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October 07, 2008 - Image 3

Resource type:
The Michigan Daily, 2008-10-07

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The Michigan Daily - michigandaily.com

Tuesday; October 7, 2008 - 3

Obama outspent
McCain in Mich.
after Labor Day
Democratic presidential can-
didate Barack Obama heavily
outspent Republican rival John
McCain in Michigan campaign
advertising in the month before
McCain pulled staff and advertis-
ing from the state.
The nonpartisan Michigan
Campaign Finance Network said
Monday that Objgma's spending
surged in September. A check of
advertising data at television sta-
tions shows Obama spent $5.5
million airing ads during the five
weeks after Labor Day in Michi-
McCain spent $3.7 million for
ads running during the same
period. But he had more help than
Obama from his national party.
The Republican National Com-
mittee pumped $1.1 million into
ads during the past five weeks,
compared to $507,437 for the
Democratic National Committee.
Unlike the RNC, the DNC had not
run ads before Labor Day week-
Granholm signs
energy plan into law
Gov. Jennifer Granholm yes-
terday signed into law a package
that will require more electricity
to come from renewable sources,
raise residential rates, restrict
competition among power com-
panies and encourage energy ef-
Granholm held two energy bill-
signing ceremonies, one in Detroit
and one in Eaton Rapids south-
west of Lansing. She said the new
measures will create new renew-
able energy jobs.
Workers at Dowding Industries
in Eaton Rapids looked on from
the balcony of a new manufactur-
ing plant as she signed the bills.
Dowding President Jeff Metts said
the factory is poised to build com-
ponents for wind turbines once
orders come in.
China vows
overhaul of 'chaotic'
milk industry
China's Cabinet vowed a com-
plete overhaul of the scandal-
ridden dairy industry Monday,
pledging to inspect every link
from the farm to the dinner table
to try to restore public trust in
Chinese-made food products.
In its strongest action yet, China's
highest level of government called
the industry "chaotic" and acknowl-
edged there was a lack of oversight.
At Monday's meeting of the
State Council, or Cabinet, the
government said it would punish
companies and officials involved
in the contamination of milk prod-
ucts that has been blamed in the

deaths of four babies and for sick-
ening more than 54,000 children.
The contamination scandal had
forced a halt in production of Chi-
na's iconic White Rabbit candy, but
the state-run China Daily newspa-
per reported Tuesday that output
had resumed.
Bush: Financial
rescue plan will
take time
As Wall Street reeled and global
markets plunged, President Bush
on Monday said the U.S. economy
is going to be "just fine" in the
long run. But he cautioned that
the massive rescue plan will take
time to work.
On another jittery day in the
financial markets, the president
made two rounds of unscheduled
comments on the economy - first
after meeting with small-business
owners in San Antonio, and then
at the top of a speech in Cincinnati
about judicial nominees.
- Compiled from
Daily wire reports
Number of American service
methbers who have died in the
war in Iraq, according to The
Associated Press. There were no
deaths identified yesterday.

Police: Mitch's fall likely accident

Daily StaffReporter
The man who fell over a second-
floor railing at a South University
Avenue bar is in critical condition.
Ann Arbor Police Sgt. Richard
Kinsey said police are investigating
the case that took place at Mitch's
Place early Sunday morning, but
that they are still waiting on hospi-
tal records of the man's blood alco-
hol content before proceeding.
Police said the fall appears to

have been an accident.
"All indications are it was not
as a result of any kind of fight or
anything like that," Sgt. Richard
Kinsey said.
Police are still waiting on hos-
pital records of the man's blood
alcohol content before proceeding
with the investigation.
Police identified the victim as a
30-year-old man from Royal Oak
who is unaffiliated with the Uni-
versity, but had not released his
name as of last night.

Ann Arbor Police were called
to the South University Avenue
bar on shortly after the incident
occurred around 1:30 a.m. Sunday.
When police arrived on the
scene, they found the man on the
floor unconscious and severely
injured. The man was transported
by ambulance to the University
Management staff at Mitch's
declined to comment yesterday.
The bar remained open Monday

