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Daily News Roundup: The Pretty Please Edition

Tuesday, November 18th, 2008

Reduced to begging? Detroit auto industry executives and representatives from the United Auto Workers union are campaigning for a $25 billion slice of the $700 billion bailout pie and appearing before the Senate Banking Committee Tuesday. It’s unlikely any relief will be passed during this final lame-duck session of Congress. What will happen if the domestic auto companies be forced into bankruptcy? One school of thought predicts ultimate doom, with up to 2.5 million jobs affected. Another says foreign auto companies will soon fill the void the Big 3 leave behind.

The winds die down, but the damage remains … firefighters got the upper hand on the three fires in Southern California Monday, which allowed residents to return to their homes to see what horror the flames had wrought. In total, 842 homes burned and more than 100 were damaged. The Los Angeles Times tells a now-familiar story of homeowners returning to find out what possessions they have left.

For sale: two million barrels of oil, plus one giant tanker … Somali pirates anchored the Sirius Star, a giant Saudi oil tanker with cargo worth $100 million, in friendly waters off the Somali port village of Eyl on Tuesday, after boarding and hijacking the tanker over the weekend. Pirates currently have control of at least 12 ships and more than 250 kidnapped crew. The pirates have no way of unloading the oil from the tanker, so they will likely hold the ship for ransom. Two million barrels of oil makes up one quarter of a day’s production of oil in Saudi Arabia. The Saudis are predictably displeased.

Goodbye, Jerry. Yahoo’s CEO and founder Jerry Yang said Monday he would step down from leading the company once a replacement was found. Speculation immediately began again that Yang’s departure would clear the way for Microsoft to buy the search company and Internet portal. Microsoft offered $33 per share to buy Yahoo in May; its stock closed at $10.63 on Monday.

OK, 400 lawsuits is enough. Jarek Molski reached the end of the road Monday, when the Supreme Court declined to hear his appeal. He has sued over 400 businesses for violations to the Americans with Disabilities Act, But in 2004 a federal judge barred Molski from future litigation. Molski was injured in a motorcycle accident and has used a wheelchair for decades.

Daily News Roundup: Marriage, Money and More…

Wednesday, November 12th, 2008

Gay marriage scored a victory Wednesday in Connecticut. A Superior Court judge issued its final ruling to uphold the earlier 4 to 3 Connecticut State Supreme Court ruling that said same-sex couples have the right to wed. This recent news stands in sharp contrast to California’s Prop. 8 referendum that banned same-sex unions in that state.

Where in the world is Osama bin Laden? That is exactly what President-elect Barack Obama wants to know according to his national security advisers. Obama plans to renew the United States’ commitment to finding the al Qaeda leader. During the Oct. 7 presidential debate, Obama said, “We will kill bin Laden. We will crush al Qaeda. That has to be our biggest national security priority.”

And Obama appears to be sticking to his principles and promisesPresident-elect Barack Obama will not allow lobbyists to help pay for any costs related to his transition to power said his transition team yesterday. As he promised to keep big-time money interests and lobbyists out of his campaign, Obama remains firm that lobbyists will not foot his transition and inauguration bills.

Mo’ money, mo’ money, mo’ money for more finance companies? U.S. Treasury Secretary Paulson is seeking to include non-bank financial institutions, such as credit card, car loan and student loan companies into the government’s $700 billion bailout. Paulson said Wednesday that he wants to help American households and businesses have access to various credit and borrowing options. Apparently, there is still $350 billion that is uncommitted after putting the first half into direct capital investments into banks.

And for troubled homeowners, the verdict is still out on government help. The House Committee on Financial Services is looking at what the banking industry can do to help distressed homeowners. Chairman of the committee, Rep. Barney Frank, told CNN “not all borrowers should necessarily be rescued.” Some banks like Citigroup and IndyMac have taken matters into their own hands and launched homeowner programs. Yet “Mark Zandi, chief economist for Moody’s Economy.com, estimates that 1.6 million Americans will lose their homes this year through foreclosure or distressed sale, and that another 1.9 million families will lose their homes in 2009.”

