Out of the Frying Pan: Now that the bailout plan has all but collapsed, the Federal Reserve and the Treasury Department have begun to dig deeper for options to bolster the financial markets, The New York Times reports. For the Fed, that means providing an extra $150 billion through an emergency lending program for banks, and an additional $330 billion through swap lines with foreign central banks to help money markets from Europe to Asia. The Treasury Department has created a series of additional securities to finance the Fed’s activities.
Trouble in Ted's Trial: According to The Wall Street Journal, Sen. Ted Stevens' defense attorneys have alleged that prosecutors withheld key evidence in the trial against the Alaska Republican. U.S. District Court Judge Emmet Sullivan blasted prosecutors for secretly sending Rocky Williams, a construction foreman who was involved in renovations on Stevens’s home and a witness for the prosecution, back to Alaska.
The Spy Who Influenced Me: Kyle "Dusty" Foggo, a former high-ranking CIA official, pleaded guilty Monday to using his influence within the agency to steer contracts toward a friend of his who repaid him with tens of thousands of dollars worth of gifts, The Associated Press reports via Law.com. Foggo was the agency's third-highest ranking officer from 2004 to 2006 and responsible for its daily operations. He will be sentenced on Jan. 8 and faces up to 20 years in prison.
Think Outside the Valley: Despite the intense interest among Silicon Valley lawyers for an in-house spot at Facebook, the social networking site has hired GOP insider Theodore Ullyot, a Kirkland & Ellis partner who has worked in the Bush White House and the Gonzales Department of Justice, as its general counsel, The Recorder reports via Law.com.