Category: News

Every 20 years, voters can force a convention during which delegates can rewrite the entire constitution. It’s a long, painstaking process that could cost millions and, by coincidence, it’s on the ballot this November.

“This is our one opportunity for the people to have a voice, for the people to be heard, for them to decide whether marriage will be protected as between a man and a woman,” said Peter Wolfgang, executive director of the Family Institute of Connecticut.

The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.

The retreat didn’t include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort’s spa and salon for executives of AIG’s main U.S. life insurance subsidiary.

Moscow faces a Friday deadline for pulling back its troops under the terms of a deal brokered by French President Nicolas Sarkozy on behalf of the European Union. Hundreds of EU observers began monitoring Russia’s compliance last week.

A pullback would likely mean at least a mild reduction of tensions between Russia and the West following their worst confrontation since the Soviet collapse. But substantial points of dispute remain.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.

The move to add a tax legislation – including a set of popular business tax breaks – risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.

When Palin needed to sell her house during her last year as Wasilla mayor, she got the city to sign off on a special zoning exception – and did so without keeping a promise to remove a potential fire hazard.

She gladly accepted gifts from merchants: A free “awesome facial” she raved about in a thank-you note to a spa. The “absolutely gorgeous flowers” she received from a welding supply store. Even fresh salmon to take home.

The list of companies facing potential recalls grew Friday as reports of foods tainted with the industrial chemical melamine, which has been blamed in the deaths of four Chinese infants, spread to a widening range of products.

Food companies around the globe are rushing to assess their products and in some cases setting new strategies to prevent problems.

Speaking at the World Economic Forum in the port of Tianjin, Wen did not announce new initiatives but he said the government would work to instill business ethics in light of the milk contamination and a string of earlier product safety disasters.

“We plan not only to revitalize the food industry and the milk powder industry, we will try to ensure that all China-made products are safe for consumers and consumers can buy with assurance,” he said.

“The credit markets are still very fragile right now and frozen,” Paulson said in an interview on NBC’s Meet the Press. “We need to deal with this and deal with it quickly.”

Paulson made the rounds of the television talk shows to stress the need for speed in getting the bailout package approved. The administration spent the weekend negotiating the details of the proposal with members of Congress with the expectation that it can be passed in the next week.

“This is not something that we wanted to do. This was something that was very necessary,” Paulson said on the NBC Sunday program “Meet the Press.”

“We did this to protect the taxpayer.”

Dramatic footage of Saturday night’s attack showed the carnage could have been far worse, but the attacker failed to get through a secondary barrier when he crashed his explosives-laden truck into the hotel’s security gates.

The interior ministry said the truck was packed with 600 kilos (1,300 pounds) of explosives, and pointed a finger at Taliban militants allied with Al-Qaeda who are based in the remote areas along the border with Afghanistan.

The plan to move toxic mortgage-related debt off the balance sheets of U.S. banks and other institutions, and into a massive government portfolio, represents an all-out attack on the worst financial crisis since the Great Depression.

Under authority sought by the U.S. Treasury Department, the government could purchase as much as $700 billion in mortgage-related assets from U.S.-headquartered institutions.

Decisions by the treasury secretary related to the buyback program could not be reviewed by any court, according to a copy of the department’s draft legislation obtained by Reuters.

Britain’s Barclays Plc (BARC.L), which had appeared to be the frontrunner to take over Lehman — excluding its bad mortgage-related assets — pulled out of the bidding early in the afternoon, according to a person familiar with the matter.

Among those spotted arriving in black limousines at the fortress-like headquarters of the New York Federal Reserve in downtown Manhattan early Sunday were Citigroup CEO Vikram Pandit (C.N) and Steve Black, who is co-CEO of JPMorgan Chase & Co’s (JPM.N) investment bank.

An official from the Federal Reserve Bank of New York, who asked not to be named due to the sensitivity of the talks, said deliberations have resumed with leading Wall Street executives and top U.S. financial officials.

They include Treasury Secretary Henry Paulson, Timothy Geithner, president of the New York Fed, and Securities and Exchange Commission Chairman Christopher Cox. They were meeting on the heels of an emergency session convened Friday night by Geithner – the Fed’s point person on financial rises.