Turkish vote tests Erdogan’s mandate

Turkey was Sunday voting in local elections widely seen as a referendum on Prime Minister Rece Tayyip Erdogan, whose challenges the country’s strict secular system have pitted him against the military and judiciary. Polls show Erdogan’s Justice and Development Party, or AK Party, in power since 2002, is once again likely to win more than 40 percent of votes in the mainly Muslim country. More than 90,000 positions are up for grabs, from the mayor of Turkey’s largest city Istanbul to the headman of the smallest village.

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AIG names recipients of its bailout money

Troubled insurance giant AIG, already under fire for intending to pay out $165 million in bonuses and compensation, succumbed Sunday to congressional pressure, identifying banks that received chunks of the company’s billions in federal bailout funds last year. AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of “counterparties” that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.

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