Cheat Sheet - How Drudge Rules the Media

Today: U.S. Builds LIBOR Criminal Case , Michael Tomasky: Obama Is Winning Because of the Shrinking GOP , Penn State Honors Paterno Contract July 15, 2012 POWER 1. How Drudge Rules the Media His Condi Rice “scoop” went viral despite its utter implausibility. Lauren Ashburn on why the press is held captive by the conservative blogger’s thinly sourced gossip. Read it at The Daily Beast SPECIAL INTEREST 2. U.S. Builds LIBOR Criminal Case The Department of Justice is building criminal cases against banks and individuals involved in the fixing of international interest rates, according to government officials. A scandal surrounding the London interbank offered rate, or LIBOR, emerged in past weeks as employees of Barclays were accused of manipulating the rate. The bank reached a $450 million settlement with investigators in the U.S. and United Kingdom last month. Authorities close to the latest Justice Department investigation say that at least one bank will have charges filed against it before the close of the year. Read it at The New York Times SHRINKING GOP 3. Why Is Obama Winning? The economy is weak, and Americans are unhappy. But Obama’s ahead because the GOP is an aristocratic party that favors the super rich. And Mitt Romney is its perfect poster boy, writes Michael Tomasky. Read it at The Daily Beast LUCRE 4. Penn State Honors Paterno Contract “Contracts are contracts” was all Karen Peetz, chair of Penn State’s board of trustees, could say a day after it was revealed that former head football coach Joe Paterno sought a fat deal for himself amid the growing Jerry Sandusky scandal. Peetz said the university will honor the deal, which now benefits Paterno’s estate. Talks around renewing the Nittany Lions coach’s contract were just beginning in January 2011 as JoePa testified before a grand jury about sex-abuse allegations against his former assistant coach. When settled, Paterno’s package for the year totaled $5.5 million, including bonuses and benefits. Read it at CNN DELUGE 5. Floods Kill 22 in Japan Japanese emergency workers are searching for survivors of flooding on the island of Kyushu that has reportedly killed 22 people. About 250,000 people have been ordered to evacuate their homes, Japanese officials said, as the rain that caused landslides and floods spread toward the city of Kyoto. Hundreds of thousands of people from the more than 85,000 households that were evacuated have been taken to evacuation centers, and the country’s Self-Defense Forces were called in to help search for the missing. At least seven people were thought to be unaccounted for Sunday. Read it at BBC OBSERVERS U.N.: Syria Targeted Opposition In town where 220 reported killed. TENSION Japan Recalls Chinese Ambassador As dispute over island chain continues. ON THE LAM Fugitive Caught After 24 Years In Cancún, Mexico. FAT CAT Alaska Town Has Feline Mayor Won as write-in candidate. THE GREATEST Aretha Franklin Could Join ‘Idol’ After show lost Steven Tyler, J. Lo. GET The Cheat Sheet A speedy, smart summary of news and must-reads from across the Web. You'll love the featured original stories on politics, entertainment, and more from The Daily Beast's diverse group of contributors. GET Culture Beast Weekly cultural recommendations from The Daily Beast. Gilligan: I Almost Broke Bad! by Vince Gilligan Timbuktu’s Ugly Siege by Paula Froelich 16 Democratic Party Poopers by Caitlin Dickson

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