'Hobbit' extends No. 1 journey with $36.7 million

Tiny hobbit Bilbo Baggins is running circles around some of the biggest names in Hollywood. Peter Jackson's "The Hobbit: An Unexpected Journey" took in $36.7 million to remain No. 1 at the box office for the second-straight weekend, easily beating a rush of top-name holiday newcomers. Part one of Jackson's prelude to the "The Lord of the Rings" trilogy, the Warner Bros. release raised its domestic total to $149.9 million after 10 days. The film added $91 million overseas to bring its international total to $284 million and its worldwide haul to $434 million. "The Hobbit" took a steep 57 percent drop from its domestic $84.6 million opening weekend, but business was soft in general as many people skipped movies in favor of last-minute Christmas preparations. "The real winner this weekend might be holiday shopping," said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com. Tom Cruise's action thriller "Jack Reacher" debuted in second-place with a modest $15.6 million debut, according to studio estimates Sunday. Based on the Lee Child best-seller "One Shot," the Paramount Pictures release stars Cruise as a lone-wolf ex-military investigator tracking a sniper conspiracy. Opening at No. 3 with $12 million was Judd Apatow's marital comedy "This Is 40," a Universal Pictures film featuring Paul Rudd and Leslie Mann reprising their roles from the director's 2007 hit "Knocked Up." Paramount's road-trip romp "The Guilt Trip," featuring "Knocked Up" star Seth Rogen and Barbra Streisand, debuted weakly at No. 6 with $5.4 million over the weekend and $7.4 million since it opened Wednesday. Playing in narrower release, Paramount's acrobatic fantasy "Cirque du Soleil: Worlds Away" debuted at No. 11 with $2.1 million. A 3-D version of Disney's 2001 animated blockbuster "Monsters, Inc." also had a modest start at No. 7 with $5 million over the weekend and $6.5 million since opening Wednesday. Domestic business was off for the first time in nearly two months. Overall revenues totaled $112 million, down 12.6 percent from the same weekend last year, when Cruise's "Mission: Impossible — Ghost Protocol" debuted with $29.6 million, according to Hollywood.com. Cruise's "Jack Reacher" opened at barely half the level as "Ghost Protocol," but with a $60 million budget, the new flick cost about $100 million less to make. Starting on Christmas, Hollywood expects a big week of movie-going with schools out through New Year's Day and many adults taking time off. So Paramount and other studios are counting on strong business for films that started slowly this weekend. "'Jack Reacher' will end up in a very good place. The movie will be profitable for Paramount," said Don Harris, the studio's head of distribution. "The first time I saw the movie I saw dollar signs. It certainly wasn't intended to be compared to a 'Mission: Impossible,' though." Likewise, Warner Bros. is looking for steady crowds for "The Hobbit" over the next week, despite the debut of two huge newcomers — the musical "Les Miserables" and the action movie "Django Unchained" — on Christmas Day. "We haven't reached the key holiday play time yet," said Dan Fellman, head of distribution for Warner. "It explodes on Tuesday and goes right through the end of the year." In limited release, Kathryn Bigelow's Osama bin Laden manhunt saga "Zero Dark Thirty" played to packed houses with $410,000 in just five theaters, averaging a huge $82,000 a cinema. That compares to a $4,654 average in 3,352 theaters for "Jack Reacher" and a $4,130 average in 2,913 cinemas for "This Is 40." ''The Guilt Trip" averaged $2,217 in 2,431 locations, and "Monsters, Inc." averaged $1,925 in 2,618 cinemas. Playing just one matinee and one evening show a day at 840 theaters, "Cirque du Soleil" averaged $2,542. Since opening Wednesday, "Zero Dark Thirty" has taken in $639,000. Distributor Sony plans to expand the acclaimed film to nationwide release Jan. 11, amid film honors and nominations leading up to the Feb. 24 Academy Awards. Opening in 15 theaters from Lionsgate banner Summit Entertainment, Naomi Watts and Ewan McGregor's tsunami-survival drama "The Impossible" took in $138,750 for an average of $9,250. A fourth new release from Paramount, "The Sopranos" creator David Chase's 1960s rock 'n' roll tale "Not Fade Away," debuted with $19,000 in three theaters, averaging $6,333. Universal's "Les Miserables" got a head-start on its domestic release with a $4.2 million debut in Japan. Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday. 1. "The Hobbit: An Unexpected Journey," $36.7 million ($91 million international). 2. "Jack Reacher," $15.6 million ($2.5 million international). 3. "This Is 40," $12 million. 4. "Rise of the Guardians," $5.9 million ($13.7 million international). 5. "Lincoln," $5.6 million. 6. "The Guilt Trip," $5.4 million. 7. "Monsters, Inc." in 3-D, $5 million. 8. "Skyfall," $4.7 million ($9 million international), 9. "Life of Pi," $3.8 million ($23.2 million international). 10. "The Twilight Saga: Breaking Dawn — Part 2," $2.6 million ($6.6 million international). ___ Estimated weekend ticket sales at international theaters (excluding the U.S. and Canada) for films distributed overseas by Hollywood studios, according to Rentrak: 1. "The Hobbit: An Unexpected Journey," $91 million. 2. "Life of Pi," $23.2 million. 3. "Rise of the Guardians," $13.7 million. 4. "Skyfall," $9 million. 5. "Wreck-It Ralph," $7.3 million. 6. "The Twilight Saga: Breaking Dawn — Part 2," $6.6 million. 7. "Pitch Perfect," $6 million. 8. "Les Miserables," $4.2 million. 9. "Love 911," $3.2 million. 10. "De L'autre Cote du Periph," $3.1 million.

