6 The Michigan Daily - michibandailY.com
Tuesday, January 13, 2009 - 3
The Michigan Daily - michigandailycom Tuesday, January13, 2009 - 3
NEWS BRIEFS
WASHINGTON
Bush asks
Congress for rest
of bailout funds
Acting at Barack Obama's behest,
President George W. Bush yesterday
asked Congress for the final $350
billion in the financial bailout fund,
effectively ceding economic reins to
the president-elect in an extraordi-
nary display of transition teamwork.
Obama also sharply criticized
Bush's handling of the money and
promised radical changes.
Bush's move sets the stage for
Obama to get swift access to the
$350 billion and the opportunity to
overhaul the much-criticized res-
cue package after taking office next
Tuesday. Obama said that it would
be "irresponsible ... to enter into the
administration without any poten-
tial ammunition should there be
some sort of emergency or weaken-
ingofthe financial system."
Congress, where the use of the
money has met stiff bipartisan skep-
ticism, has 15 days to vote to reject
the request. Senate Majority Leader
Harry Reid, D-Nev., was consider-
ing holding a vote on a resolution
of disapproval as early as Thursday
in hopes it would be defeated, thus
making the funds available about a
week after Obama inherits one of the
worst financial crises in U.S. history.
NEW YORK
Dow tumbles as oil
prices continue to
new low for year
So much for the Santa Claus rally.
A run-up at the end of the 2008
that had some investors hoping the
worst was over is crumbling on fear
that corporate profit reports arriv-
ing this week will signal a recovery
in the economy is further off than
Wall Street had hoped.
The Dow Jones industrial aver-
age fell for the fourth session
Monday as oil prices tumbled and
as worries about the financial
sector grew. So far this year, the
Dow is down 3.5 percent. Stocks
are still up sharply from late
November but investors are quick
to look for even subtle shifts in
the market after the terrible run
for stocks last year.
A drop in oil added to the pessi-
mism Monday. Crude fell 8 percent
to a new low for the year as inves-
tors bet economic weakness would
curb demand.
Stocks have lost ground since
the Dow rose 19.6 percent from
late November to the first part of
2009 - a year-end advance often
referred to as a Santa Claus rally.
KIEV, Ukraine.
Russia to resume
shipping oil
through Ukraine
Russia's state gas monopoly
has promised to resume shipping
Europe-boundgasthroughUkraine
today, nearly a week after it shut off
the taps and forced countless Euro-
peans to huddle cold and resentful
in freezing homes.
However, a spokesman for the
Gazprom monopoly indicated lin-
gering problems could still prolong
the crisis.
More than 15 countries have
been the inadvertent victims of a
complex and acrimonious wrangle
between Russia and Ukraine over
gas prices, past debts and allega-
tions of theft. They also jockeyed
over an EU-brokered deal to send
pipeline monitors to ensure that
restored gas shipments reach their
destination.
WASHINGTON
Length of one's
finger may indicate
financial success
The length of a man's ring finger
may predict his success as a finan-
cial trader.
Researchers at the University of
Cambridge in England report that
men with longer ring fingers, com-
pared to their index fingers, tended
to be more successful in the frantic
high-frequency trading in the Lon-
don financial district.
Indeed, the impact of biology on
success was about equal to years
of experience at the job, the team
led by physiologist John M. Coates
reports in Monday's edition of Pro-
ceedings of the National Academy
of Sciences.
The same ring-to-index finger
ratio has previously been associ-
ated with success in competitive
sports such as soccer and basket-
ball, the researchers noted.
- Compiled from
Daily mire reports
Israeli offensive
continues in Gaza
More than 900
Palestinians killed
since fighting began
GAZA CITY, Gaza Strip (AP) -
Israeli troops advanced into Gaza
suburbs for the first time early
Tuesday, residents said, hours
after Prime Minister Ehud Olmert
warned Islamic militants of an
"iron fist" unless they agree to
Israel's terms to end the fighting.
Hamas showed no signs of
wavering, however, with itsleader,
Ismail Haniyeh, saying the mili-
tants were "closer to victory."
Despite the tough words, Egypt
said it was making slow but sure
progress in brokering a truce, and
special Mideast envoy Tony Blair
said elements were in place for a
cease-fire.
