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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
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Racist Debate Brews Between NAACP and Tea Party
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The claims of racism are flying back and forth between the NAACP and the tea party. The civil rights group accuses the grassroots movement of putting up with racists in their ranks. But Mark Williams, a tea party leader suggests it's the NAACP that's racist. He's sparking new controversy by writing a satirical blog in the form of a letter from the head of the NAACP to Abe Lincoln. In part it reads:
"Freedom means having to work for real, think for ourselves, and take consequences along with the rewards. That is just far too much to ask of us colored people and we demand that it stop!"
Read the whole letter here
Hilary Shelton, director of the NAACP in Washington and Lloyd Marcus, spokesperson for the Tea Party Express spoke to CNN's American Morning Friday about Williams' letter. Watch 
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LIVE blog: Chat with us during the show
Editor's Note: Welcome to American Morning's LIVE Blog where you can discuss the "most news in the morning" with us each week day. Join the live chat during the show by adding your comments below. It's your chance to share your thoughts on the day's headlines. You have a better chance of having your comment get past our moderators if you follow our rules: 1) Keep it brief 2) No writing in ALL CAPS 3) Use your real name (first name only is fine) 4) No links 5) Watch your language (that includes $#&*).
No oil leaking as BP conducts critical pressure tests in Gulf oil well
New Orleans, Louisiana (CNN) - A highly anticipated test designed to measure pressure within BP's ruptured Gulf of Mexico oil well finally began Thursday, and for the first time in nearly three months, oil stopped flowing into the Gulf.
The move was lauded by a variety of officials as a positive step, accompanied by a strong note of caution that the cutoff was simply part of the test, as BP and government experts try to assess how the well is holding up.
The test got under way after two days of delays, first as government scientists scrutinized testing procedures and then as BP replaced a leaking piece of equipment known as a choke line.
The data are being particularly closely scrutinized at six-hour intervals. Higher pressure readings mean the well is containing the oil, while lower pressure means some is leaking out.
The "well integrity" test could end after one of the six-hour periods, if the results are disappointing. But it could go on for 48 hours. The longer it goes, the better indications are that the well is holding with a custom-made sealing cap. Read More
Wall Street reform: On to Obama
WASHINGTON (CNNMoney.com) - The Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.
The Senate voted 60 to 39 to pass the reforms, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis. Obama is expected to sign the bill into law next week.
The bill aims to strengthen consumer protection, rein in complex financial products and head off more bank bailouts.
To secure enough votes, Senate Democrats made lots of deals, which watered down the bill. For example, Wall Street banks will get wiggle room to make limited risky bets, which is tougher than the current law, but weaker than earlier drafts. Read More
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Avandia to stay on market while panel decides
The FDA says it will decide what to do about Avandia soon. In the meantime an advisory panel is recommending the controversial diabetes drug stay on the market, but with new restrictions and warning labels. CNN's chief medical correspondent Dr. Sanjay Gupta reports. Watch
LIVE blog: Chat with us during the show
Editor's Note: Welcome to American Morning's LIVE Blog where you can discuss the "most news in the morning" with us each week day. Join the live chat during the show by adding your comments below. It's your chance to share your thoughts on the day's headlines. You have a better chance of having your comment get past our moderators if you follow our rules: 1) Keep it brief 2) No writing in ALL CAPS 3) Use your real name (first name only is fine) 4) No links 5) Watch your language (that includes $#&*).
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/07/15/oil.water.art.jpg caption="An oil coated containment boom is seen close to the shore."]
Leak in equipment delays BP's efforts to stop massive oil gusher
New Orleans, Louisiana (CNN) - A leak in a crucial piece of equipment may stall BP's effort to stop the massive oil gusher Thursday in the Gulf of Mexico.
The equipment, called a choke line, started leaking Wednesday, another setback for the beleaguered company in its hope of stopping the disaster. The company will need to fix the leak before it can run the vital tests that could show whether an end to the environmental disaster is finally in sight, the company said.
There was no timetable for when the leak was to be fixed, a company spokesman said early Thursday morning.
And video images of the busted oil well showed a continuous flow of ominous dark oil streaming from the ocean floor.
Even before the new delay, the process had been stalled.
U.S. officials told BP on Tuesday to proceed with an "integrity" test on the well.
But the test was delayed for a day, according to Retired Adm. Thad Allen, who is heading the government's response to the oil spill.
Allen said the officials "sat long and hard about delaying the test" and it was "not easy" to decide to delay. He said they wanted to make sure they're "getting this right" for this "significant event."
Allen added the delay was not prompted by the White House. 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.
LIVE blog: Chat with us during the show
Editor's Note: Welcome to American Morning's LIVE Blog where you can discuss the "most news in the morning" with us each week day. Join the live chat during the show by adding your comments below. It's your chance to share your thoughts on the day's headlines. You have a better chance of having your comment get past our moderators if you follow our rules: 1) Keep it brief 2) No writing in ALL CAPS 3) Use your real name (first name only is fine) 4) No links 5) Watch your language (that includes $#&*).
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caption="Opponents and proponents of a planned mosque at ground zero clashed at a hearing Tuesday."]
Clash over proposed ground zero mosque dominates hearing
New York (CNN) - Those for and against a mosque near ground zero butted heads during a passionate three-hour hearing of New York's Landmarks Preservation Commission Tuesday night.
Officially the hearing was for taking testimony on whether a more than century-old building is worth preserving, but those pushing for the landmark status are opposed to the mosque and community center at the site where the twin towers of the World Trade Center were destroyed by Islamist hijackers on September 11, 2001.
The contentious nature of the hearing was expected, because if the commission rules the building is not worth landmarking, it will pave the way for the project that is planned there. Opponents dominated the hearing.
"It would be a terrible mistake to destroy a 154-year-old building in order to build a monument to terrorism," one woman said.
"It's called Islamaphobia, pure and simple," said Zead Ramadan while being heckled.
Earlier this month, a community board said the building at the site wasn't architecturally significant enough to landmark.
The project calls for a 13-story community center including a mosque, performing art center, gym, swimming pool and other public spaces.
It is a collaboration between the American Society for Muslim Advancement and the Cordoba Initiative.
The Cordoba Initiative aims to improve relations between Muslims and the West. Read more
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