Cut to the News

Tuesday, September 16, 2008

LEADING THE NEWS

Dow Declines 500 Points . . . Bankruptcy of Lehman Brothers throws U.S. financial system into an abyss, uncertain where the bottom of its credit-related problems lies. Wall Street Journal
AIG Declines 61 Percent After Credit Rating Cut . . . Country's largest insurer by assets faces cash crisis. Systemic risk seen if it fails. Bloomberg
Pakistan Launches Offensive Against Militants . . . Claims hundreds killed. Operation includes aircraft. U.S. drones also on patrol. Reuters

POLITICS

Democrats Pushing Stimulus Plan . . . White House, GOP Resist. Wall Street Journal
Interests Groups Stepping Up Role in Campaign MoveOn will double advertising budget to $7 million and start a campaign tying McCain to lobbyists. New York Times
Obama, McCain Both Reap Big Money From Financials They spent yesterday calling for more regulation anyway. Bloomberg
Bush Viewing Texas Storm-Struck Area . . . Still trying to rebuild his image as a disaster manager after botching Katrina. Reuters
Palin Won't Cooperate With Probe . . . Campaign says Alaska legislature investigation into firing is tainted by politics. CNN

NATIONAL SECURITY

Maliki Asserts Independence . . . PM curbs U.S. influence over Iraq's future. Los Angeles Times
U.S. Officials: Al Qaeda Imploding . . . Unpopular among Muslims. Hamas, Hezbollah more worrisome. Associated Press
Nuke Inspectors at 'Dead End' in Iran . . . Report says enrichment being expanded. More sanctions next? Christian Science Monitor

BUSINESS

Crude Falls on Credit Crisis Fears . . . Concerns it will drag on global economic growth and restrain demand for crude. Wall Street Journal
New Rate Cut Pressure on Fed . . . Wall Street upheaval threatens to sap economy. Bloomberg
Golden Parachutes Set to Open at Merrill . . . CEO John Thain and trading chief Thomas Montag may get over $47 million if demoted or fired after Bank of America takes over. Bloomberg
Barclays Eyes Lehman Assets . . . UK bank may get storied investment house for a song. Financial Times
HP to Cut 24,600 Jobs . . . Deleting about 7.5% of workforce over three years as it combines with EDS, the technology-services company it recently acquired. Associated Press

WORLD NEWS

Georgia, Russia, Differ on War's Cause . . . Each say the other started conflict. Georgia offers intercepted phone calls, but evidence inconclusive. New York Times
China Arrests Two Over Tainted Milk Formula . . . Second infant dies and 1,253 others sickened. Los Angeles Times
Ukraine's Pro-West Government Collapses . . . President Viktor Yushchenko involved in a long-running dispute with Prime Minister Yulia Tymoshenko. BBC
Doomed Madrid Jetliner Did Not Deploy Wing Flaps . . . Pilot didn't notice because alarm didn't go off. Crash last month on takeoff killed 154. Associated Press

YOU MUST ALSO KNOW . . .

Your Brokerage Accounts Are Safe . . . Money required to be kept separately from a firm's corporate finances. Chicago Tribune
Galveston Ruined by Ike . . . Death toll stands at 5 but is expected to rise as water recedes. Houston Chronicle
Thousands in Houston Wait for Necessities . . . Residents wait hours in line for items like food, water and ice. Houston Chronicle
Lifestyle Changes Spur Longevity Enzyme Production . . . Study shows low-fat diet, exercise and stress reduction may curb cell death that causes disease. San Francisco Chronicle

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