Cheat Sheet - What If Greece Dumps the Euro?

Today: Republicans Subpoena White House on Solyndra , Report: Cain Accuser Got $45,000 , No Time Extension for Deficit Committee November 03, 2011 CRISIS 1. Greek Bailout Vote Scrapped Europe is on edge as Greece struggles to agree on the European Union’s bailout. Delaying it is tremendously risky, says Andrew Sullivan, but it’s also dangerous, in the long run, to push for deeper European integration without the support of the Greek people. If the EU continues to accelerate Greece’s loss of sovereignty against the nation's will, the result will be a self-defeating rise in nationalism and division. “I'd prefer temporary chaos that can cede to a democratic reality,” says Sullivan, “than a papered-over deal, hated by the Southern European population, that could lead to a populist explosion down the line, especially if another recession hits.” Read it at The Daily Beast INVESTIGATION 2. Republicans Subpoena White House on Solyndra Republicans are forging ahead with their inquiry into the loan guarantees for the solar company Solyndra. Overriding Democratic objections, Republicans on a House Energy and Commerce Committee panel voted to subpoena internal White House communications relating to the stimulus loan program. The White House had tried to prevent the move by delivering several boxes of emails and other documents to the committee Wednesday afternoon, but Republicans said they had yet to get to the bottom of the investigation. Democrats criticized the Republicans’ request for being overly broad, saying that it could allow them to demand President Obama’s BlackBerry messages. Rep. Henry Waxman (D-Calif.) called the move a partisan “fishing expedition.” Read it at The Washington Post PAYOUT 3. Report: Cain Accuser Got $45,000 Another shoe drops: Politico, which first broke the story of sexual-harassment allegations against Herman Cain during his time at the National Restaurant Association, reports that one of Cain’s accusers received a severance payment of $45,000. That’s more than the $35,000 that another accuser received, according to The New York Times, and significantly higher than what Cain, under fire from the media, recalled as being only two or three months’ pay. Cain’s wife, Gloria, is set to defend him on Fox News tomorrow night. Read it at Politico TICK TOCK 4. No Time Extension for Deficit Committee More time to deal with the budget deficit? Not without new legislation. A time extension for the committee tasked to reduce the budget deficit would be almost impossible, Republican Senate Leader Mitch McConnell said Thursday. It would require a new law. The so-called supercommittee, which seems to be dragging its feet, could not extend its own deadline, but could ask Congress to do so, said Rep. Steny Hoyer of Maryland on Wednesday. On Nov. 23, the committee must vote on a plan to reduce the budget deficit by $1.2 trillion over 10 years. McConnell also said it would be in President Obama’s interest were the committee not to meet its deadline. “I’m now convinced that the president actually believes he would be benefited by the committee not succeeding, because it would step on his storyline that we can’t do anything on a bipartisan basis.” Read it at The New York Times NOT OUT OF THE BLUE 5. MF Global’s Road to Failure In the final months of MF Global, the capital investment firm run by former New Jersey governor Jon Corzine that filed for bankruptcy Monday, there were a number of warning signs that the company was in deep trouble—but efforts by Corzine and others in the firm to raise its capital were not enough to save it. Multiple regulators and the FBI are currently investigating how the firm could collapse—and what happened to some $630 million that has gone missing—but there were a number of watchdog agencies that had sounded the alarm at MF Global. In June, regulators reviewed financial statements and found that MF Global had bought debt from Italy, Ireland, and other troubled European nations, and Corzine traveled to Washington in July to persuade the SEC that the firm had enough capital to support the trades. But the rumors about MF Global’s problems were strong enough that Moody’s dropped the firm’s rating on Oct. 25 to just one notch above junk. Read it at Dealbook SCARY U.S.: China, Russia Are Cyber Threats Report says governments spy by stealing sensitive information. PROTEST Oakland Port Reopens After Protests Occupy rally turned violent. AFFAIR Model Dated Gaddafi’s Son Fired after calling it a “beautiful love story.” WRATH Bieber Fans Threaten 'Baby Mama' Woman claimed pop star fathered her son. 007 James Bond to Return in ‘Skyfall’ Daniel Craig back for the third time. GET The Cheat Sheet A speedy, smart summary of news and must-reads from across the Web. You'll love the featured original stories on politics, entertainment, and more from The Daily Beast's diverse group of contributors. GET The Yes List Weekly cultural recommendations from The Daily Beast. Julian Assange's Guardian Angel by Mike Giglio Georgia Terror Plot's Militia Roots by John Avlon Grim Sleeper Case's New Bodies by Christine Pelisek

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