Cheat Sheet

AEG Live, the controversial concert company that some say forced Michael Jackson into a grueling rehearsal regimen leading up to his death, plans to keep making money even after his death. Footage from Jacko's final rehearsal, which made its way to the public on Thursday, could turn into a motion picture, AEG CEO Randy Phillips says. "He [Jackson] was our partner in life and now he's our partner in death ... If we do our jobs right, we could probably raise hundreds of millions of dollars just on stuff we have worldwide and then the estate could eradicate its debt," Phillips told the Associated Press. The AEG chief said that he released the clip of the final rehearsal because he thought Jackson was being portrayed too negatively in the media: "I said let's grab one piece where we can show people where he was headed. He was getting his moves together."

California's fiscal emergency deepened Thursday with the announcement that the state will send nearly 30,000 IOUs to its creditors, reports the San Jose Mercury News. Recipients will receive 3.75 percent interest on their notes. Though unconventional, IOUs—formally called registered warrants—are not unprecedented for California; the last time they used the was in 1992. At a news conference, Gov. Arnold Schwarzenegger said the state's budgetary woes are the fault of Democrats who insist on prioritizing labor support instead of the state's fiscal needs, whereas Democrats say Schwarzenegger is pushing for too ambitious a budget. "We don't have the money to pay our bills," the governor said. "It's a sad story."

Usually when high-level American officials visit Iraq, they're in and out of the country as soon as possible. Joe Biden has a two-day stay-over in the country where he made a surprise appearance today. His trip comes on the heels of America’s troop pullback and on the same day that the Iraq government reached a tentative agreement to purchase armaments from France, a renewal of strong relations that existed between Iraq and France prior to the American invasion. It is, in the words of The New York Times, a "pivotal moment" for Iraqi-American relations, not least of all which Americans lead the White House’s contact with the wartorn nation: Whereas President Bush took a “deeply personal interest in Iraq,” the Times notes that Obama has ceded day-to-day Iraqi relations to proxies such as ambassador Christopher Hill, Gen. Ray Odierno, and Biden. Biden's son, Beau, is stationed in Iraq with the Army National Guard. Aides say they will probably see each other during the visit.

Mary Altaffer / AP Photo

Is Ruth Madoff now officially homeless? “The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse in a move that forced his wife to move elsewhere,” according to the Associated Press. “U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and to make anyone living there move out.” Ruth apparently complied with the order. "She will be leaving," Guccione said. "Restitution for the victims is the government's top priority."

Tweens all over the world shed silent tears Wednesday at the announcement that Kevin Jonas, the oldest of the Jonas Brothers, is officially off the market after proposing to his long-time girlfriend at her home in New Jersey. The 21-year-old musician even helped design a 3-carat cushion-cut diamond engagement ring for Danielle Deleasa, a 22-year-old former hairdresser, saying, "[Deleasa] said 'yes, yes, yes' like 500 times super fast in a row" upon hearing the proposal. What's the reason for the rush to the altar? Probable Disney-produced movie deal aside, perhaps it has something to do with the JoBro's vow to stay chaste until marriage. "It's pretty rock and roll," Kevin said of the Tiffany promise ring he and his brothers each don. "It's getting banged up a little bit because of the guitar."

Chris Carlson / AP Photo

Okay, so it’s the National Enquirer, but they’re the ones who broke the John Edwards-Rielle Hunter story in the first place, so maybe it’s worth paying attention to: The tabloid is reporting that Andrew Young, the aide to Edwards who pretended that Hunter’s child was his own, met with a federal grand jury investigating the payment of hush money to Hunter on Thursday. Young appeared at a federal building in Raleigh, North Carolina at 8:30 am. According to the Enquirer, “Insiders believe he is ‘pulling a John Dean’ - testifying against his former boss in exchange for immunity so he won't be liable for perjury when his tell-all about the John Edwards Conspiracy is published.”

Ever try and fail to get a seat at a New York hot spot like Monkey Bar or Waverly Inn? That’s because Vanity Fair editor Graydon Carter has deemed you unworthy. An article in today’s New York Times Style section reveals the totally unsurprising caste system with which Carter, who owns both restaurants, that puts PYTs up front in an area known as “the pit” and A- and B-list celebrities in the booths surrounding. “When Madonna comes in, she gets a black booth,” the article says, as reported by Gawker. What’s more, Carter and his staff watch guests throughout their stay, making notes of misconduct or poor manners. Enough strikes will presumably get you banned from the Winner’s Circle of which Carter is the ringleader—chilling!

