Category: News

In a joint letter to Fannie and Freddie’s regulator, Senators Charles Schumer of New York and Jack Reed of Rhode Island said the combined pay and bonus packages of about $24 million should be revised.

“We find it way out of line,” they said in the letter, saying the severance pay for former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron should be questioned especially if any financial losses could have been caused by errors in management.

“Our economy and our markets will not recover until the bulk of this housing correction is behind us,” U.S. Treasury Secretary Henry Paulson said at a news conference. “Fannie Mae and Freddie Mac are critical to turning the corner on housing.”

The two companies, publicly traded but also serving a government mission to support housing, were put in a conservatorship that allows their stock to keep trading but puts common shareholders last in any claims.

The low-profile vetting allowed McCain to spring Palin onto the national scene uncolored by media scrutiny. But it has left the campaign open to criticism that McCain did not fully explore her qualifications.

“I haven’t heard of anybody being contacted, not that that’s bad,” said John Harris, speaker of the state House of Representatives. “I just haven’t heard of anybody.”

Mishandling classified materials violates Justice Department regulations, and removing them from special secure facilities without proper authorization is a misdemeanor crime.

A report issued Tuesday by the Justice Department’s inspector general says the agency decided not to press charges against Gonzales, who resigned under fire last year.

“I pledge that tomorrow night, and if necessary throughout our convention, we will act as Americans and not as Republicans because America needs us now,” McCain said.

McCain, his wife Cindy, and his running mate, Alaska Gov. Sarah Palin, toured the emergency management center in Mississippi, a state that could be hit hard by the approaching hurricane.

Gustav already has killed 78 people in the Caribbean and the U.S. National Hurricane Center in Miami said it could strengthen even more after hitting Cuba and entering the warm Gulf of Mexico on a projected course for the Katrina-battered U.S. coast.

Cuba grounded all national airline fights, though planes bound for international destinations were still taking off at Havana’s Jose Marti International Airport. Authorities also canceled all buses and trains to and from the capital, as well as ferry and air service to the Isla de Juventud, the outlying Cuban island-province next in Gustav’s path.

While Bollywood films often borrow liberally from Western movies, producers of “Hari Puttar: A Comedy of Terrors” say their movie bears no resemblance to any film in the “Harry Potter” series.

“There is absolutely nothing to link ‘Hari Puttar’ with ‘Harry Potter,'” said Munish Purii, chief executive officer of Mumbai-based producer Mirchi Movies. Hari is a common name in India and “puttar” is Punabji for son, he said.

Former Prime Minster Nawaz Sharif, who heads the junior partner in the coalition, demanded the dominant Pakistan People’s Party slash the president’s powers before he would support its candidate.

Asif Ali Zardari, head of the PPP and widower of the party’s assassinated leader Benazir Bhutto, agreed Saturday to run for the presidency.

In a yearlong review of levee work here, The Associated Press has tracked a pattern of public misperception, political jockeying and legal fighting, along with economic and engineering miscalculations since Katrina, that threaten to make New Orleans the scene of another devastating flood.

Dozens of interviews with engineers, historians, policymakers and flood zone residents confirmed many have not learned from public policy mistakes made after Hurricane Betsy in 1965, which set the stage for Katrina; many mistakes are being repeated.