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Lawmakers see 'fiscal cliff' deal as elusive

With anxiety rising as the country lurches towards a "fiscal cliff," lawmakers are increasingly skeptical about a possible deal and some predict the best possibility would be a small-scale patch because time is running out before the yearend deadline. Sen. Joe Lieberman predicted Sunday: "We're going to spend New Year's Eve here, I believe." Even those who see the possibility of a deal don't expect a lot. Sen. Kay Bailey Hutchison, R-Texas, said she expects "it is going to be a patch because in four days we can't solve everything." With the collapse Thursday of House Speaker John Boehner's plan to allow tax rates to rise on million-dollar-plus incomes, Lieberman said: "It's the first time that I feel it's more likely we'll go over the cliff than not," meaning that higher taxes for most Americans and painful federal agency budget cuts would be in line to go ahead. "If we allow that to happen it will be the most colossal consequential act of congressional irresponsibility in a long time, maybe ever in American history because of the impact it'll have on almost every American," said Lieberman, a Connecticut independent. Wyoming Sen. Jon Barrasso, a member of the GOP leadership, predicted the new year would come without an agreement, and he faulted the White House. "I believe the president is eager to go over the cliff for political purposes. He senses a victory at the bottom of the cliff," he said. Democratic Sen. Kent Conrad of North Dakota, chairman of the Senate Budget Committee, was incredulous at Barrasso's assertion that 'there is only one person that can provide the leadership" on such a matter vital to the nation's interests. "There are 535 of us that can provide leadership. There are 435 in the House, 100 in the Senate and there is the president, all of us have a responsibility here," he said. "And, you know what is happening? What is happening is the same old tired blame game. He said/she said. I think the American people are tired of it. What they want to hear is 'What is the solution?'" President Barack Obama and Congress are on a short holiday break. Congress is expected to be back at work Thursday and Obama will be back in the White House after a few days in Hawaii. "It is time to get back to the table," said Sen. Amy Klobuchar, D-Minn., "And I hope if anyone sees these representatives from the House in line shopping or getting their Christmas turkey, they wish them a merry Christmas, they're civil, and then say 'go back to the table, not your own table, the table in Washington.'" Sen. Mark Warner, D-Va., said he expects something will be passed, but nothing that will solve the nation's growing financial problems. "I think there's unfortunately only going to be a small deal," he said, but added "it's critical we get to the big deal." Obama already has scaled back his ambitions for a sweeping budget bargain. Before leaving the capital on Friday, he called for a limited measure that extends George W. Bush-era tax cuts for most people and stave off federal spending cuts. The president also urged Congress to extend jobless benefits for the long-term unemployed that would otherwise be cut off for 2 million people at the end of the year. The failure of Boehner's option in the House has shifted the focus. "The ball is now clearly with the Senate," said Lieberman. He said Senate Majority Leader Harry Reid of Nevada and GOP leader Mitch McConnell of Kentucky "have the ability to put this together again and pass something. It won't be a big, grand bargain to take care of the total debt, but they can do some things that will avoid the worst consequences going over the fiscal cliff." It was only a week ago when news emerged that Obama and Boehner had significantly narrowed their differences. Both were offering a cut in taxes for most Americans, an increase for a relative few and cuts of roughly $1 trillion in spending over a year. Also included was a scaling back of future cost-of-living increases for Social Security recipients — a concession on the president's part as much as agreeing to higher tax rates was for the speaker. Lieberman was on CNN's "State of the Union," while Barrasso, Klobuchar and Conrad appeared on "Fox News Sunday." Hutchison and Warner were on CBS' "Face the Nation."

