Federal Bailout, IMF Scandal, Special Counsel Resigns
Good morning and welcome to today's Daily Read. Another busy day for investigative journalism with plenty of stories on the federal bailout and the fund raising practices of the presidential campaigns. Feel free to comment, and please send us any stories we missed.
Federal Bailout » A turf war is brewing among three leading federal agencies that have contrasting visions for how the $55 trillion market for credit-default swaps should be regulated... Germany and Sweden joined the list of nations putting limits on financiers' compensation as part of efforts to rescue their banking systems Monday... meanwhile, the recently hired head of strategy at Merrill Lynch is likely to leave with more than $10 million in compensation... Sen. Dianne Feinstein said Monday that she will propose a bill requiring that financial institutions participating in the Treasury's $700 billion rescue plan be banned from lobbying with that money. — The Washington Post, The Wall Street Journal
IMF Investigates Intern's Appointment » The International Monetary Fund is looking at whether its chief, Dominique Strauss-Kahn, influenced the appointment of a 26-year-old political protégé to a sought-after internship in the IMF's research department. — The Wall Street Journal
U.S. Special Counsel Bloch to Resign » Scott J. Bloch, the embattled U.S. special counsel said yesterday that he will resign in January. The OSC's mission is to protect the rights of federal workers and whistle-blowers, but almost from the start Bloch himself was the subject of investigations. — The Washington Post
Election Coverage » Ohio Democrats and Republicans traded accusations over voting issues yesterday after a county prosecutor in Cincinnati, who is Southwest Ohio regional chair for the McCain campaign, subpoenaed the Hamilton County Elections Board for the records of 266 new voters who cast absentee ballots... enabled by the fine print in campaign finance laws, donors have written checks that far exceed normal individual contribution limits to candidates to joint fund-raising committees that benefit the candidates as well as their respective parties... John McCain's campaign is relying on loopholes in campaign finance law to raise and spend money outside of the government's public funding program. — The Washington Post, The Wall Street Journal, The New York Times
Wireless Merger May Threaten Competition » Public interest groups have stepped up protests to the FCC over the proposed merger of Verizon Wireless and rural carrier Alltel, saying the deal would be a threat to competition in the cellphone industry. — The Washington Post
U.N. Cites $20 Million in Fraud » A U.N. task force has uncovered five new cases of corruption, fraud and mismanagement involving $20 million in contracts throughout the international body.— The Washington Post
More Cribs Recalled After Two Infant Deaths » Children's products maker Delta Enterprise Corp. will announce a recall Tuesday of 1.59 million cribs linked to two infant deaths, the company said, continuing a string of recent recalls of cribs and bassinets involving other manufacturers. — The Wall Street Journal
200 L.A. Sex Assault Cases Pass Prosecution Deadline » As many as 200 potential sexual assault cases have gone without prosecution because Los Angeles police officials failed to meet legal deadlines to test DNA evidence that might have identified a suspect, according to a city audit released Monday. — Los Angeles Times
EPA has Overstated Penalties Against Polluters » A Government Accountability Office report to be released today says the EPA has overstated its enforcement of environmental violations to the public and to Congress, helping to mask how much the Bush administration has slashed penalties against polluters. — The Associated Press
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