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From NPR News in Washington. I'm Jack Speer.
Treasury Secretary Henry Paulson pleaded with sometimes skeptical Senators today he would prove his proposed 700 million dollars bailout of the financial services industry. NPR's Brian Naylor has more.
Paulson and Fed Chairman Ben Bernanke painted a gloomy picture of the economy if Congress fails to approve the bailout package. They said businesses and consumers maybe unable to borrow to pay for expansions and new purchases. Members of the Senate Banking Committee questioned the officials about the plan saying taxpayers would have to shoulder the cost of bailing out Wall Street. Paulson responded.
“The taxpayer is already on the hook. The taxpayer already is gonna suffer the consequences if things don't work the way they should work. And so the best protection for the taxpayer and first protection for the taxpayer is to have this work.
Vice President Cheney meanwhile met behind closed doors with House Republicans. Many of them say they can't support the bailout package. Brian Naylor, NPR News, the Capitol.
Iranian President Mahmoud Ahmadinejad in the speech at the UN today said Teheran would resist and defend its right to nuclear power. Speaking to an interpreter the Iranian leader also said that while the Iranian nation is for dialogue, it has not accepted what he termed as illegal demands.
A few bulling powers have sought to put hurdles in the way of the peaceful nuclear activities of the Iranian nation by exerting political and economical pressures against Iran. Ahmadinejad remarks follow comments earlier today from President Bush in his eighth and final address to the UN called for a continued fight against international terrorism.
Georgia inmate Troy Davis received a stay of execution less than two hours before he was scheduled to die this evening by lethal injection. NPR's Kathy Lohr reports.
After the Georgia's Supreme Court denied Troy Davis’ request for a new trial, the US Supreme Court has stepped in with a last-minute stay of accusation. Seven witnesses recounted their testimony in this case. There is no weapon or other evidence linking Davis to the 1989 murder of a Savannah police officer. Defense attorneys have been trying to get the court to hear the new evidence. And civil rights groups have been holding protest to call attention to the case. Amnesty International has collected more than 200,000 signatures on the petition calling for a new hearing. And thousands have written letters to the Georgia Board of Pardons and Paroles asking the Board to grant clemency. But earlier this month the Board said clemency was not warranted. Now the US Supreme Court is scheduled to discuss the case next week. Kathy Lohr, NPR News, Atlanta.
Here was investment on Berkshire Hathaway Billionaire Warren Buffett has announced plans to put a minimum of five billion dollars in the Goldman Sachs. Under the terms of a deal announced after the stock markets have closed today Berkshire will buy five billion dollars’ worth of so-called perpetual preferred stock that carries a 10% dividend. The company will also receive warrants by five billion worth of common shares. Stock futures soared. However, the Dow closed down today at 10061 points.
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Senate lawmakers have passed legislation that would put in place a one-year patch for the Alternative Minimum Tax. In move that potentially will save more than 20 million taxpayers from falling under the tax. On a 93-2 vote lawmakers include the AMT fix as part of a broader tax package, but also include tax breaks for those investing in and reusing renewable energy. It renews dozens of short-term tax breaks that businesses and families come to count on including tax relief for college tuition cost.
An Alabama's largest county is teeter on the hedge what could become the biggest municipal bankruptcy in America history. A former county official pleaded guilty today to obstruction of justice charges linked to that case. Member station WBHM chairman Birmingham, Andrew Yeager reports.
In the mid-90s, Jefferson County in Alabama issued more than three billion dollars in bonds to upgrade its sewer system. But about six years ago, the county swapped those bonds for vary bond option securities. When the county's bonds were in dropped early this year, payment skyrocketed forcing the county to possible bankruptcy. Mary Buckelew was a county commissioner at the time those complex bonds and options were arranged. Now she's pleaded guilty to obstruction of justice for lying to a grand jury about the gifts she received from an investment banker. Federal Prosecutors say the banker bought her 4000 dollars for the items, including shoes, a purse and sport treatment which were intend to influence the decisions on the bond deals. Buckelew has agreed to work with prosecutors in the ongoing corruption-prone. For NPR News. I'm Andrew Yeager in Birmingham.
Crude oil prices after posting the biggest one day jump on record ease a bit today. The near month contract for bench mark, crude was down $2.76 a barrel to $106.61.
I'm Jack Speer. NPR News in Washington.