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Greece not doing enough against rich tax dodgers, say EU/IMF

Greece's drive to crack down on flagrant tax evaders such as doctors and lawyers is flagging and must be reinvigorated, a report by the European Union and International Monetary Fund said on Monday. Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets set by its lenders, according to a survey by the country's international lenders which was compiled in November. "The mission expresses concern that authorities are falling idle and that the drive to fight tax evasion by the very wealthy and the free professions is at risk of weakening," it said. By the end of September authorities had conducted 440 checks on suspected wealthy tax evaders, compared with a full-year target of 1,300. About 1.1 billion euros in overdue taxes have been collected so far, less than the 2 billion euros targeted. The lenders urged Greece to improve tax collection and focus on the cases most likely to produce results. "Doctors and lawyers are a good place to start," they said. Tax evasion is endemic in Greece, making it more difficult for the government to shore up its finances under its 240-billion-euro international bailout. With revenues falling short and the austerity-hit country obliged to meet its fiscal targets when its economy is shrinking for a fifth year, Athens is hiking taxes on middle-class wage earners who can't hide their income. After a Christmas recess, parliament is expected to pass a new tax law which aims to raise about 2.5 billion euros over the next two years as part of a 13.5 billion euro austerity package. A second piece of long-delayed legislation to crack down on tax evasion will follow later in the year, the government said. Perceived tax injustice has dented the popularity of Greece's pro-bailout ruling coalition. The radical leftist Syriza party, which opposes austerity and advocates a big and immediate debt writedown, has taken the lead in almost all the opinion polls published since a June election. Improving Greece's slow tax administration and justice is a key objective of the bailout. According to the report, individuals and companies have racked up 53 billion euros of tax debts to the government, a figure that corresponds to about a quarter of the country's gross domestic product. But just 15-20 percent of that amount can be collected, the EU/IMF said, given that a large number of these tax cases are old and the debtors have already defaulted. According to a list of tax sinners published last year, Greece's biggest tax debtor was state-run railway company OSE.

