MF Global, the securities firm run by former New Jersey Governor Jon Corzine, was forced to file for bankruptcy protection Monday. The company, at Corzine's urging, made big investments in European sovereign debt. Those bets turned out to be losers. Analysts don't believe MF Global is a harbinger of bad things to come. It was much more exposed to European debt than most U.S. financial companies. Zoe Chace reports for NPR's Planet Money.
Greek Prime Minister George Papandreou says he will ask the public to vote in a referendum on last week's European debt deal. His surprise announcement could throw a wrench into the bailout agreement. The bankers holding Greek debt agreed to accept losses on Greek bonds on the assumption that the country would carry out austerity measures. For the latest, Steve Inskeep talks with reporter Joanna Kakissis in Athens.
The U.S. Supreme Court has once again rebuked the Ninth Circuit Court of Appeals, based in California. This time, the court, by a 6-to-3 vote, reinstated the conviction of a California grandmother for shaking her baby grandson to death. The court's unsigned opinion, provoked a strong dissent from three of the justices, who accused the court majority of using a "tragic case" to "teach the Ninth Circut a lesson."
The U.S. Supreme Court heard arguments Monday in two cases testing whether a lawyer's mishandling of a plea bargain offer should be sufficient reason for a defendant to get a second chance to accept the offer.
Both cases involve defendants who got prison terms much longer than they would have under plea bargains offered by the prosecutor. In one case, the defendant's lawyer never told his client about the offer. In the other, the defense lawyer advised against taking the offer based on a clearly erroneous understanding of state law.
The United States Supreme Court has let stand a lower court ruling that ordered the removal of 12-foot high crosses placed along highways in Utah to commemorate state troopers killed in the line of duty.
The court acted without comment, but Justice Clarence Thomas wrote a 19-page dissent.