly tickled to have figured out that if he merely called his chosen editor, Robert Thomson, the publisher, then he’d have his choice. He was only slightly confounded (and a bit bemused) that it took Journal editor Marcus Brauchli four months to get the message that he was out.
Still, up close, such lack of restraint doesn’t necessarily seem so threatening. It seems, in fact … fun. There’s no artifice. There’s no bureaucracy. There’s no pretense. There’s no corporate this and that—Murdoch’s truly the anti-corporate man. It’s all determination and enthusiasm. It’s all about his passions and the effect he can have. (Of course he was going to replace the Journal’s editor. What was everybody thinking?)
It’s his adventure. Part of the reason so many of the people around him are so loyal—such true believers—is that they’re caught up in it. It’s a grand enterprise.
Though not necessarily such a well-organized or even rational one.
There was the moment, in the car heading out to the airport in the weeks before The Wall Street Journal formally became his, when Merrill Lynch was going into the tank. Its C.E.O., Stan O’Neal, had just been fired. Anticipating events—Merrill’s need for cash, its inevitable sale of assets—Murdoch, for an hour or so, decided he ought to be the presumptive buyer of Merrill’s 20 percent stake in Bloomberg (Murdoch cultivates obsessions, and Bloomberg is one). Soon to have The Wall Street Journal, now soon to have his mitts on Bloomberg, Rupert Murdoch, at least in his own mind, would control worldwide financial information. It’s management by fantasy—even though this one, like so many, was shortly to pass.
Buying The Wall Street Journal was surely an exercise of pure fantasy. To think he could take over a company absolutely controlled by a family that had repeatedly said it would never sell was fantasy. To think it was worth what he was paying for it was fantasy. And yet … now it’s his, and if his shareholders are puzzled and grumpy (News Corp. shares are down by more than 30 percent since he bought Dow Jones), so be it (he’ll ignore them as much as he ignores his other critics). He’s in it for the long haul—even at 77.

Article Continues @ Sourced Site.




  • Support The H.O.R.N.

    Monthly Subscriptions
    Rock ($10 USD)
    Paper ($25 USD)
    Scissors ($50 USD)
    Hammer! ($100 USD)
  • To donate by mail

Streaming and Archives made possible by
The White Rose Society

Chatroom


  • One Billion Bulbs The Head On Radio Network Bulbs Change Statistics

  • H.O.R.N. Widgets




  • Subscribe

    Subscribe to my RSS Feeds

    Categories