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China to crack down on "malicious" trademark registrations

China plans to change the law to crackdown on "malicious" trademark registrations, state media said on Monday, after a series of cases in which well-know international brands and individuals have had their names or copyright misused. Foreign governments, including the United States, have for years urged China to take a stronger stand against intellectual property rights violations on products ranging from medicines to software to DVD movies. Basketball legend Michael Jordan is one of the latest to accuse a company of using his name without permission, and French luxury group Hermes International SCA and Apple Inc have faced trademark problems too. The proposed amendment will offer protection to major international brands, giving copyright owners the right to ban others from registering their trademarks or from using similar ones, even if such trademarks are not registered, the official Xinhua news agency reported. "The draft is intended to curb the malicious registration of trademarks," Xinhua said. The country's legislature - which performs a largely rubber stamp role - will discuss the amendment this week, it said, without saying when the new rules could be put in place or providing other details. The move comes after basketball star Michael Jordan filed a lawsuit in China in February against a Chinese sportswear company, accusing the firm of unauthorized use of his name. The Naismith Memorial Basketball Hall of Fame recipient and former Chicago Bulls star said that Qiaodan Sports, a company located in the southern Fujian province, had built its business around his Chinese name "Qiaodan" and jersey number without his permission. The lawsuit has yet to go to trial, Chinese media have reported. France's Hermes International SCA has also had problems in China with its trademark, and in July Apple Inc agreed to pay $60 million to Proview Technology (Shenzhen) to end a protracted legal dispute over the iPad trademark in China. China has insisted it is serious about tackling intellectual property violations.

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FDA warns doctors of counterfeit Botox

Federal regulators have warned more than 350 medical practices that Botox they may have received from a Canadian supplier is unapproved and could be counterfeit or unsafe. The Food and Drug Administration said in a letter sent last month, a letter released publicly last week, that batches of the wrinkle treatment shipped by suppliers owned by pharmacy Canada Drugs have not been approved by the FDA and that the agency cannot assure their effectiveness or their safety. The FDA said Canada Drugs was previously tied to shipping unapproved and counterfeit cancer drugs. The agency warned doctors about buying drugs from sources other than licensed U.S. pharmacies. It is the fifth warning the agency has made this year about foreign suppliers providing unapproved drugs. In February, the agency warned 19 medical practices that they had received a counterfeit version of the cancer drug Avastin. On three more occasions the FDA issued similar warnings about counterfeit Avastin and Altuzan, another brand name for the same drug. The alerts were also primarily targeted at drugs distributed by Canada Drugs. A request for comment from the drug distributor was not immediately returned. Drug shortages increased the financial incentives for some pharmacies to provide counterfeit or illegally imported drugs. The drugs subject to warnings have all been injectable treatments typically distributed through medical practices and not directly to patients. In October, the FDA ordered operators of about 4,100 websites to immediately stop selling unapproved medications to U.S. consumers. The vast majority of those sites were operated by Canada Drugs. The site was still operating Friday. Genuine Botox is made by Allergan Inc., based in Irvine, Calif. Avastin is made by Roche Holding AG's Genentech unit.

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Legendary Indian sitarist, composer Ravi Shankar dead at 92

