American Morning

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May 12th, 2010
12:00 PM ET

Man claims product could 'eat' Gulf oil spill

(CNN) – The "top hat" oil containment device has reached the sea floor in the Gulf of Mexico and should be in position over a leaking well head and operational by the end of the week, BP said Wednesday. Meanwhile, one man says while all that's going on, he's sitting on a potential solution to saving the wetlands, if they're over-run with oil.

Frank Pajaujis is a partner at Aabaco and says he has a product that could actually "eat" away at the oil and turn it into dirt. He showed us a demonstration of his product on Wednesday's American Morning.

Read more: 'Top hat' reaches Gulf oil leak site


Filed under: U.S.
May 12th, 2010
11:00 AM ET

What does Britain's power shift mean for U.S.?

(CNN) – It's the first full day on the job for Britain's new prime minister, David Cameron. The torch was passed yesterday after Gordon Brown resigned, ending more than a decade of rule by his Labour Party.

Cameron said he wants to form a coalition government with the liberal Democrats. So what does the changing of the guard mean here at home? Former Asst. Secretary of State James Rubin and Time International editor Michael Elliott gave us their thoughts on Wednesday's American Morning.

Read more: Britain's new PM starts work


Filed under: Politics • World
May 12th, 2010
10:00 AM ET

High-end repo men snag planes, yachts

By Bob Ruff and Carol Costello, CNN

(CNN) – Count the rich among the victims of the Great Recession. Just ask Ken Cage, who repossesses very expensive toys that the rich can no longer afford. Business, HIS business, is booming.

“We sold 12 boats and airplanes in a day,” he told us. His biggest repo? A nearly new $14 million Gulfstream jet taken from a real estate developer who fell behind in his payments. Cage often sells the repossessions himself, taking a small cut of each sale and giving the rest back to the banks.

Cage’s Orlando-based International Recovery & Remarketing Group (IRG) grabbed around 1,000 big-ticket items last year. Cage’s partner is Randy Craft, a former professional wrestler who provides the “muscle” in case a repo goes wrong. We caught up with them as they were going through the final run-through for their next target, a $700,000 Cessna Citation jet.

With most repos, says Cage, the challenge is where to go looking. Many owners move and hide their planes as soon as the bank says they are repossessing. Cage, who is part Sherlock Holmes and part James Bond, has contacts at most airports throughout Florida.

FULL POST


Filed under: Economy
May 12th, 2010
09:00 AM ET

Sign-wearing man goes from pinkslip to paycheck

(CNN) – For more than a year, Paul Nawrocki, a laid-off toy executive, was desperate to get hired. He walked the streets of Manhattan wearing a sandwich board and handing out resumes.

It finally paid off and not a moment too soon. A week after his unemployment benefits ran out, Paul found a job. Our Richard Roth met up with him again to hear his inspirational story.


Filed under: Economy
May 12th, 2010
08:02 AM ET

BP taking public relations beating

(CNN) – There's a growing cry today both online and along the Gulf Coast to boycott BP. Yesterday, the anti-war group Code Pink heckled the oil executives right before the hearings, holding up signs reading "BP kills" and "BP = bad people." More protests are planned for today.

In South Florida, demonstrators carried "mobile oil slicks" in the form of large black plastic tarps that were placed along sensitive areas of Miami Beach. This environmental nightmare is now a full-blown public relations disaster for the British oil giant. Our Joe Johns has the report.

Read more: 'Top hat' lowered to Gulf oil leak site


Filed under: Gulf Oil Spill • U.S.
May 12th, 2010
07:00 AM ET

Oil execs in Capitol Hill hot seat

(CNN) – BP is lowering a second, smaller containment dome known as a "top hat" into the Gulf of Mexico. A larger version failed last week. Every day the company fails, more and more oil damages the fishing industry, threatens wildlife, ruins beaches and kills tourism.

Executives from three oil companies will be back in Washington today. There is plenty of blame to go around, but will anyone stand up to accept it? Our Brianna Keilar has the report.

Read more: Execs face more questions over spill


Filed under: Gulf Oil Spill • U.S.
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