On the tech front…. Hoping for a boost in e-mail users, Google adds video and audio chatting to Gmail with new service called Google Talk. Although video and audio chatting aren’t new technologies, Google’s the first major email provider to add the new technology directly to its email system. Google wants to gain the lead on Yahoo and Microsoft, which still have more users.

Daily News Roundup: Economy & Election Dominate Headlines

Wednesday, October 22nd, 2008

Is it a recession? The stock market went south this morning after Wachovia reported its big quarterly loss. The global markets have also tumbled down. Mortgage rates are at an 8-year low. And 41 states reported job losses in September. Plus, the U.S. had the highest level of mass layoffs, when employers let go of 50+ employees, since 9/11. Even tech giant, Yahoo is expected to layoff at least 1,500 employees.

The good news: credit markets improved as bank-to-bank lending rates declined. And there is a possibility of a second economic stimulus package after the presidential election.

Early voting rates is leading many election officials to forecast 2008 as record turnout year. And in many states, African Americans are “turning out in disproportionate numbers.”

However, an Albuquerque woman was recently turned away from the polls because she wore an Obama t-shirt. Apparently, New Mexico’s law prevents any campaign paraphernalia, including good ole tees, from appearing at the polls (but allows intoxicated people to vote). Hmm… So word to the wise, don’t wear your favorite Obama or McCain shirt to the polls.

With only two weeks left until Election Day, the most recent Pew poll has Obama leading McCain by 14 points. And the Reuters/C-SPAN/Zogby poll released today has Obama up by 10 points.

Palin’s in the hot seat big time now. In addition to “Troopergate”, Ms. Governor of Alaska has been accused of using the state’s money to fund her children’s travel to the tune of over $21,000. And to keep Palin looking her best on the campaign trail, the Republican Party has reportedly spent more than $150,000 on her wardrobe.

Although she has been called a role model for women, the owners of this web site are calling Palin an idiot. Ouch!

And speaking of potential role models (not!), Britney Spears case ends in a mistrial. The jurors simply couldn’t agree on whether Spears was driving without her license. Meanwhile, her song “Womanizer” is at the top of the Billboard music charts.

Wyclef riot

Tuesday, November 20th, 2007

Granted the Yahoo player looks like hell. We don’t like it any more than you do. We also hate watching Nissan commercials. But, yo, if anybody, hip-hop elder statesman and roving Haitian ambassador Wyclef makes it all worth it. As much as ever, man is shining out the great value of our multicultural reality, singing songs of freedom, a star citizen of the planet. Give thanks with us for Wyclef-Jean, a holiday-week (r)evolutionary, brought to you by Yahoo and Nissan. Damn.

If you can bear the commercials and the fact that the bosses at Yahoo are in cahoots with Chinese government jailers, then you can catch the whole short Wyclef concert, including Q&As from the fans, here. It’s a crazy mixed up world.

The Yahoo yahoos

Thursday, November 8th, 2007

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The Chinese government and American new-media giant Yahoo made headlines this week as heated testimony on Capitol Hill seemed to confirm that the two conspired to attack free speech. The hearings centered on the fact that the mammoth internet service provider turned over journalist Shi Tao’s online account information to Chinese jailers three years ago this month. As a result, Shi Tao was arrested and sentenced to ten years for writing anonymously from his Yahoo account about the government’s plans to suppress commemoration of the famous Tiananmen Square pro-democracy protests of 1989.

At the hearing, Chairman Tom Lantos of California called Yahoo Chief Executive Jerry Yang and General Counsel Michael Callahan “moral pygmies” for complying with the Chinese government’s request for Tao’s information. Lantos along with other U.S. lawmakers, human rights activists and free speech advocates are outraged by the company’s actions. Rep. Chris Smith of New Jersey compared the actions to those of businesses that cooperated with the Nazis during World War II.

Lantos told CNN that he “didn’t believe that America’s best and brightest companies should be playing integral roles in China’s notorious and brutal political repression apparatus.” He also called on Yang and Callahan to apologize to Tao’s mother.

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