LOS ANGELES (Reuters) - Sitarist and composer Ravi Shankar, who helped introduce the sitar to the Western world through his collaborations with The Beatles, died in Southern California on Tuesday, his family said. He was 92. Shankar, a three-time Grammy winner with legendary appearances at the 1967 Monterey Festival and at Woodstock, had been in fragile health for several years and last Thursday underwent surgery, his family said in a statement. "Although it is a time for sorrow and sadness, it is also a time for all of us to give thanks and to be grateful that we were able to have him as a part of our lives," the family said. "He will live forever in our hearts and in his music." In India, Prime Minister Manmohan Singh's office posted a Twitter message calling Shankar a "national treasure and global ambassador of India's cultural heritage." "An era has passed away with ... Ravi Shankar. The nation joins me to pay tributes to his unsurpassable genius, his art and his humility," the Indian premier added. Shankar had suffered from upper respiratory and heart issues over the past year and underwent heart-valve replacement surgery last week at a hospital in San Diego, south of Los Angeles. The surgery was successful but he was unable to recover. "Unfortunately, despite the best efforts of the surgeons and doctors taking care of him, his body was not able to withstand the strain of the surgery. We were at his side when he passed away," his wife Sukanya and daughter Anoushka said. Shankar lived in both India and the United States. He is also survived by his daughter, Grammy-winning singer Norah Jones, three grandchildren, and four great-grandchildren. Shankar performed his last concert with his daughter Anoushka on November 4 in Long Beach, California, the statement said. The night before he underwent surgery, he was nominated for a Grammy for his latest album "The Living Room Sessions, Part 1." 'NORWEGIAN WOOD' TO 'WEST MEETS EAST' His family said that memorial plans will be announced at a later date and requested that donations be made to the Ravi Shankar Foundation. Shankar is credited with popularizing Indian music through his work with violinist Yehudi Menuhin and The Beatles in the late 1960s, inspiring George Harrison to learn the sitar and the British band to record songs like "Norwegian Wood" (1965) and "Within You, Without You" (1967). His friendship with Harrison led him to appearances at the Monterey and Woodstock pop festivals in the late 1960s, and the 1972 Concert for Bangladesh, becoming one of the first Indian musicians to become a household name in the West. His influence in classical music, including on composer Philip Glass, was just as large. His work with Menuhin on their "West Meets East" albums in the 1960s and 1970s earned them a Grammy, and he wrote concertos for sitar and orchestra for both the London Symphony Orchestra and the New York Philharmonic. Shankar served as a member of the upper chamber of the Parliament of India, from 1986 to 1992, after being nominated by then Indian Prime Minister Rajiv Gandhi. A man of many talents, he also wrote the Oscar-nominated score for 1982 film "Gandhi," several books, and mounted theatrical productions. He also built an ashram-style home and music center in India where students could live and learn, and later the Ravi Shankar Center in Delhi in 2001, which hosts an annual music festival. Yet his first brush with the arts was through dance. Born Robindra Shankar in 1920 in India's holiest city, Varanasi, he spent his first few years in relative poverty before his eldest brother took the family to Paris. For about eight years, Shankar danced in his brother's Indian classical and folk dance troupe, which toured the world. But by the late 1930s he had turned his back on show business to learn the sitar and other classical Indian instruments. Shankar earned multiple honors in his long career, including an Order of the British Empire (OBE) from Britain's Queen Elizabeth for services to music, the Bharat Ratna, India's highest civilian award, and the French Legion d'Honneur.

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Actor Depardieu's Belgium move "pathetic": French PM

Actor Gerard Depardieu's decision to establish residency in Belgium, which does not have a wealth tax, by buying a house just over the border with France, is "pathetic" and unpatriotic, French Prime Minister Jean-Marc Ayrault said on Wednesday. Depardieu has become the latest wealthy Frenchman after luxury magnate Bernard Arnault to look for shelter outside his native country following tax hikes by Socialist President Francois Hollande. "Going just over the border, I find that fairly pathetic," Ayrault said on France 2 television. "Being a Frenchman means loving your country and helping it to get back on its feet." The "Cyrano de Bergerac" star bought a house in the Belgian village of Nechin near the border with France, where 27 percent of the population is composed of French nationals, local mayor Daniel Senesael told French media on Sunday. Depardieu also enquired about procedures for acquiring Belgian residency, he said. Yann Galut, a Socialist member of parliament, condemned the actor and proposed that France copy U.S. practice by adopting a law that would force exiles to pay full tax dues or risk being stripped of their nationality. "It is scandalous and shameful," Galut told Reuters in an interview. "The country's in dire straits. This man owes everything he has to France - the accolades, the subsidies that helped produce his films, the schools where he was educated. At the end of a career that made him extremely rich he wants nothing to do with national solidarity." Belgian residents do not pay wealth tax, which in France is now slapped on individuals with assets over 1.3 million euros ($1.70 million), nor do they pay capital gains tax on share sales. France has also imposed a 75-percent tax on incomes exceeding 1 million euros. The tax hikes have been welcomed by left-wingers who say the rich must do more to help redress public finances but attacked by some wealthy personalities and foreign critics, who say it will increase tax flight and dampen investment. Depardieu's move comes three months after Arnault, chief executive of luxury giant LVMH, caused an uproar by seeking to establish residency in Belgium - a move he said was not motivated by tax reasons. The left-leaning Liberation daily reacted with a front-page headline next a photograph of Arnault telling him to "Get lost, you rich jerk", prompting luxury advertisers including LVMH to withdraw their advertisements. Ayrault said he did not support the idea floated by Galut, and the call was also partially disowned by the leader of the Socialist group in the lower house of parliament. "I'd rather appeal to people's intelligence, to their hearts," Ayrault said. Undeterred, Galut said tax dodging may be costing the state as much as 6 to 8 billion euros ($7.8 to 10.4 billion) a year in lost income and that such amounts were "far from negligible" at a time when France is at pains to reduce a bloated debt. "Everyone is being asked to chip in, private individuals and companies alike. It's inadmissible that people who made fortunes in France refuse to share their part of the burden," he said. Galut said he was asked on Wednesday to set up a parliamentary panel that would look into the question of tax exiles, saying he would like to see action taken when parliament broaches a budget bill for 2014.

