Week in Review
From Staff
Sunday, October 12, 2008

Sunday

WORLD: Russian troops began dismantling positions in the so-called security zones inside Georgia that they have occupied since August's war. Moscow faces a Friday deadline for pulling back its troops under the terms of a deal brokered by the French President Nicolas Sarkozy on behalf of the European Union.

WACHOVIA: The battle for control of troubled bank Wachovia tilted toward Wells Fargo as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup.

FOOTBALL: The Atlanta Falcons (3-2) clinched their first road win of the season at Lambeau Field against the Green Bay Packers. Rookie quarterback Matt Ryan helped the team and fans forget about the Michael Vick and Bobby Petrino past and led the team to a 27-24 victory.

Monday

ECONOMY: The government's huge rescue plan, aimed at rebuilding economic confidence in the U.S. and around the world, appeared to sound a global alarm. The Dow Jones industrial average plunged below the 10,000 level for the first time in four years and was down as much as 800 points before recovering to close with a loss of 370 points.

WACHOVIA: Wachovia, Citigroup and Wells Fargo agreed to a standstill of litigation -- a sign the banks and the Federal Reserve are working to reach an agreement over the fate of the struggling bank.

CAMPAIGN: Hundreds of people crowded into the Municipal Building on Greene Street to fill out voter registration forms on the day of Georgia's deadline to register. A larger, more diverse electorate will be eligible to vote in next month's general election than any in the state's history.

Tuesday

HEALTH: U.S. Veterans Affairs Department spokeswoman Jo Schuda confirmed that a federal recovery coordinator, Erin Jolly, will begin work in Augusta on Monday. She will coordinate medical care, rehabilitation, administrative paperwork and reintegration into society for severely injured service members.

ECONOMY: Americans' retirement plans have lost as much as $2 trillion in the past 15 months -- about 20 percent of their value -- Congress' top budget analyst estimated as lawmakers began investigating how turmoil in the financial industry is whittling away workers' nest eggs.

HEALTH: Don't give over-the-counter cold remedies to children younger than 4, drug companies said. In a concession to pediatricians, who doubt the drugs do much good for children and worry about risks, the companies that make over-the-counter remedies including Dimetapp and Pediacare said they had changed their advice to parents for the second cold season in a row.

Wednesday

ECONOMY: The Federal Reserve, desperately trying to jump-start the lending that keeps the U.S. economy moving, dropped its closely watched federal funds rate to 1.5 percent. The cut from 2 percent took the rate to its lowest level in more than four years. But the Dow Jones industrial average lost another 189 points, or 2 percent, to close at 9,258.

CRIME: David Kernell, 20, of Knoxville, Tenn., the son of a Democratic Tennessee state lawmaker, pleaded not guilty to hacking the e-mail account of Republican vice presidential candidate Sarah Palin. He entered the plea the same day prosecutors unsealed an indictment charging him with intentionally accessing Mrs. Palin's e-mail account without authorization.

SCIENCE: Cells taken from men's testicles seem as versatile as the stem cells derived from embryos, researchers reported in what might be yet another new approach in a burgeoning scientific field. The new type of stem cells could be useful for growing personalized replacement tissues.

Thursday

GOVERNMENT: The Senate Intelligence Committee is examining allegations by two former U.S. military linguists that the super-secret National Security Agency based at Fort Gordon routinely eavesdropped on the private telephone calls of American military officers, journalists and aid workers.

CRIME: The fatal shooting of a store employee and gun battle with police in a Knoxville, Tenn., shopping mall began as a complaint over a clothing purchase, authorities said. William Johnson faces charges of murder, aggravated kidnapping and attempted murder in the shootings.

RICHMOND COUNTY: Since Richmond County sheriff's Investigator Richard Roundtree came under scrutiny over mislaid files, "GratefulMother" has stuck up for him, posting messages on The Augusta Chronicle's Web site. A check of The Chronicle's records shows the account was established in 2003 by someone using Investigator Roundtree's work e-mail address.

Friday

ECONOMY: The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression. The $700 billion economic rescue bill provided the administration the authority to take such direct action. The aim is to thaw credit markets, get banks to resume more normal lending operations and stave off severe problems for businesses and everyday Americans.

CAMPAIGN: An Alaska investigative panel determined that Gov. Sarah Palin abused her power by trying to have her former brother-in-law fired as a state trooper. In a report issued by a bipartisan panel, John McCain's running mate was found in violation of a state ethics law.

BUSINESS: The Wachovia-Wells Fargo deal won federal regulators' approval, allowing Wells Fargo's $11.7 billion acquisition of the struggling bank to go forward. Citigroup, which had agreed to buy Wachovia's banking operations last week, walked away from the discussions Thursday after the suitors failed to reach an agreement on how to split up the bank.

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