The Jefferson Trial: Robert Trout, a name partner of Trout Cacheris who is representing former Rep. William Jefferson, got his first crack at cross-examining one of the key witnesses for the government yesterday, Jordan Weissmann of The National Law Journal reports. During Trout's questioning of Vernon Jackson, the Louisville entrepreneur who pleaded guilty in 2006 to bribing Jefferson, Jackson’s memory suddenly seemed to become a bit hazy.
The Ayatollah Speaks: During this morning's daily prayers in Tehran, Iran's supreme ruler Ayatollah Ali Khamenei demanded that protestors stay off the streets and denied claims that last week's elections were rigged, The New York Times reports. He went on to urge dissenters to pursue their complaints through legal channels.
A Fed Problem: President Obama's proposal to give the Federal Reserve more power to oversee risks to the U.S. economy has quickly become the most controversial part of his sweeping plan to overhaul the financial regulatory system on Capitol Hill, The Washington Post reports. During Treasury Secretary Timothy Geithner's testimony before the Senate Banking Committee yesterday, senators repeatedly returned to the issue of whether the Fed needed a more active role in regulating the economy.
Alleged Ponzi Schemer Caught: Texas billionaire and accused Ponzi schemer R. Allen Stanford surrendered to the FBI yesterday afternoon, the Associated Press reports. Houston attorney Dick DeGuerin said Stanford walked out of the residence where he was staying and asked if the agents parked outside had a warrant. He told them to arrest him if they did and that he planned to return to Houston on Friday to turn himself in if they didn't.
Cronkite Gravely Ill: Legendary journalist Walter Cronkite, 92, is gravely ill, The Chicago Sun-Times reports. Often called the most trusted man in news, Cronkite anchored the "CBS Evening News" for 19 years, before he was replaced by Dan Rather.
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