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Mick Jagger love letters fetch $300,000 at auction

A collection of love letters written by Rolling Stones frontman Mick Jagger to American singer Marsha Hunt, believed to be the inspiration for the band's hit single "Brown Sugar", sold at Sotheby's on Wednesday for 187,250 pounds ($301,000). The 10 letters, dating from the summer of 1969, had been expected to fetch 70-100,000 pounds, according to the auctioneer. "The passage of time has given these letters a place in our cultural history," Hunt said after the London sale. "1969 saw the ebbing of a crucial, revolutionary era, highly influenced by such artists as The Beatles, The Rolling Stones, James Brown and Bob Dylan. "Their inner thoughts should not be the property of only their families, but the public at large, to reveal who these influential artists were - not as commercial images, but their private selves." Hunt, with whom Jagger had his first child, Karis, told Britain's Guardian newspaper last month that she was selling the letters, written in July and August 1969, because she had been unable to pay her bills. "I'm broke," Hunt, who lives in France, told the newspaper. Jagger wrote them to Hunt while filming the Tony Richardson movie "Ned Kelly" in Australia. They showed a sensitive side of the then-young singer, who wrote about the poetry of Emily Dickinson, meeting author Christopher Isherwood and an unrealized multimedia project. Jagger's relationship with Hunt, who is African-American, was kept under wraps until 1972. Hunt has said she was the inspiration for Brown Sugar, which Jagger wrote while in Australia. The rock star also cites in the letters the disintegration of his relationship with singer Marianne Faithfull, whom he was also dating at the time, and the death of Rolling Stones' guitarist Brian Jones. There has been a surge in interest in the rock band this year, as Jagger and his three surviving bandmates celebrate the 50th anniversary of the Stones with a series of concerts, a photo book and a greatest hits album.

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Politico financier Joe L. Allbritton dies at 87