President Obama is talking about, well, just about everything with the Associated Press today. In the wide-ranging interview, Obama addresses the economy, terror detentions, Michael Jackson (“I grew up on his music”), and basketball (“Kobe’s terrific … But I haven’t seen anybody match up with Michael [Jordan]”). Obama also said that the United States is trying to “keep a door open” for North Korea to return to international nuclear disarmament talks; that Putin “still has sway” in Russia; and that Iran must be prevented from getting nuclear weapons.

Jeff Fusco / Getty Images

President Obama and Hillary Clinton may have buried hatchet, but Bill, it seems, is soldiering on: “In a slap at President Barack Obama, former President Bill Clinton will headline a fundraiser for a New York congresswoman challenging White House-backed Sen. Kirsten Gillibrand in the state's Democratic primary,” the Associated Press writes. Gillibrand was appointed to fill Clinton’s seat earlier this year, and President Obama intervened at one point to dissuade Rep. Steve Israel from challenging her.

Tennis-sister superstars Venus and Serena Williams will face off in the Wimbledon final for the fourth time Saturday. The second seed Serena barely edged out Elena Dementieva 6-7 (4), 7-5, 8-6 in today's semifinal, saving a match point with a harrowing backhand volley. "It was really, really tough," Serena told BBC. Venus, meanwhile, easily beat Dinara Safina Thursday. Of the three Williams Wimbledon finals, Serena has won two, in 2002 and 2003, and Venus in 2008. Only once in the last nine years has there been a Wimbledon women's final that didn't feature at least one of the Williams sisters.

Cityfiles / Newscom

Investigators are finally making some headway on last month's mysterious plane crash. The Associated Press reports that Flight 447 from Rio de Janeiro to Paris did not break up in the air, but plunged vertically into the Atlantic Ocean in June, according to lead French investigator Alain Bouillard. Uninflated life vests were found among the wreckage. The crash killed all 228 people aboard the plane. The plane's black boxes have not yet been found, but according to Bouillard the search has been extended by 10 days and will continue until July 10.

Uh oh, conservatives: Have activist judges taken over India too? The Guardian reports that the Delhi high court decriminalized homosexuality in the country's capital, Delhi, on Thursday. According to the Guardian, the court ruled that "treating consensual gay sex as a crime was a violation of fundamental rights protected by India's constitution." Gay sex has been illegal in India since British colonial times when it was ruled "against the order of nature." The law banning it carried a 10-year prison sentence. While seldom prosecuted, the law against gay sex had been used to harass people. Health experts had argued that the 1861 law made HIV and AIDS prevention difficult as homosexuals were reluctant to come forward because they feared harassment. The court verdict could still be challenged in India's supreme court.

You're an executive for the Russian oil conglomerate, Gazprom. You're starting a new venture in Nigeria. What to name it? "Nigaz." Meant to be pronounce "nye-gaz," it can be read another way. Bloggers and Facebook denizens have begun to protest but Russian officials have already agreed to spend $2.5 billion on the new poorly-named project.

AP Photo

Nuns are all but extinct in America, down to an elderly 60,000 sisters versus 180,000 in 1965. Now the few left are worried that the Vatican is preparing to crack down on their way of life through two large-scale investigations that are drawing comparisons to an inquisition from some nuns. Some sisters are worried that more progressive nuns who don't wear religious habits or live in convents will be targeted by the church and ordered to return to the more traditional lifestyle. One nun who works as a professor in Berkeley sent a widely circulated e-mail to colleagues urging them to treat Vatican investigators as “uninvited guests who should be received in the parlor, not given the run of the house" and to try and stymie their efforts.

In what's becoming an almost weekly occurrence, North Korea has freaked out the entire region with yet another weapons test. This time it is a quartet of short range missiles: two ground-to-ship missiles launched from the eastern city of Wonsan on Thursday; a third missile from the east coast; and a fourth missile on which details are not yet available. All four missiles were KN-01 missiles with a range of up to 100 miles, although during the test they only flew 60 miles. The new launches are part of an ongoing campaign of saber rattling that includes threats that North Korea will launch an intercontinental ballistic missile soon over Hawaii, prompting the Pentagon to increase defenses around the island state.

After years of spending its massive endowment willy nilly, Harvard University is now "at risk of not being able to keep the lights on," Nina Munk reveals in the August issue of Vanity Fair. As the economy has tanked, the school's endowment has collapsed, its fundraising has declined, and its construction projects have halted—and no one can decide who to finger. The consequences? “There are going to be a hell of a lot of layoffs. Courses will be cut. Class sizes will get bigger,” a Harvard insider confides. Meanwhile, longtime Harvard Law prof Alan Dershowitz offers his analysis: "Apparently nobody in our financial office has read the story in Genesis about Joseph interpreting Pharaoh’s dream—you know, during the seven good years you save for the seven lean years."

