Thursday, May 07, 2009

SPB News for Thursday.



Report: Wells Fargo Needs $15B In New Capital


Inspector at Pentagon Says Report Was Flawed In a highly unusual reversal, the Defense Department’s inspector general’s office has withdrawn a report it issued in January exonerating a Pentagon public relations program that made extensive use of retired officers who worked as military analysts for television and radio networks. Donald M. Horstman, the Pentagon’s deputy inspector general for policy and oversight, said in a memorandum released on Tuesday that the report was so riddled with flaws and inaccuracies that none of its conclusions could be relied upon.
Obama Offers D.C. Voucher Program Extension for Existing Students — President Obama will seek to extend the controversial D.C. school voucher program until all 1,716 participants have graduated from high school, although no new students will be accepted, according to an administration official …
New Chief Prosecutor Appointed For Military Commissions At Guantánamo By Andy Worthington In a development that will only fuel suspicions that the Obama administration is indeed planning to revive the Bush administration’s much-criticized system of trials by Military Commission at Guantánamo..., I have just learned that the Commissions’ Chief Prosecutor, Col. Lawrence Morris, is retiring from active duty, and will be replaced by Capt. John Murphy (US Navy Reserve). No formal turnover date has been announced, but it is expected that the transition will take place over the next two months.
Sources: Bank of America Will Not Be Forced to Raise Capital The government will not require Bank of America Corp. to raise any new capital as a result of its stress test, although the company will be required to increase its holdings of common equity, by about $35 billion, according to people familiar with the matter. The bank could meet that requirement by converting other forms of capital into common equity, including the government's existing $45 billion investment in the company, a step that would not involve raising any new money.

Israel would inform, not ask U.S. before hitting Iran While no one questions Israel's willingness to attack should it deem U.S.-led talks on curbing Iranian uranium enrichment a dead end, such strikes would almost certainly entail at least last-minute coordination with Washington. Israel would want to ensure that its jets would not be shot down by accident if overflying U.S.-occupied Iraq... One U.S. diplomat envisaged Israeli Defense Minister Ehud Barak telephoning Pentagon chief Robert Gates, unannounced, "to give a heads-up and explain" once the mission were under way.

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