Joe L. Allbritton, the millionaire founder of Politico's parent company, died Wednesday of heart ailments in a Houston hospital. He was 87. The founder of Allbritton Communications, which launched Politico and owns several television stations, built the Washington, D.C.-based media empire after controversy-fraught years as the chief of Riggs National Bank. Born in Mississippi and raised in Texas, Allbritton was a self-made businessman, who dabbled in real estate, mortuaries and banking before entering the news business in 1974, when he purchased the struggling Washington Star newspaper. He revived the paper. Six years later, federal regulations regarding cross ownership of newspaper and television stations forced him to sell his $35 million investment. Time Inc. bought it for $217 million. Allbritton held on to his more lucrative media properties, including WJLA, an ABC affiliate in Washington, D.C. that took his initials, and helped launch NewsChannel 8, also in Washington, one of the country's first 24-hour news channels. The company he founded, which is now run by his son, Robert, has made inroads into the internet world - founding Politico in 2007 and TBD, a short-lived internet news site that the company shuttered in 2012. Though Politico is his son's creation, the elder Allbritton bankrolled the publication and has been accused of excessively involving himself in its editorial affairs. But, for all of Allbritton's successes and wealth, his career was marred by a nationwide recession in the early 1990s that Forbes magazine said brought the bank to the brink of insolvency. The economic slump left Riggs with bad loans on drastically devalued real estate, but Allbritton was also blamed by analysts for ignoring the growing suburban banking market which took business away from Riggs. Despite these woes, he refused to give up his private jet at Riggs, even as shareholders urged him to sell the Gulfstream. He was also criticized for his eagerness to do business with some shady customers He personally courted Chilean dictator Augusto Pinochet, whom human rights groups accused of killing more than 3,000 of his own citizens during his 17-year reign. And - in a 2001 letter to Teodoro Obiang Nguema, the dictator of oil-rich Equatorial Guinea - Allbritton praised the west African strongman's "reputation for prudent leadership." Obiang deposited hundreds of millions of dollars in banks controlled by Allbritton. But little of this criticism appeared in Politico's glowing, three-page obituary on its financier. The piece, bylined by editor-in-chief John F. Harris and reporter James Hohmann, makes a brief, passing mention of a federal inquiry into Allbritton's dealings with Pinochet. There is no mention of Obiang. The man, whom the Washington Post noted - in the headline of its obituary - led once-venerable Riggs to "disrepute" is praised by Politico with a laundry list of accomplishments. "He would wear Politico baseball caps and T-shirts while playing with his grandchildren. Sometimes, he would quiz executives at the company on business and editorial matters, sometimes pretending caustically to second-guess their decisions," Harris and Hohmann wrote of the former boss. "It took the publisher, adept at reading his father's sense of humor, to assure people that he was just kidding; his main involvement in the new publication was as cheerleader." It wasn't the only time Allbritton was accused of involving himself in Politico's coverage. In 2007, five months after the news agency's christening, Glenn Greenwald, then a columnist at Salon, accused Politico of having a conservative bias, pointing to Allbritton's appointment of Frederick J. Ryan Jr., a one-time assistant to President Ronald Reagan, as president and CEO of Politico. "There is nothing wrong per se with hard-core political operatives running a news organization. Long-time Republican strategist Roger Ailes oversees Fox News, of course," Greenwald wrote. "But it seems rather self-evident that a news organization run by someone with such clear-cut political biases ought to have a hard time holding itself out as some sort of politically unbiased source of news."

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Media mogul and banker Allbritton dies at 87

Joe Lewis Allbritton, a media mogul and owner of the scandal-plagued Riggs National Bank, died on Wednesday at a hospital in Houston. He was 87. Allbritton died of heart ailments, said Jerald Fritz, a senior vice president of Allbritton Communications. Allbritton's media empire included newspapers throughout the U.S. Northeast and ABC network affiliates. Allbritton's son, Robert, recently founded the influential political publication Politico. But Joe Allbritton, a Mississippi native, was famously known for owning and running Riggs, the Washington-based bank that had been a dominant force in diplomatic banking in the nation's capital. Allbritton's banking career was tarnished when it was revealed that Riggs bank failed to report suspicious activity in the accounts held by former Chilean dictator Augusto Pinochet and Equatorial Guinea officials. Riggs bank pleaded guilty in 2005 to violating anti-money laundering laws and was fined a total of $41 million. Allbritton did not seek re-election to Riggs' board of directors and the storied bank was eventually acquired by PNC Financial Services. Allbritton is survived by his wife, son and two grandchildren.

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