Obama asks Bush to seek $350B rescue funds
WASHINGTON, Jan. 12 (UPI) -- U.S. President-elect Barack Obama asked President George Bush to seek the remaining $350 billion of the financial markets rescue money, the White House said.
White House spokeswoman Dana Perino said Monday that Obama asked Bush to formally notify Congress "on his behalf, of his intent to exercise the authority under the emergency economic stabilization act to access" the second, and last, portion of the Troubled Asset Relief Program funds, The Hill reported.
Besides agreeing to the request, Perino said the White House will maintain its consultation with both Obama's transition team and Congress "on how best to proceed in accordance with the requirements of the statute."
Earlier Monday, during his final news conference as president, Bush said he wouldn't seek release of the remaining funds of the $700 billion appropriated to aid the financial markets unless Obama asked him.
Bush said he and Obama, who takes over Jan. 20, have discussed the matter. "I told him that if he felt that he needed the $350 billion, I would be willing to ask for it."
Reflecting on the recession that is ending his tenure, Bush said, "I inherited a recession and I am leaving on a recession."
"I readily concede I chucked aside my free-market principles when I was told ... the situation we were facing could be worse than the Great Depression," Bush said.
He said he was pleased the financial markets have begun to move because of the $350 billion already spent and that he would be supportive of Obama's administration working out a plan "that best suits him."
His administration moved aggressively by taking actions "all aiming to prevent the financial system from cratering."
Attack on U.S. greatest threat, Bush says
WASHINGTON, Jan. 12 (UPI) -- The greatest threat to President-elect Barack Obama is the potential for another attack on the United States, President George Bush said Monday.
"The most urgent threat that he'll have to deal with and other presidents after him will have to deal with is an attack on our homeland," Bush said in his final news conference. "You know, I wish I could report that's not the case, but there's still an enemy out there that would like to inflict damage on America. And that'll be the major threat."
While Iraq is relatively calm, Bush said North Korea remained a problem and "there's a debate in the intel community about how big" as he assessed what he once called the "axis of evil."
A main concern in North Korea, engaged in denuclearizing the Korean peninsula, is there may be a highly enriched uranium program, which makes a strong verification regimen vital.
"In other words, in order to advance our relations with North Korea, the North Korean government must honor the commitments it made to allow for strong verification measures to be in place to ensure that they don't develop a highly enriched uranium program, for example," Bush said. "So they're still dangerous and Iran is still dangerous."
Internal Notes NOTES: yes, he did say intel, folks.
Adviser says Hillary set for confirmation
WASHINGTON, Jan. 12 (UPI) -- An adviser to Hillary Clinton says she is well prepared for this week's hearing on her nomination to be secretary of state.
The adviser, who remained anonymous, told Politico, Clinton would prove to the Senate Foreign Relations Committee she will be a team player if she joins the Obama administration.
"This is the re-emergence of the non-political Hillary," the adviser said. "She can't show up the president, she can't appear like she's trying to formulate her own foreign policy."
Clinton was continuing her preparation Monday for the hearings that begin Tuesday.
Among the topics the New York senator has been covering is husband Bill and any potential conflicts arising from his post-presidency business dealings.
"If they hit her on any personal stuff or on Bill, she'll hit the ball out of the park," the adviser said.
Greek shipping tycoon kidnapped in Athens
ATHENS, Greece, Jan. 12 (UPI) -- Three armed men kidnapped Greek shipping tycoon Pericles Panagopoulos and his driver in Athens Monday morning, police said.
Panagopoulos, 70, owns Attica Enterprises and Blue Star Ferries, and also has a major interest in Minoan Lines. He was on his way to work in a seaside suburb when the kidnappers forced their car to stop, a Times of London correspondent reported.
The pair were handcuffed at gunpoint and forced into a van, and the kidnappers then set fire to Panagopoulos's car, police said.
Five miles from Athens International Airport, the group released the unidentified driver, who called police.
The country has been rocked by violent demonstrations for the past month after a police officer shot and killed a boy, but there was no indication the kidnapping was related to that situation.
Hours after the abduction, police said there had been no communication from the kidnappers.
British inmate sprung from prison van
LONDON, Jan. 12 (UPI) -- A British prison van was ambushed in London and a man considered dangerous was freed by the attackers, police said Monday.
London police said two armed men wearing black balaclavas intercepted a private prisoner shuttle van, smashed the driver's window and threatened the two officers with a shotgun, The Times of London reported.
They demanded the release of Wayne Connor, 20, who was being taken to stand trial for aggravated burglary and grievous bodily harm, or assault with a weapon.
They sped away with Connor in dark blue vehicle, the report said.
The driver of the prison van required hospital treatment for cuts and bruises, and two other prisoners in the van did not escape.
Police issued an advisory to the public not to approach Connor if he was spotted.
