Hank Greenberg Lawsuit Hammers U.S. Use Of AIG For 'Backdoor Bailout' An investment vehicle controlled by former American International Group chief Maurice (Hank) Greenberg claims the U.S. government singled out the insurer by taking a huge equity stake in return for bailout loans made during the 2008 financial crisis.
In a lawsuit filed in the U.S. Court of Federal Claims Monday, Starr International alleges that where the government guaranteed billions of dollars in loans to companies like Citigroup and made liquidity facilities available to a number of institutions in the wake of the failure of Lehman Brothers, AIG shareholders “were singled out for differential – and far more punitive – treatment.” Greenberg’s Starr International claims the government’s “backdoor conversion,” through a stock split that gave Uncle Sam an 80% stake in the insurer, resulted in a scenario where common stock holders were subordinated to the government without consent.
What followed, the complaint says, was an: Debt panel's demise sets up partisan wrangling. WASHINGTON (AP) — The failure of a special deficit-reduction supercommittee sets up a year-end battle between President Barack Obama and a dysfunctional Congress over renewing a payroll tax cut and jobless benefits for millions.
At the same time, the debt panel's failure triggers deep, automatic cuts to the Pentagon budget, beginning in 2013, that defense hawks already are dedicated to unwinding. Domestic programs would bear cuts as well. And the panel's failure puts taxes and out-of-control deficits front and center in next year's presidential and congressional campaigns. The election's outcome is likely to determine whether Bush-era tax cuts that expire in December 2012 will be fully renewed or whether Obama can force Republicans to make concessions on taxes. Obama supports renewing most of the Bush tax cuts but wants to allow tax rates for wealthier earners to go up. View gallery Chart shows broad categories of cuts under budget sequester President Barack Obama.
Supercommittee members announce failure. Hensarling, left and Murray, right (J.
Scott Applewhite/AP) Members of the deficit reduction "supercommittee" confirmed soon after financial markets closed Monday afternoon that they failed to reach a solution by their deadline to cut $1.2 trillion from the federal deficit. "After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline," committee co-chairs Rep. Jeb Hensarling (R-Tex.) and Sen. Brazil fines Chevron in $28 million for oil spill. SAO PAULO (AP) — Brazil's environmental agency said Monday it will fine Chevron nearly $28 million for a continuing oil spill off the Rio de Janeiro coast, and the company could face several more similar fines in the coming days.
The agency said through its press office that it will fine the oil company the maximum 50 million reals allowed under current Brazilian law. Environment Minister Izabella Teixeira said at a press conference in Brasilia, however, that as an investigation into the leak continues, Chevron could face "five or six" other fines of the same amount if more infractions are found. Rio de Janeiro state's environment secretary, Carlos Minc, said the national government will also ask Chevron to pay for damages caused by the Atlantic spill.
"We believe the accident could've been avoided. There was an environmental crime," Minc told Globo TV and other Brazilian media. View gallery "There was negligence," Minc said. "We are still calculating the costs," Minc said. Portland Police Chief Mike Reese says in a written statement that he won't run for mayor. View full sizeBruce Ely/The OregonianChief Mike Reese has chosen not to run for mayor, just two-and-a-half weeks after he sat in his chief's office saying he was strongly considering a run.
Portland police Chief Mike Reese announced by press release this afternoon that he's not going to run for mayor – less than two days after he issued an apology for blaming Occupy Portland on live TV last week for a police delay to a rape victim's call. "After careful consideration, I've decided that I can best serve the community and the Portland Police Bureau by remaining the Chief of Police.
I will not be a candidate for Mayor," the statement said. " I appreciate the kind words of support and encouragement that have been offered to me these past few weeks. It has been humbling to say the least to hear these positive comments. Running for political office is a time-consuming and daunting task. On Nov. 2, Reese called it a unique opportunity considering there's no incumbent. Fox News Viewers Know Less Than People Who Don't Watch Any News: Study. Fox News viewers are less informed than people who don't watch any news, according to a new poll from Fairleigh Dickinson University.
The poll surveyed New Jersey residents about the uprisings in Egypt and the Middle East, and where they get their news sources. The study, which controlled for demographic factors like education and partisanship, found that "people who watch Fox News are 18-points less likely to know that Egyptians overthrew their government" and "6-points less likely to know that Syrians have not yet overthrown their government" compared to those who watch no news.
Overall, 53% of all respondents knew that Egyptians successfully overthrew Hosni Mubarak and 48% knew that Syrians have yet to overthrow their government.