Tonight on 360°, Wall Street powerhouse Goldman Sachs is accused of fraud. The government says Goldman defrauded investors about the value of those subprime mortgages that many believe triggered the economic collapse. We're keeping them honest. Plus, an update on the air travel chaos sparked by a volcano erupting in Iceland. Gary Tuchman has a 360° Dispatch from inside the danger zone.
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Editor's Note: Tonight, we report on what many refer to as physician-assisted suicide. It's legal in three states - Montana, Oregon and Washington. Two Connecticut doctors are in court to challenge the law that would have them prosecuted with second-degree manslaughter for prescribing lethal medication. Last week Anderson spoke to Dr. Jack Kevorkian who assisted terminally ill patients die. Watch their conversation here.
Anderson Cooper | BIO
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International Task Force
To view the physician-assisted suicide laws by state go here.
Don't miss the second part of Anderson's conversation with Jack Kevorkian tonight. Kevorkian, also known as "Dr. Death," sits down with us for one of his first interviews since being released from prison nearly three years ago.
Kevorkian is profiled in a new HBO movie called "You Don't Know Jack," which premieres on April 24.
The film stars Al Pacino, who plays Kevorkian, the controversial physician who assisted terminally ill patients die. Kevorkian became a controversial figure in the debate surrounding physician-assisted suicide. In the clip above, he tells Anderson about the first time he helped a patient die.
Tonight, Anderson talks to the film's director, Oscar winning Barry Levinson, as well as and Susan Sarandon and John Goodman, who star in the film. AC360° at 10 p.m. ET.
The volcanic ash has created traffic delays from Denmark to France, above.
CNN Wire Staff
Here are the latest highlights regarding problems for air travel caused by the volcanic eruption in Iceland:
• According to the Air Transport Association of America, U.S. carriers have canceled 196 flights so far on Friday between the United States and volcano-affected areas in Europe.
• British Airways is flying a number of flights from North America to Scotland overnight.
• Ryanair has decided to cancel all scheduled flights to and from the United Kingdom, Ireland, Denmark, Finland, Norway, Sweden, Belgium, Holland, northern France, northern Germany, Poland and the Baltic states into Monday.
• IATA's initial and conservative estimate of the financial impact on airlines is in excess of $200 million per day in lost revenues. The group is an international trade body created more than 60 years ago by a group of airlines.
• The Swedish airspace authority LFV said almost all Swedish airspace will close again. Only the country's two most northern airports, Lulea and Kiruna, will be able to have limited air traffic, and these restrictions will most likely remain in place throughout the weekend, LFV said.
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A federal judge on Thursday struck down the federal statute that established the National Day of Prayer, ruling that it violates the constitutional ban on government-backed religion.
"[I]ts sole purpose is to encourage all citizens to engage in prayer, an inherently religious exercise that serves no secular function," a Wisconsin judge wrote in the ruling, referring to the 1952 law that created the National Day of Prayer.
"In this instance, the government has taken sides on a matter that must be left to individual conscience," wrote the judge, Barbara B. Crabb.
The injunction against the National Day of Prayer will not take effect until the defendants in the case, President Obama and White House Press Secretary Robert Gibbs, have exhausted their appeals, the decision said.
The Obama administration said in a Twitter message on Thursday that Obama intends to recognize this year's National Day of Prayer, which is May 6.
So what do you think? We want to hear from you. Can prayer be unconstitutional?
And don't miss Anderson's conversation on the subject with Christopher Hitchens and Tony Perkins tonight on AC360° at 10 p.m. ET.
[cnn-photo-caption image=http://i2.cdn.turner.com/money/.element/img/1.0/sections/mag/fortune/fortune500/2009/snapshots/goldman_sachs_bldg.jc.jpg caption="Goldman Sachs Group" width=300 height=169]
CNNMoney.com Staff Writer
The SEC's fraud charges against Goldman Sachs focus on a Frenchman known as the "fabulous Fab."
At least, that's how Fabrice Tourre described himself, according to a 22-page complaint filed by the Securities and Exchange Commission on Friday.
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The Securities and Exchange Commission accused Tourre, a vice president at the investment firm Goldman Sachs (GS, Fortune 500), of defrauding investors in a securities sale tied to subprime mortgages. The SEC's court document, which was filed in U.S. District Court in the Southern District of New York, includes various comments allegedly made by Tourre in which he misled representatives from ACA Management about collateralized debt obligations, or CDOs.
But the SEC's most damning allegations refer to one of Tourre's e-mails, written in French and English, to an unnamed friend, where he confidently presented himself as the lone, "fabulous" survivor amid the apocalyptic fallout of his finance firm.
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The Securities & Exchange Commission on Friday sued investment bank Goldman Sachs for defrauding investors. It could severely damage Goldman's reputation and a settlement, if it happens, could be very expensive.
The sheer spectacle of the U.S. Government charging Wall Street titan Goldman Sachs with civil fraud has been enough to rattle the financial markets and send Goldman's shares reeling. At midday, the investment bank's stock was down more than 12% and the price of put options on Goldman shares (bets that the stock will keep declining) were up dramatically. But beyond the organizational earthquake that has just been unleashed at Goldman— possibly damaging its reputation for years to come— how much money might it actually have to fork over?
Whether the case goes to trial or is settled out of court, the fines and penalties could be steep if Goldman is found at fault. At first blush it's just pocket change for the giant investment bank, which had revenues of $51 billion last year. The $15 million fee that Goldman earned for putting together the now infamous CDO security known as ABACUS 2007-AC1 (ABACUS) will surely be disgorged if it loses at trial or reaches a settlement, and it could easily be tripled as part of the penalty.
Ready for today's Beat 360°? Everyday we post a picture you provide the caption and our staff will join in too. Tune in tonight at 10pm to see if you are our favorite! Here is the 'Beat 360°' pic:
Actor Jack McBrayer and comedian Conan O'Brien perform at the opening night of 'The Legally Prohibited From Being Funny On TV Tour' at the Hult Center for the Performing Arts on April 12, 2010 in Eugene, Oregon.
Have fun with it. We're looking forward to your captions! Make sure to include your name, city, state (or country) so we can post your comment.
Beat 360° Winners:
"Desperate for work, former presidential candidate John Edwards tries out for a slot as bandleader on Conan O’Brien’s new cable show."
Rebecca, Hartsville, SC
"As part of his severance package, Conan gets his own personal NBC page."
caption="AFL-CIO chief Richard Trumka " width=300 height=169]
Senior White House Correspondent
As President Obama was trying to tout a healthy economy on Friday, one of his top economic advisers was literally getting sick at the White House.
Democratic officials confirmed to CNN that AFL-CIO President Richard Trumka developed a stomach bug and vomited at the White House Friday as Obama prepared to kick off a meeting of the President's Economic Recovery Advisory Board.
Trumka is a member of the key outside group that also includes economic heavyweights like former Federal Reserve Chairman Paul Volcker and former Clinton White House official Laura D'Andrea Tyson, which met Friday to discuss the President's efforts push to create jobs and get Congress to pass strong financial reform legislation.
While Trumka throwing up might not be the best metaphor for the President to play up a healthy recovery, AFL-CIO officials good-naturedly tried to downplay the incident.
"While President Trumka is sick of big banks fighting Wall Street reform this was in no way related to that," AFL-CIO spokesman Eddie Vale joked to CNN. "He just had a stomach bug and is now resting so he can get ready for his next fight."
The economic board's meeting went forward without Trumka, and Vale said the mishap will have no impact on Obama's efforts to resuce the economy. "We are extremely pleased with the millions of jobs that have been created and saved and look forward to continuing to do even more with the President," he said.