BP closes the valves on a new containment cap, stemming the flow of oil into the Gulf; the growing role of the federal government in backing mortgages; Goldman Sachs to settle fraud case with SEC for $550 million; mainstreaming abortion training in medical schools; resurgence of 'McMansions' in Boston 'burbs; Jim Keller on summer music; fact and fiction in the dream science of 'Inception.' Miles O'Brien fills in for Celeste Headlee.
Science reporter for The New York Times, Henry Fountain has the latest on BP's fix for the spill; headlines.
BP finally has some good news to report: A recently installed 75 ton cap has, for the first time in 85 days, stopped the flood of crude oil into the Gulf of Mexico from a broken wellhead. While the damage to Gulf shores may have been relatively light thus far, anywhere between 93.5 and 184 million gallons of crude oil has likely contaminated those waters.
The statistics are staggering. Nearly 528,000 homes were taken over by lenders in the first half of this year and the country is on track to see the repossession of one million homes by the end of 2010. By comparison, in years past, lenders have historically taken over approximately 100,000 homes every year.
Grosse Pointe, Michigan resident, David Fleig sees signs of the damaged housing market everyday in his neighborhood. Fleig says, "The 'For Sale' signs are like weeds." He and his neighbors joke that all houses are "50 percent off."
BP has been under fire since April for its responsibility in the Gulf of Mexico's disastrous oil gusher. Ironically, the same week the oil is finally contained, BP faces more trouble — this time involving the release of the so-called Lockerbie bomber, Abdel Basset al-Megrahi.
Contributing editor at Rolling Stone Magazine, Matt Taibbi weighs in on whether the punishment for Goldman Sachs is adequate. The financial giant mislead subprime mortgage investors as the housing market began to collapse. The settlement seems significant, however, it's not that much money for Goldman and, pending approval by a federal judge, the settlement will clear the company of the charges.
However the question remains: If no one is personally held accountable, will fraudulent business practices ever cease to exist? Matt Taibbi says that part of the problem is that "when these things happen, the leadership isn't prosecuted, no one goes to jail."
They’re back: Massive homes, heavy on square footage and sometimes light on architectural style, are seeing a resurgence in certain Boston-area communities.
Today, the widely anticipated sci-fi thriller "Inception" hits movie theaters nationwide.
Directed by Christopher Nolan of “Memento” and “Dark Knight” fame, it’s been the source of buzz and speculation for months – despite the fact that most of us know only three things about the film:
Louise Story, finance reporter for The New York Times explains Goldman Sachs' settlement with the SEC; headlines.
Wall Street giant Goldman Sachs has agreed to pay $550 million to the Securities and Exchange Commission in hopes of settling the fraud suit levied on the company back in April. The settlement is pending approval by a federal judge; if approved, it would be the largest penalty ever assessed against a financial firm in the SEC's history.
BP has successfully installed and closed a 75-ton cap atop the gushing oil well in the Gulf of Mexico and for the first time in 85 days, oil has stopped flowing into the ocean. While this may come as a huge relief to many whose lives and livelihoods depend on the Gulf waters, some experts estimate that up to 184 million gallons of oil may have already contaminated the sea. (For a sense of scale, imagine one of the world's largest super-massive cruise ships filled up to the brim with sticky crude oil. Now imagine another one, the exact same size, also filled to the brim with oil. That's roughly 150 million gallons.)
Almost two years after the financial meltdown that triggered a recession, Congress has passed a sweeping a financial reform law. The Senate approved the bill with a 60-39 vote yesterday, largely along party lines. The bill now awaits President Obama's signature. Takeaway Washington correspondent, Todd Zwillich, reports on how regulators now have their work cut out for them.
In an article in this weekend's New York Times Magazine, contributor Emily Bazelon profiles a group she calls "The New Abortion Providers," young doctors who are attempting to move abortion out of clinics and back into hospitals.
Oil may have stopped gushing into the Gulf of Mexico yesterday, but the longterm economic damage caused by the BP catastrophe is only beginning to be seen. Workers along the along the Gulf Coast are not the only ones taking a hit. Columnist for The New York Times, Dan Barry found that the oil gusher will have far reaching consequences. He says it will impact everyone from the fishermen who mine the oyster beds in Louisiana to the Minnesota businessmen who rely on crushed oyster shells to be used as poultry feed.
We had to put "867 5309" down on our summer music play list. Jim Keller was the man behind the song that got stuck in everyone's head back in 1982. Thank you Jim Keller. Thank you.