Daily News Channel
Lights were going out across the world on Saturday as millions of homes and businesses in major cities went dark for one hour in a symbolic gesture to highlight concerns over climate change. In Australia, floodlights of the Sydney Opera House were extinguished as the city’s iconic harbor kicked off events for Earth Hour, a day-long energy-saving marathon stretching through 88 countries and 24 time zones.
Since the first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th century. Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars.
China’s military is developing longer-range ballistic and anti-ship missiles that are "shifting the balance of power in the region" and could help Beijing secure resources or settle territorial disputes, a report released by the Pentagon said Wednesday. China also continues to build up short-range missiles and increase its “coercive capabilities” against Taiwan.
The leader of an ultra-nationalist Turkish political party was involved Wednesday in a helicopter crash in a mountainous region of Eastern Turkey, the state news agency reported. (CNN) — I love Alex Castellanos
A warning of more attacks on UK bankers was made on Wednesday after the home of former Royal Bank of Scotland boss Fred Goodwin was vandalized. Windows were smashed in Goodwin’s house in the Scottish capital Edinburgh and those of a Mercedes-Benz limousine parked outside.
The most amazing part of the exchange to me is that I didn’t go into the East Room intending to ask President Obama about AIG. WASHINGTON (CNN) — The most amazing part of the exchange to me is that I didn’t go into the East Room intending to ask President Obama about AIG.
Last week, outlets reported that “the clock was ticking” for “embattled” Treasury Secretary Tim Geithner, with a few members of Congress openly calling for his ousting. His boss, President Barack Obama, was criticized for not engaging in the congressional furor over the $165 million in bonuses paid out to top executives at AIG — the insurance giant that has received more than $180 billion in federal money. This week Obama remains relatively untouched in the polls, and Geithner is basking in his best week of media coverage yet
Four Colombian soldiers are dead and six are missing after a firefight with Marxist guerrillas, Defense Minister Juan Manuel Santos said Tuesday. In his second prime time news conference, Obama called on Americans to look to the future with a “renewed confidence that a better day will come.” “We will recover from this recession,” the president said
Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials. Geithner is expected to make his case in testimony before the House Financial Services Committee.
A triple-digit rally on Wall Street pushed Asian and Pacific markets solidly into positive territory on Tuesday.