Sounds of the battle could be
heard clearly before dawn Tuesday
around the city of 400,0000 as the
Israeli forces, backed by artillery
and attack helicopters, moved into
neighborhoods east and south of
Gaza City. Israeli gunboats shelled
the coast from the west.
The Palestinian residents told
The Associated Press that Israeli
tanks rolled into public areas of
the Tel Hawwa neighborhood,
pushing back militants. Tens of
thousands of Palestinians live in
apartment buildings in the neigh-
borhood south of Gaza City.
One of the residents, Khader
Mussa, 35, told The Associated
Press by telephone that he saw two
apartment buildings on fire. He
said he was huddling in the base-
ment of his building with 25 other
people, including his pregnant
wife and his parents. "The gates
of hell have opened," he said. "God
help us."
Several other buildings were
on fire, witnesses said, including
a lumberyard. Thick smoke blan-
keted the area.
The Israeli military confirmed
that a battle was in progress but
gave no details.
On Monday, as diplomats
struggled for traction in truce
efforts, Olmert stood within
Hamas rocket range and said
Israel would only end military
operations if Hamas stops rock-
eting Israel, as it has done for
years, and is unable to rearm
after combat subsides.
"Anything else will be met
with the Israeli people's iron fist,"
Olmert said. "We will continue to
strike with full strength, with full
force until there is quiet and rear-
mament stops."
Illinois U.S. Senate appointee Roland Burris leaves the podium after a news conference in Chicago yesterday. Senate leaders
said they will accept Burris to succeed U.S. President-elect Barack Obama in the Senate, and he will be seated this week.
Senate Dems will accept
Burrs to succeed Obama
Burris likely to be
seated this week
WASHINGTON (AP) - Eager
to put the scandal-tainted standoff
behind them, Senate Democrats
accepted Roland Burris as Presi-
dent-elect Barack Obama's Senate
successor yesterday and said they
expect to swear in the new Illinois
senator this week.
"He is now the senator-desig-
nate from Illinois and, as such, will
be accorded all the rights and priv-
ileges of a senator-elect," Senate
Majority Leader Harry Reid and
Sen. Dick Durbin of Illinois said in
a joint statement.
At a news conference in Chica-
go, Burris called himself honored
and humbled to be the state's next
junior senator. "I'm thankful for
the opportunity to serve," he said
and added: "I recognize that my
appointment triggered a challeng-
ing time for many."
Monday's development pre-
vented the impasse that has
plagued Democrats from drag-
ging on into Obama's inaugura-
tion festivities that begin this
weekend, and it capped a grudg-
ing, gradual retreat by the Sen-
ate's top Democrats.
Initially they had tried to dissuade
Illinois Gov. Rod Blagojevich, who
faces a state Senate impeachment
trial, from making an appointment
and suggestedthathis pick would not
be seated. Last week, Burris' creden-
tials were rejected by Senate Demo-
crats in a circus-like atmosphere that
tarnished the opening day festivities
of the new Congress.
But Reid and Durbin said they
now anticipate that Burris, a for-
mer Illinois attorney general, will
be seated this week, barring objec-
tions from Republicans.
They made the announcement
after Burris' lawyers delivered to
the Capitol documents certifying
his appointment to Obama's seat,
and the secretary of the Senate
determined that the paperwork
met Senate requirements.
While a victory for Burris, the
move is a major reversal for Senate
Democrats.
Theyinitiallyindicatedtheywould
refuse to seat Burris and objected to
the appointment byBlagojevich, who
is accused by federal investigators of
seeking to trade the Senate seat for
personal favors.
Judge: Still no jail
time for Madoff
Bush defends presidency, offers
advice to Obama in final days
Bush had prepared
comments for all
major controversies
WASHINGTON (AP) - With
rare public emotion, George W.
Bush satinjudgmentonhiscontro-
versial, consequential presidency
yesterday, lamenting mistakes but
claiming few as his own, heatedly
defending his record on disasters
in Iraq and at home and offering
kindly advice to a successor who
won largely because the nation
ached for something new.
