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1. Two former Bear Stearns managers were arrested this morning on securities fraud and other charges. It s in connection with the collapse¹ of a hedge fund that heavily bet on subprime mortgages before the market collapsed².

2. Some flooded-out Midwest homeowners say FEMA gave them a false sense of security. They say the federal government assured them in 1999 that a levee was sturdy enough to withstand a historic flood, so many dropped their flood insurance. At least 22 levees in the three flood-stricken states have already been topped by floodwaters this week. There is concern dozens more could overflow³.

3. Barack Obama says he is going to pass on federal funding for his campaign. The Democratic presidential candidate had previously⁴ said he would accept public funding which limits the amount campaigns can spend.

4. And imagine walking down the aisle⁵ wearing this. Hundreds of people took part in a contest to make wedding dresses using only toilet tissue, paper and tape. The winner took home 1, 000 dollars.

WORDS IN THE NEWS

1.securities [plural]n.

stocks
or shares in a company

2.hedge [countable]n.

something that protects you against possible problems, especially financial loss

3.bet [intransitive and transitive]v.

to risk money on the result of a race, game, competition, or other future event [gamble]

bet on sth

4.subprime mortgages次级抵押贷款

5.FEMA The Federal Emergency Management Agency, or FEMA, is an agency of the United States Department of Homeland Security. The purpose of FEMA (begun by Presidential Order on April 1, 1979) is to coordinate⁶ the response to a disaster which has occurred in the United States and which overwhelms the resources of local and state authorities.

6.sturdy adj.

an object that is sturdy is strong, well-made, and not easily broken [↪ solid]

7.withstand [transitive]v.

to be strong enough to remain unharmed by something such as great heat, cold, pressure etc [= resist, stand up to]

8.be topped by

to have something on top