The Securities and Exchange Commission is preparing to investigate the State of California for alleged failure to disclose information on its enormous public pension fund. The Golden State will be the second ever to have enforcement actions taken against it by the SEC, after New Jersey was charged with securities fraud last year. The SEC is attempting to make the case that California’s public pension funds were a risky investment and that California misled the investors about the risk. If the SEC is able to prove their case, it may have an impact on the financial reporting of other public funds. The New York Times reports:
The White House is currently facing criticism after a federal jury convicted former Guantanamo Bay detainee Ahmed Ghailani of just one out of 285 charges. Critics assert that the single conviction is an example of why suspected terrorists should be tried in military court instead of civilian court. Others, however, cite the conviction as evidence that civilian courts effectively deliver justice.
Jewish groups in Chicago are on high alert after last week's failed attempt to mail two bombs to synagogues there. Two packages containing explosives were intercepted on planes coming out of Dubai and East Midlands airports. The plot is believed to have been formulated by al-Qaeda in the Arabian Peninsula.
Twelve-year old boy genius Jacob Barnett has already acquired boasting rights. He is already in college and possesses an IQ that is higher than Albert Einstein’s. He is currently working on an expanded version of Einstein’s theory of relativity.
As if any of that's not enough, Jacob has announced his intent to disprove the Big Bang theory.
Facebook is in trouble once again over possible privacy breaches. According to government officials, Facebook has misled over 800 million users regarding the safety of their personal information.
Senator Joe Lieberman, alongside other lawmakers, has drafted a bill that, critics say, gives the President of the United States the power to shut down the Internet. The Protecting Cyberspace as a National Asset Act was unanimously approved June 25 by the Senate Homeland Security and Governmental Affairs Committee and now awaits a vote on the Senate floor, though a date for such a vote has not been set.
Two summers ago, Americans were reeling over the exorbitant gas prices that averaged $4.50 per gallon. As gas prices are once again beginning to inch their way back to those numbers, former president of Shell oil John Hofmeister predicts that America will witness a continued rise to well over $5 per gallon in two years.
Americans on the East Coast of the United States were preparing for the worst as Hurricane Irene finally made landfall in North Carolina. The projected path and strength of the hurricane have already prompted a number of states to declare states of emergency and declare mandatory evacuations, even before a drop of rain has fallen in some of those regions.
During a July 20 Department of Education event in Washington, D.C. — the third of its kind this summer — area schoolchildren were given access to free books, two of which featured Nickelodean's cartoon icons Spongebob and Dora the Explorer pushing an environmentalist agenda and encouraging children to accept the widely debunked notion of man-made global warming.
Though the incoming 112th Congress will have a greater Republican presence, the Obama administration has announced that it will continue to try to push through unpopular and controversial environmental policies. Republicans, however, have vowed to put up a fight.