By turns wistful, aggressive and
jokingin his final news conference,
Bush covered a huge range of top-
ics in summing up his eight years
in the White House - the latest in
arecentstring ofeffortsto have his
say before historians have theirs.
Then the White House said he
would do it again Thursday night
in a final address to the nation.
Reaching back to his first day
in office, he recalled walking
into the White House and having
"a moment" when he felt all the
responsibilities of the job landing
on his shoulders. Barack Obama
will feel that next week, he said,
his tone gently understanding.
Indeed, he was full of sup-
portive words for Obama - the
nation's first black president - and
talked of being deeply affected
while watching people say on
television that they never thought
they would see such a day, many
with "tears streaming down their
cheeks when they said it."
"President-elect Obama's elec-
tion does speak volumes about
how far this country has come
when it comes to racial relations,"
Bush said, seeming almost awe-
struck.
He brushed off any suggestion
that he'd found the job of president
too burdensome - or that Obama
would find it so. "It's just pathetic,
isn't it, self-pity?" he said. "And I
don't believe that President-elect
Obama will be full of self-pity."
At the same time, Bush showed
his skin is not so thick as all that.
"Sometimes the biggest disap-
pointments will come from your
so-called friends," he advised
Obama. Bush's former press sec-
retary, Scott McClellan, released a
scathing tell-all book last year that
still stings around the West Wing.
Prosecutors say
they plan to appeal
ruling to new judge
NEW YORK (AP) - A judge
yesterday allowed Bernard Mad-
off to remain confined to his
Manhattan penthouse, rejecting a
bid to jail the disgraced financier
but imposing new restrictions to
keep him from mailing any more
valuables to family and friends.
In a ruling that provided limit-
ed satisfaction to investors wiped
out in what may be the largest
Ponzi scheme ever, Magistrate
Judge Ronald L. Ellis ordered
Madoff to take an inventory ofthe
items in his $7 million apartment
and submit his outgoing mail to
security checks.
Prosecutors said they would
ask another judge to jail Madoff
while he awaits trial.
"There is a thirst for blood that
transcends just those who have
been victimized," said attorney
Stephen A. Weiss, who added that
some of his several dozen Madoff
investors "just want to have this
guy's head."
Sweeping aside the emotions
of the case, the judge cited laws
requiring that defendants be
allowed to stay out on bail before
trial unless they are a danger to
the community or a threat to flee.
Those standards make it diffi-
cult for prosecutors to have white-
collar defendants jailed before
trial. The judge noted suspects in
nearly 75 percent of federal fraud
cases are granted bail.
Prosecutors said they planned
to appeal the ruling and ask
another judge to revoke Madoff's
bail. The judge stayed his ruling
for 48 hours, meaning the new
restrictions will not take effect
right away.
The judge also said restrictions
in a separate civil case that apply
to property under Madoff's con-
trol would,apply to the criminal
case - meaning moving money
around by computer would violate
his bail conditions.
But in keeping Madoff out of jail
for now, Ellis said it did not matter
that Madoff was charged in what
appears to be the largest Ponzi
scheme in history, that Madoff is
publicly vilified or that a conviction
might bring a long prison term.
The judge said prosecutors'
claim that Madoff presented an
economic harm to the commu-
nity was shaky.
Summer Study Abroad raitr =
YJanuary 14, 2009O35p
Michigan Union, Pendleton Room
S m tuFinancial aid is available
to assist UM students
participating in UM
study abroad programs.
View instructions to apply for study
abroad aid at: www~flnaid.umich.edu/apply_
and receive aid/applying for aidwabroad.asp.
-- If you will be enrolled in a study abroad
The EDUCATION ABROAD Network program sponsored by the university of
A n A d v e n t u r e I n MIN DMichigan, you will be considered for all
. a aid programs except Work-Study. Note:
rDpenditng upon the cost of youmrstsdy abroad
program, toe Hmy or may not be able tomeet
your full demonstratedfinancial steed to attend.
-- If you will enroll in a study abroad program
sponsored by another institution/agency,
contact the Office of Financial Aid
immediately to review your options.
mck
Vc 10
en T Q..f:
w tudy Abroad for Academic Credit . ,.h
www educationabroadnetwork.org www.study-australid com
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