NATION
Feds to bail out credit unions
Regulators announced on Friday a government-sponsored rescue of the nation's wholesale credit union system, backed by a federal guarantee of at least $30 billion. Wholesale credit unions do not deal with the general public, but rather provide essential back-office services to thousands of other credit unions across the U.S. This move includes the seizure of three wholesale credit unions, as well as a plan to manage $50 billion of troubled assets inherited from failed institutions. The plan will not cost taxpayers anything, though it does mark the latest intervention by the federal government into an unsteady financial system.
Obama administration seeks to block targeted killing program
On Friday, the Obama administration invoked the state secret privilege as it sought to dismiss a lawsuit filed by the father of Yemeni-American Islamist cleric Anwar al-Awlaki. Nasser al-Awlaki, in conjunction with U.S. civil-liberties groups, filed suit last month in District of Columbia federal court seeking an order to stop the government trying to target him for assassination. The younger Awlaki has been placed on the CIA's kill list after being accused by the U.S. of holding a leadership position in Yemen-based al-Qaeda in the Arabian Peninsula and being linked to this spring's failed Times Square bombing as well as the 2009 shooting at Fort Hood.
WORLD
Tensions remain high as Japan releases detained Chinese captain
On Saturday morning, Japan released the captain of a Chinese trawler who had been detained since Sept. 8. Zhan Qixiong was arrested along with a 14-member crew just off of the disputed Diaoyu Islands in the East China Sea after colliding with two Japanese patrol boats. This incident is just one of several territorial conflicts that has recently plagued the Sino-Japanese relationship.
Ed Miliband triumphs over brother as leader of Labour Party
Ed Miliband was elected Saturday as the new leader of Britain's Labour Party in a narrow victory over his more centrist older brother, David. The final numbers secured the win for the younger Miliband 50.65 to 49.35. He has promised a less aggressive approach in dealing with Britain's soaring deficit. This announcement comes four months after former Prime Minister Gordon Brown resigned from the post when Labour lost the election to the Conservatives.
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