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AP - President-elect Barack Obama intends to name Timothy Geithner, president of the New York Federal Reserve, as his treasury secretary to confront the nation's intense economic turmoil, senior Democratic officials said Friday.

Neb. lawmakers OK age limit for safe-haven law (AP) [37]

AP - Gov. Dave Heineman signed into law Friday a bill adding a 30-day age limit to a safe-haven law that allowed 35 children � including teenagers as old as 17 � to be abandoned at state hospitals. The law, approved hours earlier by the Legislature in a 45-3 vote, goes into effect Saturday, and makes Nebraska the 14th state with a 30-day age cap. It had been the only state with a safe-haven law without an age limit.

Fla. teen commits suicide with live Web audience (AP) [38]

AP - A college student committed suicide by taking a drug overdose in front of a live webcam as some computer users egged him on, others tried to talk him out of it, and another messaged OMG in horror when it became clear it was no joke. Some watchers contacted the Web site to notify police, but by the time officers entered Abraham Biggs' home � a scene also captured on the Internet � it was too late.

Federal regulators shut 2 California thrifts (AP) [39]

AP - Federal regulators on Friday shut down two big thrifts based in Southern California, saying they fell victim to the acute distress in the housing market in that state.

Democrats lay out conditions to consider aid for automakers (AP) [40]

AP - Democratic leaders ordered Detroit's Big Three automakers Friday to submit what amounts to a detailed loan application to Congress so lawmakers can decide whether to give the beleaguered industry an emergency $25 billion lifeline.

Bush rallies China's help on North Korea (AP) [41]

AP - In a last dash of diplomacy, President George W. Bush on Friday sought China's help in pinning down North Korea to keep its shaky promises of nuclear disarmament.

Gates would like to add US forces in Afghanistan (AP) [42]

AP - Defense Secretary Robert Gates said Friday he would like to add significant U.S. forces to the war in Afghanistan before national elections scheduled for next year, and that grim depictions of backsliding in the seven-year-old war are "far too pessimistic."

Germany drops attempt to ban Scientology (AP) [43]

AP - Germany is dropping its pursuit of a ban on Scientology after finding insufficient evidence of illegal activity, security officials said Friday.

Knicks set themselves up for 2010 with 2 deals (AP) [44]

AP - The New York Knicks traded Zach Randolph and Jamal Crawford in separate deals Friday, parting with their two top scorers to free up coveted salary-cap space for the summer of 2010. Crawford was sent to Golden State for forward Al Harrington. Hours later, Randolph was shipped to the Los Angeles Clippers along with reserve guard Mardy Collins for Cuttino Mobley and Tim Thomas.

Sorenstam's storied LPGA career ends (AP) [45]

AP - Standing in the center of a sun-drenched 18th green, as waves of cheers rippled from a packed gallery, Annika Sorenstam hugged caddie Terry McNamara and took the flag from his hand.

Obama moves to pick Timothy Geithner for Treasury (Reuters) [46]

Reuters - President-elect Barack Obama on Friday moved toward nominating Timothy Geithner as Treasury secretary and charging the respected head of the New York Federal Reserve with helping pull the United States out of an economic nosedive.

Citigroup talking to U.S. government as shares dive: source (Reuters) [47]

Reuters - Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.

GM cuts output, jets as U.S. demands turnaround plans (Reuters) [48]

Reuters - Detroit automakers began work on turnaround plans demanded by Congress in return for $25 billion in aid as General Motors Corp said it would cut production more and give up two of its controversial corporate jets.

General Motors board weighs bankruptcy option: report (Reuters) [49]

Reuters - The board of directors of embattled U.S. automaker General Motors Corp is considering "all options" including bankruptcy, according to a report on the Wall Street Journal's website late on Friday.

Wall Street stages late rally on Geithner news (Reuters) [50]

Reuters - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.

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