From the article: J.P. Morgan Chase, which sold billions of dollars in WorldCom bonds to the public about a year before the company filed for bankruptcy, agreed yesterday to pay $2 billion to settle investors' claims that it did not conduct adequate investigation into the financial condition of WorldCom before the securities were sold. [. . .] The $6 billion recovered by Mr. Hevesi and his lawyers is also unusual because it amounts to more than half the damages sought by the fund on behalf of the investors it represented. Typically investors receive pennies on the dollar when they file suits against bankrupt companies. You can read Sheryl Gay Stolberg's "Senate Supports Artic Drilling" if you're so inclined. I doubt most members of this site will enjoy the article. Instead read this: Today was a dark day in the Senate, though with all the media attention on verdicts and sentences handed down in celebrity trails today you're probably not going to be hearing too much about it in the mainstream media. That's A Winding Road and you'd be better off reading the reporting there. Link: http://awindingroad.blogspot.com/ You could also check out NPR online and listen to Morning Edition (today's show). Worth checking out in the paper is Elizabeth Becker and David E. Sanger's "Wolfowitz Gets Bush Nomination For World Bank." Link: http://www.nytimes.com/2005/03/16/international/16cnd-bank.html?hp&ex=1111035600&en=a89b74f3f9df28e8&ei=5094&partner=homepage From the article: The World Bank is the institution that allocates the resources and sets development policy for much of the third world, and Mr. Wolfowitz's appointment to succeed James D. Wolfensohn raises questions about whether Mr. Wolfowitz's ideological views will be reflected in development decisions. But as American ambassador to Indonesia from 1986 to 1989, Mr. Wolfowitz developed a passion for development and aid issues, and Mr. Bush said today that "Paul is committed to development," adding, "He's a compassionate, decent man who will do a fine job." It's not a brilliant article, it's not a brave article but with Toad and Elite Fluff Patrol squad leader Elisabeth Bumiller pimping fluff as "news" it may be the best the paper can offer this morning. Also please note, blogger has huge problems this morning. I will continue to attempt to log in but this post is being done via e-mail (if it goes up, other attempts haven't).
Bush's budget includes a clause opening up the Arctic National Wildlife Refuge in Alaska for drilling. First of all, how typical of the Republicans to sneak this into a budget, where it can't be filibustered, rather than having it considered on it's own merits. They tried the very same thing last year, but the Senate was able to strip it from the budget on a vote of 52-48.
Washington state Senator Maria Cantwell put forward an amendment today after much debate yesterday and this morning on the issue that would have removed that clause from the budget. In other words, it would have protected the Alaskan Wildlife Refuge from the destruction of oil drilling.
The vote was close. Seven Republican Senators joined the majority of Democrats and Senator Jeffords in voting for the amendment. All seven of these Senators deserve special recognition for this, whatever their overall records. Today they voted to put the environment ahead of oil profits, to put our planet's future ahead of more money in the pocket of oil companies.
Thursday, March 17, 2005
What's worth reading in this morning's paper?
Let's start by noting Gretchen Morgenson's "Bank to Pay $2 Billion to Settle WorldCom Claims." Link:
