More than 100 banks in the US have now collapsed so far this year after another seven were taken over by regulators late on Friday – the same day that seven European banks failed a financial health check.
With rising bad debts tied to commercial and residential mortgages, the number of US bank failures this year is expected to exceed last year's figure of 140. The largest of the seven US banks just seized by the Federal Deposit Insurance Corporation – which acts as a receiver and protects depositors – was Crescent Bank and Trust Company in Georgia, with more than $1bn in assets. In all, the seven failed banks had total assets of $2bn.
Seven more US banks collapse on day of Europe's stress tests
V.A. Easing Restrictions On Medical Marijuana
A new Department of Veterans Affairs policy will go into effect next week allowing patients in its hospitals and clinics to use medical marijuana in states where it is legal. V.A. doctors will still not be able to prescribe medical marijuana, but patients who use it will no longer lose their access to other pain medication.
“When states start legalizing marijuana we are put in a bit of a unique position because as a federal agency, we are beholden to federal law,” said Dr. Robert Jesse, the principal deputy under secretary for health in the Veterans Department.
'US drones' hit Pakistan compound
Suspected US drones have fired missiles into a compound used by anti-government fighters in Pakistan's northwestern tribal belt, killing at least 16 people, officials said. The missile strike on Saturday morning occurred in the Angoor Ada area of South Waziristan, official sources told Al Jazeera.
Researchers confirm subsea Gulf oil plumes are from BP well
Through a chemical fingerprinting process, University of South Florida researchers have definitively linked clouds of underwater oil in the northern Gulf of Mexico to BP's runaway Deepwater Horizon well — the first direct scientific link between the subsurface oil clouds commonly known as "plumes" and the BP oil spill, USF officials said Friday.
Until now, scientists had circumstantial evidence, but lacked that definitive scientific link.
U.S. tries to calm Iraqis over hazardous waste
American commanders in Iraq are working to demonstrate that they are clearing the country of tens of millions of pounds of U.S.-made hazardous waste in an effort to rebut claims that U.S. troops are leaving behind a toxic legacy as they withdraw.
Hundreds of barrels of all types and all colors — filled with everything from discarded lithium batteries and oil filters to powerful chemicals such as hydrochloric acid — are stacked in a dusty compound on a U.S. base at Tikrit, north of Baghdad.
Lockerbie: Megrahi Was Framed
The hysteria over the release of the so-called Lockerbie bomber reveals much about the political and media class on both sides of the Atlantic, especially Britain. From Gordon Brown’s “repulsion” to Barack Obama’s “outrage,” the theater of lies and hypocrisy is dutifully attended by those who call themselves journalists. “But what if Megrahi lives longer than three months?” whined a BBC reporter to the Scottish First Minister, Alex Salmond. “What will you say to your constituents, then?”
Pentagon workers tied to child porn
Federal investigators have identified several dozen Pentagon officials and contractors with high-level security clearances who allegedly purchased and downloaded child pornography, including an undisclosed number who used their government computers to obtain the illegal material, according to investigative reports.
BP Hides Use of Black Prison Labor For Oil Gusher Cleanup
When the BP oil gusher mess first began, BP hired prison labor in order to reap tax benefits instead of hiring coastal residents whose livelihoods crashed with the explosion of the wellhead. When the community expressed their outrage, BP did not stop the practice of using prison labor.
No, apparently BP simply tried to literally cover-up the use of prison labor by changing the clothing worn by the inmates to give the appearance of a civilian workforce. Big surprise.
Oil trader fined over toxic waste
A Dutch court has fined an oil trading company $1.28m for exporting toxic waste to the Ivory Coast, and concealing the dangerous nature of the material. The judge hearing the case at Amsterdam district court on Friday said Trafigura had carried out what European regulations aimed to prevent: "Namely the export of waste to the Third World and harming the environment".
Frans Bauduin also convicted a Trafigura employee for his role in the 2006 incident and the Ukranian captain of the Probo Koala ship that carried the toxic waste.
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