Top Items:
Associated Press:
$14B auto bailout dies in Senate — WASHINGTON - A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end.
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Wall Street Journal:
Rescue Bid for Detroit Collapses in Senate — WASHINGTON — A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three. — Senate Majority Leader Harry Reid of Nevada suggested …
Pan Pylas / Associated Press:
World markets plunge as US auto bailout fails — LONDON - World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.
New York Times:
Auto Suppliers Share Anxiety Over a Bailout — DETROIT — With Congress failing to agree on a bailout for Detroit, the odds that General Motors and Chrysler will be insolvent by year's end are growing rapidly. — The companies have been warning that they would run out of money for some time …
Dana Bash / CNNMoney.com:Bank bailout funds could be used for Detroit
Discussion:
Wall Street Journal, Guardian, Emptywheel, Alas, a blog, Oliver Willis, Firedoglake, American Street, Pam's House Blend, Below The Beltway and Hullabaloo
Chicago Sun Times:
Obama chief of staff Rahm Emanuel ducks reporters' questions — President-elect Barack Obama's chief of staff, Rahm Emanuel, refused to take questions from reporters this morning about whether he was the Obama “advisor” named in the criminal complaint against Gov. Rod Blagojevich.
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The Politico:
Obama damage control — He was elected president on a promise of “transparency” but barely five weeks later, Barack Obama is scrambling to meet his first big test on openness. — Obama's campaign lawyer Bob Bauer is taking a leading role in conducting what one top aide described as …
New York Times:
Obama to Air Any Staff Talks About Senate Seat — CHICAGO — President-elect Barack Obama pledged Thursday to disclose any interaction between his transition team and the office of besieged Gov. Rod R. Blagojevich of Illinois, while declaring again that he and his staff had no involvement …
Eli Saslow / Washington Post:
Obama Worked to Distance Self From Blagojevich Early On — Like every other politician in Illinois, Gov. Rod Blagojevich waited for Barack Obama's call this summer. He told colleagues that he expected a speaking role at the 2008 Democratic National Convention, a nice bit of payback …
Discussion:
Associated Press, Taegan Goddard's …, MSNBC, Wall Street Journal, New York Times, Gawker and TIME.com
New York Times:
Prominent Trader Accused of Defrauding Clients — On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman …
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Reuters:
Former Nasdaq chair arrested over alleged £33 billion fraud — NEW YORK (Reuters) - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion (33 billion pounds) “Ponzi scheme” in what may rank among the biggest fraud cases ever.
Bloomberg:
Madoff Charged in $50 Billion Fraud at Advisory Firm — A A A — Dec. 11 (Bloomberg) — Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees …
Discussion:
Mercury Rising
Chicago Tribune:
Blagojevich fundraiser held by Jackson allies Saturday — As Gov. Rod Blagojevich was trying to pick Illinois' next U.S. senator, businessmen with ties to both the governor and U.S. Rep. Jesse Jackson Jr. discussed raising at least $1 million for Blagojevich's campaign as a way to encourage …
Discussion:
Talking Points Memo, Ta-Nehisi Coates, Sister Toldjah, Hot Air, The Note, ABCNEWS and Chicago Breaking News
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Ben Smith / Ben Smith's Blogs:
McCain pollster: Wright wouldn't have worked — John McCain's top pollster, Bill McInturff, said this evening that attacking Barack Obama over his relationship with Rev. Jeremiah Wright would not have helped McCain's campaign and could have destroyed his presidency, had he been elected.
Discussion:
marbury
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New York Times:
Report Blames Rumsfeld for Detainee Abuses — WASHINGTON — A report released Thursday by leaders of the Senate Armed Services Committee said top Bush administration officials, including Donald H. Rumsfeld, the former defense secretary, bore major responsibility for the abuses committed …
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CNN:
Powell: GOP ‘polarization’ backfired in election — (CNN) — The Republican party must stop “shouting at the world” and start listening to minority groups if it is to win elections in the 21st century, former Secretary of State Colin Powell said Thursday. — In an interview with CNN's Fareed Zakaria …
Discussion:
JammieWearingFool, Wizbang, Right Wing News, Gawker, AMERICAblog News, Donklephant, Macsmind, The Moderate Voice and American Street
Charles Krauthammer / Washington Post:
The Real Obama — Barack Obama has garnered praise from center to right — and has highly irritated the left — with the centrism of his major appointments. Because Obama's own beliefs remain largely opaque, his appointments have led to the conclusion that he intends to govern from the center.
Chicago Tribune:
Sam Zell's financial adviser at Tribune Co. was middleman sought by Blagojevich — Governor sought to withhold Wrigley Field funds unless Chicago Tribune fired editorial writers critical of him, complaint says — As Tribune Co. acknowledged Thursday that it received a federal subpoena …
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