Rangel Hoping To Avoid Trial

Rep. Charles Rangel (D-N.Y.) said on Tuesday that he is hopeful for a settlement with House ethics investigators, but added that he isn’t sure about the status of such talks.

Rangel is facing a number of allegations that he violated House ethics rules; including claims that he improperly used a rent-stabilized apartment as a campaign office, used official stationery to solicit support for a City College center named in his honor and failed to properly report ownership of a vacation villa in the Dominican Republic.

The negotiations surrounding the case between senior congressional Democrats and Rep. Rangel have put some Democrats in an uncomfortable situation. Many House Democrats that have been close with Rangel for years are now worried about the subsequent political fallout for the Democratic Party in the November elections if an ethics trial occurs in September…

- Alexa Gitler

General Motors Reveals The Mysterious Price Of Its Chevy Volt

General Motors Co. revealed Tuesday the answer to the biggest question surrounding its much hyped Chevy Volt; its price. The vehicle will cost $41,000. The Volt’s current closest rival, the electric Nissan Leaf, will start at a lower price of $33,000. 

The Volt, which is scheduled to go on sale later this year, is now available for customers who live in California, New York, and Michigan to place orders. These are predetermined states by GM as their targeted launch markets. The Volt will go on sale to the rest of the country later in the year. 

- Alexa Gitler

BP's Hayward To Receive $18 Million Payout

Tony Hayward announced yesterday that he’ll be stepping down from his position as CEO of BP in October. He will be replaced by Robert Dudley, who will be BP’s first American CEO.

The New York Times has reported that Hayward is stepping away with a payout of $18 million, and with millions more in BP shares in an incentive plan.

- Brandon Kosters

Cameron: Gaza A "Prison Camp"

According to CNN, British Prime Minister David Cameron referred to Gaza as a “prison camp” today while speaking in Ankara, Turkey’s capital. He also insisted that humanitarian aid and people must be allowed to “flow in both directions.”

- Brandon Kosters

Tourism In Gulf Coast Suffering. Is Media To Blame?

Kenneth Feinberg, administrator of the Gulf Coast Claims Facility, told a House Energy and Commerce subcommittee today that he likely will not pay out funds to support ads that promote tourism to the Gulf.

Keith Overton, senior vice president and COO of Tradewinds Resort and chairman of the Florida Restraunt and Lodging Association, blamed the media today for hurting tourism in the Gulf Coast region.

- Brandon Kosters