One More Time: The Senate is set to vote on the $700 billion bailout today, The New York Times reports. To appease House lawmakers, who failed to pass the bill on Monday, the Senate proposal includes tax breaks for businesses and alternative energy and higher government insurance for bank deposits.
King of the Hill No More? In the wake of the financial crisis in the U.S., several countries are making a play for the No. 1 spot as the world's financial hub, The Washington Post reports. China, Japan, Dubai, Singapore, and others have made no secret of their effort to replace the U.S. at the center of international investing.No More Clubbing for Judges: In the midst of what has been called the worst financial crisis since the Great Depression, Congress took time to pass a bill barring judges from accepting gifts of honorary club memberships valued at more than $50 per year for all federal judges, from the Supreme Court on down. Legal Times reporter Tony Mauro explores the bill and looks at what it means for a practice that has become routine for many judges across the country.
Walgreens Gets Smoked: Walgreens tried to stop it, but a San Francisco law banning the sale of tobacco products in pharmacies will go into effect today regardless of the pharmacy chain's complaints. The law could be the first of its kind in the country, The Recorder reports via Law.com. Walgreens unsuccessfully argued that its suit challenging the law is likely to succeed and that its stores would suffer millions of dollars in lost revenue in the meantime.
Not Their Problem: Starting today, Medicare will stop paying hospitals for the added cost of treating patients who are injured in their care, The New York Times reports. This move by Medicare has inspired similar measures by other public and private medical insurers.