State of Terror
The New York Times reports U.S. plans classify Iran's Revolutionary Guard -- the most prominent component of its military -- as a terrorist organization. Armies aren't normally candidates for the terrorist list, but Secretary of State Condoleeza Rice has been pitching the plan to European allies. The move would serve two purposes, the Times suggests: Appeasing administration hawks who want to play rough with Iran, and pressuring the rest of the world to impose sanctions on Iran over its nuclear program.
Being Watched
The Wall Street Journal breaks news that U.S. spy satellites have been approved for increased domestic use. A directive by Mitch McConnell, director of national intelligence, ordered the Department of Homeland Security to look at using satellites for such purposes such as smuggling along U.S. borders or identifying drug production facilities. Sometime next year, DHS expects to start making spy data available to state and even local law enforcement officials. "Even the architects of the current move are unclear about the legal boundaries," the Journal notes before describing the satellites capabilities: They take color photographs, and can even track heat from people inside a building.
Toy Trouble
The New York Times covers the fallout pieces from Mattel’s recall of 19 million hazardous toys. One article examines what the bad news means for the industry, another the possibility that the trouble may lead to a resurgent U.S. toy manufacturing industry, and a third announces that some Toys “R” Us baby bibs appear to be contaminated with lead.
Iraq News
The Bush administration expects Gen. David Petraeus to call for redeploying American troops in Iraq's calmer parts, the Los Angeles Times reports, letting Iraqi security forces fill in the gap. Administration officials see the announcement as bolstering the case against a pullout, but whether those soldiers would come home -- or simply be redeployed to a different hot spot -- is an open question. Here's the Washington Post's version of a bad day in Iraq: At least 200 people were killed by four coordinated truck bombs in northern Iraq, nine American military personnel died in three incidents, among them the crash of a Chinook helicopter, and a major bridge out of Baghdad was rendered impassible by a bomb. Meanwhile, USA Today notes that the number of corruption cases filed against Iraq contractors reached a record high last month.
Units Unavailable Now
The Post's business section looks at the uncertain business of condo buying in the District. Due to deterioration in both the real estate and finance markets, many would-be condo buyers are finding that pre-sold units never actually arrive. In the last 12 months, the Post says, plans for 20,000 new condos have been pulled.
Hedge Row
A story in the New York Law Journal highlights the risk in lawyering in the volatile hedge fund industry. After the Veras funds were taken down by then-New York state Attorney General Eliot Spitzer for "late trading," the funds managers sued their attorneys at Akin Gump Strauss Hauer & Feld, who they argue erroneously advised them that their practices were legal. The claim? Nearly $4.5 billion, not including punitive damages.
Comments