Lehman Bros. CEO defends himself
before House oversight committee

cial cr
he and
the co:
the act
and G
we ha
that t
were ]
ship of
gets th
the cl
of hin

rsight committee after Treasury Secretary Henry
Paulson and other Bush adminis-
irman slams Fuld tration officials decided not to try
to save the 128-year-old invest-
for earnings ment bank.
Butwhile Fuld said he and com-
JIM PUZZANGHERA pany executives did everything
The Washington Post they could to protect company,
committee chairman, Rep. Henry
SHINGTON - The chief Waxman, D-Calif., slammed Fuld
tive of Lehman Brothers for earning $484 million in sal-
ng Inc., whose bankruptcy ary, bonuses and stock sales since
last month dramatically 2000.
ted the Wall Street finan- "You're company is now
isis, faced angry lawmakers bankrupt, our economy is now
day and defended his lead- in a state of crisis, but you get
and the millions of dollars to keep $480 million," Waxman
d other executives made as said, displaying yearly com-
mpany's troubles mounted. pensation figures on large TV
hough taking what he screens in the hearing room. "I
"full responsibility" for have a very basic question for
tions that led to the nation's you. Is this fair?"
t bankruptcy ever, Richard Fuld said the figures were not
told the House Oversight accurate and he probably received
lovernment Reform Com- "a little bit less than $250 million,
that his company was still a large number, though."
helmed by a "financial tsu- Waxman ticked off some of
caused by a series of "desta- Fuld's other personal assets -- a
g factors," including lack of $14 million oceanfront home in
or confidence, short-selling, Florida, a vacation home in Sun
downgrades and rumors. Valley, Idaho, an art collection, he
sed on the information that said, "filled with million-dollar
d at the time, I believed paintings."
hese decisions and actions "It seems that the system
both prudent and appro- worked for you, but it didn't seem
" Fuld said of his leader- to work for the rest of the country
f Lehman. "None of us ever and the taxpayers who now have
he opportunity to turn back to pay up to $700 billion to bail-
ock. But with the benefit out our economy," Waxman said.
dsight, would I have done "We can't continue to have a sys-
differently? Yes, I would tem where Wall Street executives
. - privatize all the gains and then
man filed for bankruptcy socialize all the losses."

Monday's hearing was the first
of at least five Waxman plans to
hold on the causes of the financial
crisis, which led to the Wall Street
bailout plan passed by Congress
last week. Republicans criticized
Waxman for not focusing first on
the problems that led to the gov-
ernment takeover of Fannie Mae
and Freddie Mac.
House Minority Leader John
Boehner, R-Ohio, derided Mon-
day's Lehman Brothers hearing
as "political theater" designed to
divert attention from the role of
Fannie and Freddie, the govern-
ment-sponsored mortgage lend-
ers that he charged Democrats
protected for years from Republi-
can reform attempts.
Waxman said that his com-
mittee is looking into the prob-
lems on Fannie and Freddie and
might hold hearings on them as
well. He noted that Republicans
controlled Congress from 1995 to
The partisan finger-pointing
erupted as lawmakers seek to
lay blame for the financial crisis.
Waxman focused first on Lehman
Brothers, and released 24 pages
of internal company e-mails and
other documents that he said
undermined Fuld's "contention
that Lehman was overwhelmed
by forces outside its control."
The documents showed the
company's executives "continued
to squander millions on executive
compensation," Waxman said,
even as Fuld was seeking a federal

Former Michigan football standout Desmud Howard speaks to the students about
the importance of voting on the Diag yesterday. Yesterday was the last day to regis-
ter to vote in Michigan.

From Page 1
into an acoustic version of "The
Rising," a song he wrote after the
9-11 attacks and that Obama uses at
campaign rallies.
The performance culminated in
a rendition of "This Land is Your
Land." Springsteen started a chant
of Obama's campaign slogan, "Yes
We Can," which failed to catch on
with the crowd.
LSA junior Dana Cronyn, a mem-
ber of the University's chapter of
the College Democrats, said the
event created a feeling of solidarity
for Obama supporters.
"We've had surrogates come
through here before, but he was so
eloquent and you could tell that he's
passionate not just about Obama,
but about America," she said.
Back in Ann Arbor, former Uni-
versity football star and NFL player
Desmond Howard followed Spring-
steen's lead, urging students on the
Diag to register to vote on the last
day to do so in the state of Michi-
Howard, who won the Heisman
Trophy as the best college football
player in 1991, also appeared on
behalf of the Obama campaign.
Despite taking time to have his

picture taken with students after
his speech, Howard's message took
a serious tone, as he stressed that
the upcoming election is a "critical
time in history."
"This is your chance to make his-
tory," Howard told the roughly SO
people in attendance. "You have
a weapon - you have the right to
In addition to the Obama cam-
paign's sponsorship, the rally was
also organized by the University's
chapter of College Democrats.
The crowd was largely com-
prised of students strolling through
the Diag at the right time, while the
remaining people in attendance
were members of the College Dem-
ocrats registeringvoters.
Throughout the rally, the Diag
was filled with voter registration
booths and clipboard-brandishing
students urging passersby to regis-
After speaking individually with
several students following the rally,
Howard and the College Democrats
set up another voter registration
site in Regents' Plaza next to the
Michigan Union.
With Michigan's voter registra-
tion deadline now passed, those
registered should check with the
Secretary of State to make sure
they're registered.


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