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Senator demands probe of BP tax break
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NEW YORK (CNNMoney.com) - Two days after BP said it will write off the cost of the oil spill cleanup against its income taxes, a U.S. senator is calling for a Congressional probe into the company's tax plans.
Sen. Bill Nelson, D-Fla. sent a letter to the Senate Finance Committee Thursday, requesting a series of hearings on the matter and calling BP's plans to take a tax write-off "unacceptable."
On Tuesday, BP said it took a $32 billion charge in the second quarter for clean-up costs, resulting in tax savings of about $10 billion.
That's half the value of the $20 billion fund that BP set up to aid Gulf coast victims, Nelson pointed out.
BP announced the charge along with its second quarter earnings, saying the cleanup costs were the main reason for its $17 billion loss during the quarter.
BP spokesman Daren Beaudo, in an email to CNN, said the company is following U.S. tax code in taking the charge. Read More
Sound off: We want to hear from you this morning. Add your comments to the LIVE Blog below and we'll read some of them on the show.
Feds: Military contractor scammed nearly $200M
(CNN) – A bizarre case is playing out in a New York courtroom. The feds say a former CEO scammed his company for nearly $200 million. They say he spent it on prostitutes for employees, plastic surgery for his wife, cars, trips, parties, and the list goes on. So why should you care? Alina Cho has the answer.
Video: Fighting fair could strengthen marriage
(CNN) – New research finds fighting fair can actually make your relationship stronger. Scott Stanley is co-author of "Fighting for Your Marriage" and co-director of the Center for Marital and Family Studies at the University of Denver. He joined us on Thursday's American Morning to explain the findings.
Oscar's story: College degree, but no papers
Self-deported Oscar Vazquez waits in Mexico. (Joel De La Rosa/CNN)
(CNN) – Oscar Vazquez is a young man with a family and a bright future, caught in the middle of the immigration debate. He's a college grad who earned his engineering degree from Arizona State University. Now, he's back in Mexico by choice while his American dream remains across the border. John Zarrella has Oscar's story. Watch 
Legal & illegal immigrants leaving Arizona out of fear
(CNN) – At the 11th hour yesterday, after all the anger and arguments, a federal judge blocked the most controversial parts of Arizona's new immigration law. The case now heads for higher courts, but still, some of the estimated 500,000 undocumented immigrants who went to Arizona are leaving the state out of fear. Our Thelma Gutierrez introduces us to some of them. Watch
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