North Korea Destroys Cooling Tower

The most visible of North Korea's atomic weapons program is the gray cooling tower that stood 60 feet above their main nuclear reactor complex. They blew it up in front of diplomats and TV cameras in a dramatic gesture of its commitment to stop making plutonium for atomic weapons.They did this at Yongbyon nuclear complex in response to concessions from the U.S.

At international arms talks with the U.S., China, Japan, China, and South Korea, North Korea delivered a declaration of its atomic programs under an agreement. They did this because President Bush said he would lift economic sanctions banning trade with enemy nations and said he would notify Congress that we would remove North Korea from a State Department list of terrorism sponsoring countries in 45 days. The country is energy starved. Therefore, they will be receiving the equivalent of 1 million tons of heavy fuel oil for the initial disarmament steps.

World Condemnation Of Zimbabwe Grows

President Robert Mugabe faced deeper international isolation Wednesday with African states demanding that a discredited runoff election be postponed and anti-apartheid icon Nelson Mandela rebuking the Zimbabwe leader for the first time. Tougher sanctions, sporting bans and economic boycotts could be next. World support may build for opposition leader Morgan Tsvangirai, who called Wednesday for talks on power sharing. Regional heads of state from southern Africa met in Swaziland and said Friday's runoff should be postponed until conditions permited a free and fair vote. President Bush said the runoff election appears to be a "sham", joining the international condemnation of Mugabe's actions.

Bear Stearns Hedge Fund

Thursday, two former Bear Stearns hedge fund managers were hauled into jail and charged with lying to investors about the collapse of the subprime mortgage market. This perhaps signaled the start of a wave of prosecutions arising from the housing meltdown. Mathew Tannin and Ralph Cioffi were accused of encouraging investors to stay in their hedge funds which were heavily exposed to subprime mortgages, even as they knew the credit market was in serious trouble. These were the first criminal charges to hit Wall Stree in the housing market meltdown. They were indicted on conspiracy and fraud counts. The eventual implosion of their two hedge funds cost investors $1.8 billion and started the domino effect that led the demise of Bear Stearns itself, which barely avoided bankruptcy in a rescue buyout by JP Morgan Chase & Co.

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Monet Painting Brings $80 Million at Auction

A water lily painting by impressionist master, Claude Monet was sold for more than $80 million at auction on Tuesday. This kicked of a week of modern art sales expected to reach records that defy the global economic downturn. This made it the most expensive work of art ever sold by the auction house in Europe. It was part of a four-work collection of water lily paintings that Monet put up for sale during his lifetime. He saw the oil paintings of his water garden as a cumulative work in progress and rarely sold them. They were signed and dated by the artist in l9l9. In l992, one of his other paintings sold for $12.1 million.

Rockets Fired At Israel

Rockets were fired at Israel on Tuesday shaking the Gaza Truce. Palestinian militants fired three homemade rockets into southern Israel threatening to unravel a cease-fire, days after it began. Israel responded by closing vital border crossings into Gaza. Israel refrained from military action despite what it called a "gross violation" of the truce. They said it would send an envoy soon to Egypt to work on the next stage of a broader cease-fire agreement which would mean a prisoner swap that would bring home an Israeli soldier held by Hamas for more than two years. I wonder if he is really still alive. I would not be surprised to learn that he has been killed.

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