NPR 2008-12-11

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A proposed 14-billion-dollar financial rescue bill for the ailing¹ domestic auto² industry may itself be in need of some help if the debate in the House has anything to go by. Virginia Republican Allen Kantar says having the government take on increased role in the company simply makes no sense. "If private investors³ are not convinced of the Big Three restructuring plans, if they don't think they're realistic enough, then why in the world would we ask the taxpayers⁴ to step in to provide that kind of assistance?” However, Democrats⁵ including Ohio Congressman⁶ Dennis Kucinich say not helping⁷ the industry is not an option. "If this rule and our bill goes down, we're faced with, an untenable condition, which will lead to the collapse⁸ of our automotive making capacity, and according to some economic policy analysts⁹, the elimination¹⁰ of over 3.3 million jobs across the economy. " In addition to providing money to those automakers that needed, the measure being debated on the House floor tonight would also call for a presidentially appointed auto Czar to oversee¹¹ industry restructuring.

Toyota has announced it will cut its North American vehicle production over the next couple of months. Detroit Public Radio's Jerome Vaughn has more.

Officials for the automaker say the economic slowdown in the US is cutting to demand for Toyota's cars and trucks. The Japanese automaker will shut down production at its Georgetown, Kentucky plant for nine days, and at its Princeton, Indiana plant for six days. Facilities in Woodbridge and Cambridge, Ontario were also experiencing short-term closures. The company has not said how many fewer vehicles will be produced because of the temporary plant closures. Toyota has also suspended vehicle production in Japan, and the automaker has reduced its profit and production targets for 2009. The entire US auto industry has been hurt by falling consumer confidence and tightened¹² credit markets. Toyota vehicle sales fell 34% in the US last month, compared to November 2007. For NPR News, I'm Jerome Vaughn, Detroit.

President-elect Barack Obama has called for the resignation of Illinois Governor Rod Blagojevich under the ongoing¹³ scandal of the federal charges. Among other things, he sought to sell the President-elect's vacant Senate seat to the highest bidder¹⁴. A spokesperson for the president-elect said today he agrees with other prominent politicians, who say under the current circumstance, it is difficult for the governor to do his job. Blagojevich was arrested yesterday after a monthlong investigation¹⁵ that included wiretaps of his home and office phones.

Nation's Airlines did somewhat better job of getting travelers to their destinations on time in October. The government's Bureau of Transportation Statistic¹⁶ says the overall on-time performance rate posted by the 19 of the major airlines rose to 86% from 78.2% for the same period a year ago.

On Wall Street, the Dow Jones Industrial Average closed up 70 points today ending the session at 8, 761. The NASDAQ was up 18 points. The S&P 500 rose more than 10 points.

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A court in Greece is now ordering two policemen jail-pending trial in connection with the fatal shooting of a teenager that has sparked five days of rioting there. One of the officers has been charged with murder for allegedly shooting the 15-year-old. Another has been charged as an accomplice¹⁷. A trial date has not yet been set. Earlier today, protestors blocked Athens' main courthouse with firebombs during a hearing for the two officers, with riot police using teargas to disperse¹⁸ the demonstrators.

Princeton University has reached a multi-million-dollar settlement with the family of donor¹⁹. The family had sued, saying Princeton was violating the terms of a 35-million-dollar gift. NPR's Larry Abramson has more.

The heirs of Marie and Charles Richardson sued, saying the 1961 gift that funded Princeton's Woodrow Wilson school was to be used to train government diplomats²⁰. Princeton argued the world had changed and that the school also needed to train international affair experts for the private sector²¹. The settlement gives Princeton complete control over the money which has grown to 900 million dollars earlier this year. And the family will lose its role on the board to help run the school. But Princeton must give the family nearly 100 million dollars in order to start a new foundation that will focus on government careers and international affairs. Princeton says the school would have prevailed in court but that a trial would have been too costly²². Larry Abramson, NPR News.

Space shuttle Endeavor is winding²³ its way home to Cape²⁴ Canaveral though it’s apparently²⁵ taking a sight trip to Texas. Endeavor which was supposed to leave Edwards Air Force Base aboard a specially²⁶ modified plane on Sunday was delayed by bad weather. It's also weather that forced the landing at Edwards last month. Flying the shuttle across country costs NASA upwards²⁷ of 1.8 million dollars.