NPR 2009-6-16

With thousands of people marching through the streets of Tehran today to protest the disputed presidential election, the country's top cleric has called for an inquiry 1 into opposition 2 claims the election was rigged. The incumbent 3 President Mahmoud Ahmadinejad has claimed to have held off a challenge by moderate Mir Hossein Mousavi, though his supporters have cast doubts on how the voting was handled. NPR's Mike Shuster is in Tehran and reports on what the demonstrators are seeking.

They are openly calling Ahmadinejad dictator. They believe that the government has lied in the way that it has presented the results of the election. And at the same time, you can see that they are completely energized 4 by their numbers. They have come to feel that they have power in these numbers when they take to the streets. And they honestly believe that they can change the result of this election and make Mousavi the president. NPR's Mike Shuster in Tehran. According to the Associated Press photographer on the scene, saw one person killed and several others wounded during demonstrations 5.

Some details of the Obama administration's plan to overhaul 6 financial regulation are being made public in advance of their expected unveiling by the president on Wednesday. Treasury 7 Secretary Timothy Geithner and President Obama's top economic advisor 8 Larry Summers outlined several elements of the plan in an op-ed(注:opinion/editorial) piece in the Washington Post today. NPR's John Ydstie has more.

To avoid future financial meltdowns, the White House says it wants to put the Federal Reserve in charge of regulating big firms like AIG, whose failure could threaten the stability of the whole financial system. A council of regulators would assist the Fed. Also, the administration intends to require those giant firms to hold larger reserves against losses than regular financial companies. The power to take over and safely shut down big firms that do fail is also being sought. Among other things, the administration is proposing new rules for securitized products, like the packages of subprime mortgages at the heart of the financial crisis. The administration wants to require the firms that create them to retain an ownership share, so they are more likely to make them safe. John Ydstie, NPR News, Washington.

Britain’s Prime Minster has announced an investigation 9 into the country's decision to join the 2003 invasion of Iraq. The announcement comes as the government of Prime Minster Gordon Brown acknowledged that with all but 500 British troops out of Iraq, such an inquiry could shed light on the decision get involved there.

"The inquiry is essential so that, by learning lessons, we will strengthen the health of our democracy, our diplomacy 10 and our military. The inquiry will, I stress, be fully 11 independent of government." Brown has angered some critics though by refusing to hold the hearings in public, citing national security concerns.

On Wall Street today, the Dow Jones Industrial Average fell 187 points to close at 8,612. That was a drop of more than 2%. The S&P 500 dropped 22 points today.

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Pakistan's military chief denounced terrorists as enemies of the country and of Islam. However, he also warned his forces to avoid killing 12 civilians 14 as they widen operations against the Taliban. The Pakistani government is seeking to capitalize on general public support for a six-week-old offensive in the country's Swat Valley region. Military action is being welcomed by the US. Civilian 13 deaths in some military operations in Pakistan have soured relations there.

The Paris Air Show opened today under rainy skies and a gloom of the financial crisis. More from Eleanor Beardsley.

While exhibitors may have toned down some of their displays in Paris this year because of the recession, the launch time fly-over is still a daily staple 15 of the world’s predominant air show. While exhibitors and deal makers 16 wine and dine, a French Rafale fighter jet entertains them in the skies above Le Bourget air field. Two years ago, before the world fell into recession, the Paris Air Show saw rival play makers Airbus and Boeing win 800 orders worth more than 100 billion dollars. Aviation industry experts say they aren't predicting blockbuster sales from this year's exposition and they say the airline industry could lose as much as nine billion dollars this year. But the Paris Air Show which celebrates its 100th anniversary this year is always a hit with the public. More than 300,000 people are expected to visit. For NPR News, I'm Eleanor Beardsley in Paris.

A federal appeals court ordered oil giant Exxon to pay 507.5 million dollars in punitive 17 damages stemming from the 1989 Valdez oil spill off the Coast of Alaska along with 5.9 percent interest penalty, meanwhile, as a fraction, however, with the five billion in punitive damages / originally awarded to fishermen and Alaska natives.