Sen. Shelby: Oversight Key In Fannie-Freddie Plan
The Bush administration is pressing Congress to sign off on a rescue plan for the mortgage finance companies Fannie Mae and Freddie Mac. Some lawmakers are critical of the effort. Republican Sen. Richard Shelby, the ranking member of the Senate Banking Committee, says the situation is "a financial powder keg, and we do not want to light the fuse."
Political Power Let Fannie, Freddie Skimp On Capital
New attention is being focused on mortgage giants Fannie Mae and Freddie Mac as the Bush administration presses Congress to act on a rescue package for the two institutions. Economic officials say Fannie Mae and Freddie Mac used to have plenty of capital reserves. But to stay afloat during a housing crisis, they need to raise more cash.
China Turns To More Modern Architecture
New civic and commercial buildings in Beijing are shying away from the historic Chinese architectural style in favor of modern influences from a slate of architects from around the world, and not everyone is thrilled with the new look.
U.S. Cyclists Steer Clear Of Scandal In Tour Debut
Three riders have already tested positive for doping in this year's Tour de France. While scandals continue to plague the race, two American cyclists are making their debut. They're also determined to avoid any hint of scandal.
D.C. School District Proposes Merit Pay For Teachers
School districts across the nation are experimenting with paying teachers based on performance. An important and troubled district in Washington, D.C., is now moving closer to merit pay. Michelle Rhee, chancellor of the District of Columbia's public schools, talks about her proposal.
Basic Cable Shows Snag Emmy Nominations
The nominations for the 60th annual Primetime Emmy Awards were announced Thursday in Los Angeles. The surprise was that basic cable programs cleaned up. AMC's Mad Men racked up 16 nominations, including one for Best Drama, along with FX's Damages.
'The Dark Knight': Through Shadows And Hype The Dark Knight, the new Batman film with Christian Bale in the title role, may be the most hopeless, despairing comic-book movie in memory. It creates a world where being a superhero is at best a double-edged sword and any triumph is likely to be short-lived.
Senate Study: Tax Shelters Cost U.S. $100 B Yearly
Senate officials say some foreign banks routinely use dummy corporations, shell companies and trusts to help U.S. residents avoid taxes. A subcommittee report says the overseas tax shelters cost the United States about $100 billion a year.
Jury Sides With Barbie In Bratz Case
A federal jury Thursday found that Bratz dolls were in fact conceived by a designer who was on Mattel's payroll. Mattel, Barbie's corporate parent, had accused Bratz maker MGA of stealing the idea. Next week, a jury will decide on damages. It could award Mattel royalties to Bratz, which bring in hundreds of millions of dollars a year.