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Dec. 6, 2008

National News for Nov. 22 - Dec. 5

by Alisa Lu, Online News Editor
This is not original reporting. All information has been compiled from the CNN, Reuters and the Wall Street Journal. Silver Chips Online posts this news summary to provide readers with a forum for discussion.

Nov. 23 - The United States Government agreed to provide $25 billion of cash and $20 billion worth of capital to Citigroup, a banking and financial conglomerate, in its largest financial bailout to a single entity ever. The government also promised to protect Citigroup against up to $306 billion worth of loses. In return, Citigroup agreed to give $27 billion of preferred stocks to the government and allow more government oversight. Two days before the bailout was announced, Citigroup's stock plunged to $3.77 from above $50 last summer.

Chicago, Ill.

Dec. 1 - President-elect Barack Obama officially nominated the members of his national security team, including Senator Hillary Clinton (D-N.Y.) as Secretary of State and current Secretary of Defense Robert Gates, who will retain his position in the new administration. Members of his team will also include retired Marine Gen. James Jones as his National Security Adviser, Governor Janet Napolitano (D-Ariz.) as Secretary of Homeland Security, his campaign adviser Susan Rice as the United Nations Ambassador and former Justice Department official Eric Holder as Attorney General. All nominees will need to be formally nominated and confirmed by the Senate once Obama takes office.

Washington, D.C.

Dec. 2 - The chief executives of the "Big Three" automakers, General Motors, Ford and Chrysler, pledged to accept a $1 annual salary if Congress agrees to provide $34 billion to bail out the companies. The executives of the automakers returned to Congress after their initial meeting two weeks ago to propose their turnaround plan to both the Senate and the House of Representatives in hopes of receiving financial aid. Senate Majority Leader Harry Reid (D-Nev.) has recently expressed doubt on the passing of the bailout plan. In addition, a recent CNN/Research Opinion poll found that six out of 10 Americans oppose a bailout for the automakers.

Valley Stream, N.Y.

Nov. 28 - An employee was crushed to death and at least four others were injured in a stampede at a Wal-Mart Black Friday sale. Crowds broke down the doors and knocked over and crushed 34-year-old employee Jdimytai Damour, who was trying to control the crowd. Other employees who tried to help the man were also trampled as the crowd of 2,000 people flooded into the store. After being told the store was closing because of Damour's death, some shoppers protested that they had been in line since the morning of the day before.

Atlanta, Ga.

Dec. 3 - Incumbent Senator Saxby Chambliss (R-Ga.) ended hopes of a filibuster-proof Senate for the Democrats by winning 57.5 percent of the vote against Democrat Jim Martin with 96 percent of precincts reporting in the Georgia run-off election. Despite heavy campaigning on both sides from high-profile figures such as Bill Clinton, Sarah Palin and John McCain, voter turnout in the runoff decreased to 20 percent of registered voters compared to the 68 percent that turned out on Nov. 4. Democrats currently hold a 58-41 majority in the Senate with one race between incumbent Norm Coleman (R-Minn.) and challenger Al Franken still to be decided.



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