Could our long national automotive nightmare be over? The big-three car makers in America are touting recent sales figures as a sign that the market has finally bottomed out. New vehicle sales were down 28% in June from the previous year, the lowest decline this year, prompting a new wave of optimism among auto executives. "The auto-industry downturn appears to be nearing a turning point," the top sales analyst at Ford tells the Wall Street Journal. The sales and marketing chief for GM says the company "feels pretty strongly that the bottom was hit earlier in the year." Analysts for the companies say that once-overstocked inventories have dwindled to the point that car sales are becoming more profitable, creating an opportunity for a comeback in the industry.

Chris Pizzello / AP Photo

Watch out, Upper Eastsiders. One-time tween sensation Hilary Duff has joined the cast of The CW's Gossip Girl, to appear in a multi-episode arc. Entertainment Weekly reports Duff will play Olivia Burke, "a movie star who enrolls at NYU in search of a traditional college experience," not unlike a few other recent NYU students we can think of. Her character will room with Vanessa Abrams, played by Jessica Szohr, promising drama galore. The actress/singer/designer will debut in this season's fourth episode, slated to air the first week of October.

Move over, Dan Brown—here's a real one from the history books. The Wall Street Journal reports that a Princeton cryptologist has finally cracked a code from Thomas Jefferson's correspondence that went unsolved for more than 200 years. Jefferson's math prof buddy, Robert Patterson, created what he believed to be the perfect code and sent a block of coded text to Jefferson, a fellow cipher enthusiast, for his approval. The puzzle stood until 36-year-old mathematician Lawren Smithline solved it in 2007 by transcribing the letters into a grid, and by analyzing likely letter and number pairs using a computer. He recently described his puzzle-solving method in American Scientist.

Did last week's climate change negotiations drive Democratic congressman Henry Waxman to exhaustion? After feeling ill on Tuesday, the Chairman of the House Energy and Commerce Committee fainted in his D.C. office. He was later admitted to the hospital in his home state of California, for routine testing. The episode came fresh on the heels of last week's historic climate change legislation, which Waxman, 69, steered through a close vote in the House. He remained in the hospital on Wednesday, but he is feeling better and "is in good spirits," his office said.

Here's a fresh reason to be irritated with credit-card companies: they're hurrying to raise rates and fees before new rules limiting rate hikes go into effect this February. The Washington Post reports that companies including Chase and Bank of America have raised minimum payments and upped transaction fees for balance transfers or cash advances. Banks say they need to shore up revenue losses while they can, but several members of Congress disagree. New York Sen. Charles E. Schumer said banks were exploiting the delay in effective date to "wring more dollars out of their customers. It is against the spirit of the law, and it is just plain wrong."

Who says the era of giant paychecks is over? The Wall Street Journal reports that with business returning to Wall Street, executive compensation will be making a similar comeback. Goldman Sachs, for example, is set to pay out $20 billion this year—about $700,000 per employee or double last year's $363,000 average. Of course, the big payouts depend on continued market improvement and on what field an executive is in. Junk-bond trading is improving, and so is compensation in that area, although asset-backed security paychecks are iffy because that market remains frozen. The real trick is making salaries competitive while managing public perception. In order to avoid a public reprimand, at least one company has discussed compensation with the Obama administration, while others are changing their salary/bonus ratio and adding stock to packages along with "clawback" provisions that tie paychecks to long-term performance of the firm.

Numbers may not lie, but they are sending mixed economic signals. The good news first: Bloomberg reports that jobless claims for the last week in June fell by 16,000 to 614,000, according to the Labor Department. The people collecting unemployment insurance also decreased by 53,000 to 6.7 million over the same period. But on a less happy note, a separate report from Labor showed that unemployment inched from 9.4 to 9.5 percent in June, the highest rate since 1983. The economy also lost 467,000 jobs, more than expected, in June. The upshot, according to Bloomberg, is that "companies may be approaching the staffing levels they are seeking to ride out the recession." Since December 2007, when the recession began, 6.5 million jobs have been slashed—the most during any downturn since World War II.

Showing there's little time to waste, Vice President Joe Biden made a surprise trip to Baghdad Thursday just two days after the White House added oversight of Iraq policy to his portfolio of responsibilities. “This is the moment,” Biden told ABC. “We have to make sure the Iraqis don’t take their eyes off the ultimate prize.” Biden's visit also comes after the U.S. withdrew troops from Iraqi cities on Tuesday.