The Political Bridge

More Breaking News from the Washington Post: Bank of America CEO Lewis Leaving by Year's End

NEW YORK -- Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch & Co.

The bank said in a statement late Wednesday that Lewis, 62, would retire as CEO and also leave the company's board by the end of the year. The company said his successor will be selected by the time he steps down Dec. 31.

Read More: BOA

Breaking News from the Washington Post: GM to Shut Down Saturn After Penske Walks Away

DETROIT -- General Motors Co. said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart.

Penske, citing concerns of whether it could continue to supply vehicles after a manufacturing contract with GM ran out, ended talks with GM Wednesday to acquire the brand.

GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.

Read More:Saturn Motors

KACo implements spending reforms, creates code of ethics, reports The Lexingotn Herald-Leader

FRANKFORT — The Kentucky Association of Counties implemented 18 new policies Wednesday to cap travel costs, regulate spending more closely and create a code of ethics.

The organization's board unanimously approved the package of reforms, which closely follow a set of recommendations issued earlier this year by state Auditor Crit Luallen for proper oversight of non-profit groups. Luallen's office is now auditing KACo.

The changes are the third round of new policies and procedures put in place during the term of KACo President J. Michael Foster, the Christian County Attorney.

They are the second round of reforms since the Herald-Leader reported in June that the organization's top five staff members spent $600,000 in two years on KACo-issued credit cards. Among the more controversial expenses were $450-a-night hotel rooms, a $10,000 room cancellation fee, $1,000 gifts, and expenses at two strip clubs and a Lexington escort service.

Read more: The Lexington Herald-Leader 

Report: Prescriptions up in 118 of 120 counties, reports Bluegrass Politics

FRANKFORT — The rate of prescriptions for controlled substances increased in 118 of 120 Kentucky counties between 2005 and 2007, according to a new report released Wednesday.

The Sourcebook of Criminal Justice Statistics in the Commonwealth for 2007 also shows that five Kentucky counties — Clinton, Magoffin, Whitley, Bell and Owsley — averaged more than four controlled substance prescriptions per resident.

That data was collected through Kentucky’s prescription tracking system, called the Kentucky All Schedule Prescription Electronic Reporting System, or KASPER.

“Despite enhanced law enforcement efforts and the many successes of KASPER, the misuse, abuse and illegal sale of prescription drugs continue to plague the commonwealth,” said Justice and Public Safety Secretary J. Michael Brown. “Although vigilant in our efforts to curtail illegal use and abuse, this remains a significant challenge for the commonwealth.”

Read more: Bluegrass Politics

Stumbo plans trade trip to China, reports Bluegrass Politics

FRANKFORT — House Speaker Greg Stumbo will travel to China in November with 54 legislators from more than 30 other states to attend a forum on trade and invesment.

“I’m exictied about discussing a number of trade issues,” Stumbo said in a statement.

“According to the U.S. Department of Commerce, Kentucky’s exports to China have grown more than 800 percent since 2000, and now total more than $600 million a year. While these numbers are impressive, there is significant room for growth.

“This trade mission will help us build on those gains and see what more the General Assembly can do. One area in particular I want to explore is expanding markets for Kentucky coal.”

Read more: Bluegrass Politics

Early sign-up set for heating aid, reports The Courier-Journal

Louisville Metro Government is offering early registration for some people who expect to need financial assistance with their winter heating bills.

The Low-Income Home Energy Assistance Program is offered through the Louisville Metro Community Action Partnership, and will begin accepting pre-registration for heating assistance applications on Monday. The early registration is limited to people who are disabled, elderly, receiving Social Security or black lung benefits.

Other people who expect to need help with utility bills can apply, beginning Oct. 26.

Read more on how to make an applicaton and locations and dates to apply:

The Courier-Journal

-Courtesy of Senator Denise Harper Angel

McConnell, Lugar discuss engagement with Myanmar, reports The Courier-Journal Political Blog

A Senate subcommittee today is holding a hearing on American policy toward Myanmar, also known as Burma, whose repressive military junta has suppressed opposition, jailed its leaders and created a major refugee problem in southeast Asia.

Secretary of State Hillary Clinton last week singled a shift in policy by the Obama administration, saying the United States would try to engage in a diplomatic dialogue with the regime. In the meantime, longtime sanctions against Myanmar would continue, she said.

Talks between U.S. and Burmese officials are scheduled in New York next week.

Senate Minority Leader Mitch McConnell, R-Ky., has been one of the most vocal congressional critics of Burma’s rulers and has authored annual legislation continuing sanctions against the junta. Yesterday, McConnell released a statement on the Obama administration’s efforts to engage Burma.

"Early in the Obama administration I encouraged Secretary of State Clinton to make Burma a priority, review our policies toward and relations with Burma, and to see how the U.S. could better achieve its objectives toward the regime,” McConnell said. “Having reached the end of that review Secretary Clinton has decided to engage the regime in Burma in pursuit of the fundamental goal of a unified, peaceful, prosperous and democratic Burma that respects the human rights of its citizens.”

Read more: The Courier-Journal

Stocks tumble on drop in manufacturing activity, reports USA Today

NEW YORK — A surprise drop in a key regional economic indicator sent stocks reeling Wednesday, with the Dow Jones industrials sliding more than 80 points.

The Chicago Purchasing Managers Index fell to 46.1 in September rather than rising to the 52 that economists expected. The index, considered a precursor to the national Institute for Supply Management index to be released on Thursday, pointed to a Midwestern manufacturing industry than is weaker than had been expected.

The news on the final day of the third quarter punctured a mild stock rally that followed an upward revision in the Commerce Department's reading for the second-quarter gross domestic product. The government said the GDP, the broadest measure of the economy, sank at a pace of just 0.7 percent in the spring. The new reading was better than the annualized 1.1 percent drop that economists were predicting.

But the Chicago PMI data are fresher, and therefore more troubling, than the GDP. And it reminded investors that the economy still has major obstacles to be overcome before a solid recovery can occur.

Read more: USA Today

Liberals Regroup After Public Option Defeat, reports The Washington Post

An outcome that had been expected for weeks still generated a good deal of drama and post-game analysis, as Tuesday's defeat of efforts to add the public insurance option to the Senate Finance Committee's health-care bill pushed the reform debate into a new stage.

The Finance panel rejected successive amendments from Jay Rockefeller and Chuck Schumer to create a public option, "dealing a crippling blow to the hopes of liberals seeking to expand the federal role in health coverage as a cornerstone of reform," the Washington Post writes. Max Baucus said he wants "a bill that can become law" and did not see enough support for the public option to get it through the Senate. Schumer agreed, for now: "We don't have the 60 votes on the floor for the public option. I will be the first to admit that." The Los Angeles Times reports: "It was the biggest setback to date for liberal Democrats, but did not kill the possibility of a public option being included in final legislation,"

Read more: The Washington Post

Webb-Ditty race among state Senate's costliest, reports The Courier-Journal

Democrat Robin Webb raised more than $400,000 in winning last month's special election for the state's vacant 18thth District House seat, nearly doubling what her Republican opponent raised in the monthlong campaign.

The campaign is expected to be one of the most expensive state legislative race in Kentucky's history — if not the most expensive — after expenditures by the Republican and Democratic parties and political action committees are factored in.

The race pitted Webb, a five–term representative, against Greenup County dermatologist Jack Ditty in a battle that could have an impact on Republicans' ability to keep control of the state Senate.

Webb won narrowly, giving the Democrats their second straight special Senate election victory since the 2008 elections and pulling them within two votes of tying the Republicans for control of the Senate.

Read more: The Courier-Journal