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 Pirates Bounce Back
American
ship captain Richard Phillips may be safe and sound, but trouble with
the Somali pirates is just beginning: "In the future, America will be
the one mourning and crying," a Somali pirate told the Associated Press
after the rescue operation that killed three of his comrades. Vice
Admiral Bill Gortney said "There's second and third order effects to
every action. And this could escalate violence in this part of the
world. No question about it." Gortney added that the rescue mission was
ordered because Phillips' life was in "imminent danger." President
Obama authorized the attack himself: While one pirate was on board the
main ship to negotiate, Phillips moved to the side of the lifeboat on
which he was being held to relieve himself, and US forces shot the
three pirates on the lifeboat with him.
Read it at ABC News
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 Bailed-out Banks Face Fee-Hike Probe
Populist
outrage has been on low boil in recent weeks. Will this turn up the
heat? The Wall Street Journal reports that the Congressional Oversight
Panel will investigate bailed-out banks, which have "boosted charges on
a wide range of routine transactions, hiked rates on credit cards and
continued making loans criticized as predatory by consumer advocates."
Last week, for example, Bank of America doubled interest rates on
credit cards to 14 percent and imposed fees of at least $10 on many
transactions. "The people who are subsidizing the activities of the
banks through their tax dollars are the same people who are furnishing
the high profits through consumer lending," said Elizabeth Warren, the
COP's chairwoman. "In a sense, we're asking taxpayers to pay twice."
Read it at The Wall Street Journal
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 Thai Rioting Continues
According
to a government spokesperson, the situation in Thailand is "being
brought back under control." But that's not what it looks like. The
Thai Army has opened fire on demonstrators in the streets of Bangkok,
and over 70 have now been injured from teargas. The number of
red-shirts camped out in the Prime Minister's office, Government House,
has begun to dwindle, but a message from former PM Thaksin Shinawatra,
who was ousted in 2006, read loud and clear: "Now that they have tanks
on the streets, it is time for the people to come out in revolution.
And when it is necessary, I will come back to the country," he said in
a statement that was projected to demonstrators over large video
monitors.
Read it at The Guardian
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 GM Preps Bankruptcy Filing
Keep
your eye out for a fire sale at the local Hummer dealership: The New
York Times reports "The Treasury Department is directing General Motors
to lay the groundwork for a bankruptcy filing by a June 1 deadline,
despite G.M.'s public contention that it could still reorganize outside
court." The hope is for a fast "surgical" bankruptcy. Under one plan, a
new company would buy GM's good brands, while its bad ones would remain
with the old company, which would be liquidated over several years.
Treasury officials hope the "good" GM could make its way through
bankruptcy hearings in as little as two weeks, with $5 to 7 billion in
federal aid.
Read it at The New York Times
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 A Softer "Rahmbo"
"Rahmbo"
is getting a makeover. Rahm Emanuel, the President's tough Chief of
Staff, is becoming "more valet than hit man." In anticipation of the
budget vote earlier this month, Emanuel's West Office came to resemble
a "legislative bazaar," as lawmakers peddled their concerns about the
bill. And, as he is doing with the entire Obama agenda, Emanuel
listened carefully to each person in order to expertly shepherd the
President's budget through Congress. He's learned to see the best in
lawmakers, and, in an effort to garner support for the Obama agenda,
makes each person feel as if their voice needs to be heard. He's become
so sweet that one night when the House Budget Committee was working
late, Emanuel sent over eight chocolate cakes and a batch of cookies.
Read it at The Washington Post
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Turning Back Menopause
New stem cell discovery could restore female fertility.
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Daily Beast is committed to bringing you all the news you need to know.
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The Pirates and Us
by Tina Brown |
| That a ragtag band of pirates fended off America's finest for five days
is eerily reflective of what's been going on in landlocked American
business. |
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A Gayer GOP
by Meghan McCain
Meghan McCain on why supporting gay marriage is fundamentally in line
with Republican values, and what the GOP stands to gain by doing so. |
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10 Hot Economists
by The Daily Beast
The recession has created some unlikely celebrities: Economics is
suddenly the sexy profession. Here are the 10 biggest stars, and
whether they agree with Obama that there is new reason for hope. |
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