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UBS 'Rogue Trader' Causes $2.3 Billion in Losses
Ben Johnson of The Root’s partner site Slate.com is reporting that alleged UBS “rogue trader” Kweku Adoboli has cost the Swiss bank $300 million more in losses than initially expected. Johnson writes: A statement from the bank said that losses from index futures on Standard & Poor’s 500, the DAX and EuroStoxx were initially overlooked…
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Obama to Unveil Debt-Reduction Plan
Zachary A. Goldfarb of the Washington Post reports that President Obama will announce a proposal on Monday to tame the nation’s rocketing federal debt, calling for $1.5 trillion in new revenue as part of a plan to find more than $3 trillion in budget savings over a decade, senior administration officials said. The proposal draws a sharp…
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Floyd Mayweather Jr.'s Knockout Controversy
As expected, Floyd Mayweather Jr. defeated Victor Ortiz by a controversial fourth-round KO, winning the WBC welterweight title. As usual, Mayweather entered the ring with style, wearing a flashy robe and buoyed by his on-again/off-again BFF Curtis “50 Cent” Jackson, who carried his two belts. What was unusual? Mayweather cold-cocked Ortiz in the closing seconds…
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Rapper T.I. Returns to Halfway House
Greg Bluestein of the Associated Press is reporting that Grammy-winning artist T.I. is back at a halfway house in Atlanta on Thursday after weeks of fighting with federal prison officials who were upset that he traveled with a TV producer and a manager when he was released from an Arkansas prison, his attorney said. T.I.…
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Sean Penn's Group Receives Grant to Help Haitians
The Associated Press is reporting that the Haiti aid group run by actor Sean Penn says it has received a $2.25 million grant to help more than 500 families displaced by last year’s earthquake move back home. Benjamin Krause from Penn’s relief group, J/P HRO, says the money from the World Bank will be used…
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Bowie State Student Killed in Dorm
The Washington Post is reporting that Dominique T. Frazier, 18, a student at Bowie State University, was fatally stabbed Thursday night by her roommate during a fight inside a residential-housing building on campus, Maryland State Police said early Friday. Clarence Williams and Matt Zapotosky report that Prince George’s County police received a 911 call reporting…
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Herman Cain 2012: Concealed Gay Adviser's Role
The Huffington Post is reporting that Herman Cain’s 2012 Campaign for the GOP presidential nomination is being met by controversy. Former Iowa Straw Poll coordinator Kevin Hall has alleged that he left Cain’s campaign after concerns were raised about the sexual orientation of Scott Toomey, the treasurer of Cain’s political action committee. Toomey also served…
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Cherokee Nation to Feds: Kick Rocks on Black Vote
Steve Olafson of Reuters is reporting that the Cherokee Nation is refusing to cooperate with the U.S. government, which warned that the results of the Sept. 24 Cherokee election for principal chief will not be recognized by the U.S. government if the ousted members, known to some as “Cherokee Freedmen,” are not allowed to vote.…
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Oil-Pipeline Explosion in Kenya Kills 80
The BBC is reporting that nearly 80 people died after an oil-pipeline exploded in Nairobi, Kenya, igniting a neighboring slum. The blast took place in the city’s Lunga Lunga industrial area, and police and troops cordoned off the area as firefighters battled fierce flames in the surrounding shantytown. A Red Cross official, Pamela Indiaka, said…
Black News and Black Views with a Whole Lotta Attitude
