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The hedge fund industry is one of the fastest growing corners of the investment world. Now Wall Street insider — and hedge fund manager — Barton Biggs has exposed the industry's cast of characters to scrutiny in the book HedgeHogging.

The Biden administration is working to address the shortage of baby formula in the U.S. as it faces pressure in Congress to do more.

Ukraine is prosecuting a member of the Russian military, alleging he killed an unarmed Ukrainian civilian. The prosecutor general says Ukraine is preparing 41 more cases.

Many members of Congress had a personal stake in the past week's debate over federal funding for stem-cell research: someone near or dear is affected by a disease which such research might help cure.

After Justice Sandra Day O'Connor announced her plans to retire, many legal experts began predicting who President Bush might choose to fill the vacancy on the Supreme Court. Legal affairs correspondent Nina Totenberg reports on the names some expected to see on President Bush's list.

Stung by criticism that they reacted too slowly to Katrina, federal officials say they're working hard to avoid making the same mistakes twice. Already, President Bush has declared Hurricane Rita an "incident of national significance" -- which helps rally federal resources.

New York City's transit union called a strike Tuesday after failing to reach a deal with the Metropolitan Transportation Authority. The strike left more than 7 million people in and around the city looking for alternative ways to get around. Beth Fertig of member station WNYC reports.

Turkey hosts the longest stretch of a new transnational pipeline that will carry oil from the Caspian Sea to the Mediterranean. Construction is nearly a year behind schedule and financial disagreements over the project may cause further delays.

Republican lobbyist Jack Abramoff pleaded guilty Tuesday to federal conspiracy, fraud and tax evasion charges. Wednesday, Abramoff will appear in a Miami court and is to enter a guilty plea there on separate charges of fraud and conspiracy.

The House majority leader was indicted and forced to step aside. A new chief justice of the United States was confirmed, but a battle looms over a second nominee. It's a dramatic time in American politics.