NPR 2008-09-24

Treasury 1 Secretary Henry Paulson pleaded with sometimes skeptical 2 senators today to approve his proposed 700-million-dollar bailout of the financial services industry. NPR's Brian Naylor has more.

Paulson and Fed Chairman Ben Bernanke painted a gloomy picture of the economy if Congress fails to approve the bailout package. They said businesses and consumers may be unable to borrow to pay for expansions and new purchases. Members of the Senate Banking 4 Committee questioned the officials about the plan, saying taxpayers 6 will have to shoulder the cost of bailing 7 out Wall Street. Paulson responded. "The taxpayer 5 is already on the hook. The taxpayer already is gonna suffer the consequences if things don't work the way they should work. And so the best protection for the taxpayer and first protection for the taxpayer is to have this work." Vice 3 President Cheney meanwhile met behind closed doors with House Republicans. Many of them say they can't support the bailout package. Brian Naylor, NPR News, the Capitol.

 Iranian President Mahmoud Ahmadinejad in a speech at the UN today said Teheran will resist and defend its right to nuclear power. Speaking through an interpreter, the Iranian leader also said that while the Iranian nation is for dialogue, it has not accepted what he termed illegal demands. "A few bullying 8 powers have sought to put hurdles 9 in the way of the peaceful nuclear activities of the Iranian nation by exerting political and economical pressures against Iran." Ahmadinejad's remarks follow comments earlier today from President Bush when his eighth and final address to the UN called for a continued fight against international terrorism.

Georgia inmate 10 Troy Davis received a stay of execution less than two hours before he was scheduled to die this evening by lethal 11 injection. NPR's Kathy Lohr reports.

After the Georgia Supreme 12 Court denied Troy Davis' request for a new trial, the US Supreme Court has stepped in with a last-minute stay of execution. Seven witnesses recanted their testimony 13 in this case. There is no weapon or other evidence linking Davis to the 1989 murder of a Savannah police officer. Defense 14 attorneys have been trying to get a court to hear the new evidence. And civil rights groups have been holding protest to call attention to the case. Amnesty International has collected more than 200,000 signatures on a petition calling for a new hearing. And thousands have written letters to the Georgia Board of Pardons and Paroles, asking the Board to grant clemency 15. But earlier this month the Board said clemency was not warranted. Now the US Supreme Court is scheduled to discuss the case next week. Kathy Lohr, NPR News, Atlanta.

Through his investment arm Berkshire Hathaway, Billionaire Warren Buffett has announced plans to put a minimum of five billion dollars into Goldman Sachs. Under terms of a deal announced after the stock market had closed today, Berkshire will buy five billion dollars worth of so-called perpetual preferred stock that carries a 10% dividend 16. The company will also receive warrants to buy five billion worth of common shares. Stock futures 17 soared. However, the Dow closed down today 161 points.

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Senate lawmakers have passed legislation that would put in place a one-year patch for the Alternative Minimum Tax, a move that potentially will save more than 20 million taxpayers from falling under the tax. On a 93-2 vote, lawmakers included the AMT fix as part of a broader tax package. It will also include tax breaks for those investing in and reusing renewable energy. It renews dozens of short-term tax breaks that businesses and families have come to count on including tax relief for college tuition costs.

An Alabama's largest county is teetering on the edge of what could become the biggest municipal bankruptcy 18 in American history. A former county official pleaded guilty today to obstruction 19 of justice charges related to that case. From member station WBHM in Birmingham, Andrew Yeager reports.

In the mid-90s, Jefferson County, Alabama issued more than three billion dollars in bonds to upgrade its sewer 20 system. But about six years ago, the county swapped 21 those bonds for variable and auction 22 rate securities. When the county's bond rating dropped earlier this year, payments skyrocketed, forcing the county to possible bankruptcy. Mary Buckelew was a county commissioner 23 at the time those complex bond transactions were arranged. Now she's pleaded guilty to obstruction of justice for lying to a grand jury about gifts she received from an investment banker. Federal prosecutors 24 say the banker bought her 4,000 dollars worth of items, including shoes, a purse and spa treatment which were intended to influence her decisions on the bond deals. Buckelew has agreed to work with prosecutors in the ongoing 25 corruption 26 probe. For NPR News. I'm Andrew Yeager in Birmingham.

Crude oil prices, after posting their biggest one day jump on record, eased a bit today. The near month contract for benchmark crude was down $2.76 a barrel to $106.61.