Top Stories: Worldwide
The following are the day's top general news stories:
1. Altman Said to Be a Leading Candidate to Replace Summers on Obama Council 2. Republican Kyl Sees Delayed Vote for `Complex' Russia Arms-Control Treaty 3. Congressman Rangel Is Found Guilty of 11 Ethics Violations by House Panel 4. Credit Suisse Investment Bank Chairman Paul Calello Dead of Cancer at 49 5. South Korea Would Hold Some '22 World Cup Games in North Korea If Bid Wins
1. Altman Said to Be a Leading Candidate to Replace Summers on Obama Council
Roger Altman, founder of Evercore Partners Inc. and a former deputy treasury secretary, has emerged as a leading candidate to replace Lawrence Summers as director of President Barack Obama´s National Economic Council, according to two people familiar with the matter. Altman was interviewed by Obama about the job this afternoon, an administration official said on condition of anonymity. He served at the Treasury Department from 1993-1995 during the administration of former President Bill Clinton. Altman, 64, has close ties to the business community, and the people familiar with the matter said he might be able to repair the rift that has emerged between Obama and investors. He didn´t immediately return a request for comment. The search for a director of the council has been under way at least since September, when Summers announced his plans to return at the end of the year to Harvard University, where he was once president.
2. Republican Kyl Sees Delayed Vote for `Complex' Russia Arms-Control Treaty
Arizona Senator Jon Kyl, the Senate´s second-ranking Republican, said he doesn´t think an arms control treaty with Russia will be voted on this year, clouding the prospects for one of President Barack Obama´s top foreign-policy goals. Kyl, one of his party´s leaders on nuclear weapons issues, told Majority Leader Harry Reid that consideration of the Strategic Arms Reduction Treaty isn´t likely during the current lame-duck session by lawmakers "given the combination of other work Congress must do and the complex and unresolved issues related to START and modernization," according to a statement from Kyl´s office. Vice President Joe Biden said the administration will continue to push for a vote on the treaty this year. "Failure to pass the new START Treaty this year would endanger our national security," Biden said in a statement released by the White House. "The time to act is now."
3. Congressman Rangel Is Found Guilty of 11 Ethics Violations by House Panel
A U.S. House ethics panel today found Democratic Representative Charles Rangel of New York guilty of 11 counts of violating House rules. The findings by the four Democratic and four Republican lawmakers now go to the full 10-member House ethics committee, which will meet on Nov. 18 to decide what penalty, if any, should be imposed. The possible sanctions include a letter of admonition from the committee, a censure or reprimand by the full House, and a fine. The subcommittee found that Rangel, among other transgressions, improperly solicited donations to help finance a City College of New York academic center named for him, filed erroneous financial-disclosure statements and misused a rent-controlled apartment in Manhattan. Rangel, in a statement, called the subcommittee´s decisions "unfortunate," and again criticized the panel for moving ahead without giving him time to hire a new lawyer.
4. Credit Suisse Investment Bank Chairman Paul Calello Dead of Cancer at 49
Paul Calello, who as head of Credit Suisse Group AG´s investment bank managed the unit through the financial crisis and helped build the company´s operations in Asia, has died. He was 49. Calello died yesterday at his home in New York of non- Hodgkin´s Lymphoma, the Zurich-based bank said in a statement. After he was diagnosed on September 2009, Calello stepped down as chief executive officer of the investment bank to undergo treatment. He relinquished his title almost 10 months later to acting CEO Eric Varvel and became chairman of the unit. "Paul Calello was an outstanding leader, and a down-to- earth, very human colleague who forged strong relationships and made a positive difference in the world around him," Credit Suisse CEO Brady Dougan, 51, said in an e-mailed statement. "We will miss him greatly." Calello and Dougan were part of the Bankers Trust Corp. team that left in 1990 to start Credit Suisse Financial Products, a derivatives subsidiary of the Swiss bank. Dougan and Calello ascended the ranks as derivatives -- contracts with values derived from assets or events -- became an increasingly important money-maker for Wall Street.
5. South Korea Would Hold Some '22 World Cup Games in North Korea If Bid Wins
South Korea would stage some World Cup soccer matches in North Korea if it wins the right to host sport´s most-watched tournament in 2022. South Korea is competing against the U.S., Australia, Qatar and Japan, with whom it co-hosted the 2002 edition. Soccer governing body FIFA´s executive committee will announce its decision on the 2018 and 2022 hosts Dec. 2. The matches in the two countries were among disclosures contained in a summary of bidders for the 2018 and 2022 tournaments written by FIFA´s technical panel and obtained by Bloomberg News. "The Korea Republic´s bid-hosting concept presents the idea of holding some matches of the 2022 FIFA World Cup in Korea DPR," according to the summary, which will be released tomorrow. The summary also says the U.S. bid lacks the government backing required by FIFA, and Qatar´s effort is hampered by temperatures that can reach more than 46 degrees centigrade (115 degrees Fahrenheit).
-0- Nov/17/2010 00:35 GMT