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July 10, 2012 | | money woes Mitt Romney’s campaign raised some $30 million more than President Obama in June—but that number doesn’t reflect just how badly Romney’s Super PACs are crushing Obama’s. In this week's Newsweek, Dan Klaidman talks to senior campaign adviser David Axelrod about Obama's fundraising woes. BANKING SCANDAL Former-CEO Robert Diamond is giving up $31 million in deferred bonuses. New insight into the Barclays Libor scandal reveals that the Federal Reserve Bank of New York may have known that the British bank was manipulating global interest rates as early as August of 2007. In 2008 the Fed even offered up some suggestions to British authorities on how to fix the system. In an online statement, a spokesperson for the New York Fed said, “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and emails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with Libor.” They said they shared these observations and suggestions for improvement with British authorities. YUP, STILL HOT Things may have cooled off somewhat in most of the country, but now the Southwest gets to join in the scorching fun, according to a heat warning issued by the National Weather Service for areas of Arizona, California, and Nevada. Parts of all three states are expected to see temperatures exceeding 110 degrees between now and Wednesday, when the heat warning is scheduled to end. Meanwhile, the cold front pushing through the Midwest and parts of the South and Mid-Atlantic brought significant relief—but also severe storms and flash floods in certain areas. Las Vegas is expected to tie—or even break—its record-high temperature for July 10 of 114 degrees. Monday's temperature of 113 tied the record-high for the day, set in 1943. YIKES Most U.S. stock indexes closed lower Tuesday, with the Standard & Poor’s 500 Index posting its longest streak of declines since May amid concerns over corporate profits. The euro hit a two-year low. The Dow Jones industrials closed at 12,653.28, down 84.01 points, or .66 percent as the share price of component Alcoa fell more than 4 percent on tepid earnings. Nasdaq stock indexes slipped as well. Earlier in the session, European shares rallied, although the euro weakened against all 16 major peers. DUELING POWERS Legislators gathered in Cairo Tuesday for a meeting of Egypt’s now-dissolved Parliament, despite opposition from the senior military generals and high-court judges. During the short meeting, lawmakers approved a proposal by the speaker—a member of the Muslim Brotherhood—to appeal an earlier ruling that reviving the defunct Parliament went outside the law. Authorities made no real effort to prevent the parliamentary assembly—made up mostly of the Muslim Brotherhood—from meeting. The divergence between Parliament and military generals, backed by the court, exemplifies a long-held rivalry between the Muslim Brotherhood and the Egyptian military over political control of the country. | | 
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