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10 things you need to know today: May 26, 2012
Egypt heads for a divisive run-off election, a Spanish bank asks for a hefty bailout, and more in our roundup of the stories that are making news and driving opinion
New York City police chief Ray Kelly announced the arrest of suspect Pedro Hernandez for the 1979 killing of the six-year-old missing child Etan Patz.
New York City police chief Ray Kelly announced the arrest of suspect Pedro Hernandez for the 1979 killing of the six-year-old missing child Etan Patz.
Allison Joyce/Getty Images

1. PATZ SUSPECT ON SUICIDE WATCH
Pedro Hernandez, the former convenience store worker arrested Thursday after he confessed to killing missing child Etan Patz in 1979, was taken to Bellevue Hospital Center on Friday morning and placed on suicide watch. Although Hernandez confessed to luring the boy into the store's basement with the promise of a soda and then choking and killing him, a motive has not yet been given. Later in the day on Friday, Hernandez was charged with second-degree murder. Hernandez' lawyer says his client has a history of mental illness, including hallucinations. [New York Times]
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2. SYRIA DEATH TOLL IN RESTIVE REGION AT OVER 90
The Britain-based Syrian Observatory for Human Rights said Saturday that over the past 24 hours more than 90 people had been killed in Houla, a district of central Syria. The death toll is one of the highest for any single event since the popular uprising against President Bashar al-Assad began in March 2011. The U.N. says it is sending observers to the region. [Associated Press]
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3. FACEBOOK IPO GLITCH COSTS MAKERS $100 MILLION
Four of the top market makers in the Facebook IPO — Knight Capital, Citadel Securities, UBS, and Citi's Automated Trading desk — will lose more than $100 million as a result of Facebook's botched IPO, which debuted last week. The loss is being blamed on a Nasdaq glitch that delayed the company's IPO for 30 minutes, forcing thousands of client orders to be delayed. Nasdaq now faces threats of legal action from brokers and lawsuits from investors. [Reuters]
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4. EGYPT HEADED TO POLARIZING RUN-OFF
Egypt's presidential election is headed for a polarizing run-off pitting the regime's former prime minister and secularist Ahmed Shafiq against the Islamist Muslim Brotherhood's candidate, Mohammed Morsi. The run-off, which will be held on June 16 and 17, offers voters two starkly different options for new leadership. If Shafiq is elected, the victory for secularism will stand in stark contrast with the country's recent parliamentary election, when more than 70 percent of voters cast ballots for Islamist parties. [Associated Press]
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5. SPANISH BANK ASKS FOR $24 BILLION BAILOUT
Standard & Poor's slashed the credit rating of five Spanish banks on Friday, adding to fears that Spain may be headed for a double-dip recession. One bank, Bankia, has asked the government for a $24 billion bailout — which would be the largest bank bailout in the country's history. Bankia's plight is especially troubling because the bank relies heavily on foreign funding. [Los Angeles Times]
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6. JAMIE DIMON TO APPEAR BEFORE SENATE PANEL
JPMorgan CEO Jamie Dimon has been asked to appear before a Senate panel on June 7 to explain what led to his company's more than $2 billion trading loss earlier this month. A spokesperson for the bank said, "Jamie will of course be available to testify next month. We are working with the House and Senate to determine a time frame that works for both chambers and allow us to provide the most thorough testimony." [Wall Street Journal]
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7. PROCTOR & GAMBLE TO RE-DO TIDE POD PACKETS
Over the past several months, nearly 250 children have been hospitalized after mistaking Proctor & Gamble's Tide Pods for candy. In response to the alarming uptick in poisonings, a company spokesperson said Friday that the company will create a new double-latch lid to deter children from accessing and eating the brightly colored detergent packets; the 1-inch cubes are meant to be dropped into a washing machine in place of liquid or powder detergent. [Associated Press]
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8. POLICE ARREST PASSENGER WHO RUSHED COCKPIT
A Canadian man aboard an American Airlines plane was arrested Friday for rushing the cockpit while the plane, newly arrived from Jamaica, was taxiing towards its gate at Miami International Airport. Witnesses say Ryan Snider, 24, appeared to be "disoriented" and was screaming, "Get me off the plane," when two first class passengers tackled him. Snider did not appear to have any connections to terrorism and was not on the "no fly list," according to FBI Miami spokesman Michael Leverock. [ABC News]
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9. MYSTERY SURROUNDS ABANDONMENT OF THREE KIDS
Authorities are searching for the parents of three young children abandoned in a shed in Portland, Ore. The three kids, ranging in age from a few months to three years old, were found Thursday, police said. The youngsters were located after a neighbor heard children's voices coming from the shed behind his house and called 911. [Reuters]
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 10. APPLE CHIEF TIM COOK PASSES UP $75 MILLION
According to several sources, Apple CEO Tim Cook is voluntarily forfeiting $75 million in dividend payments on shares he is due to receive over the next decade in order to "set an example" about exorbitant executive pay. The news of Cook's decision came the same day as an Associated Press report revealed that it would take the average U.S. worker nearly a month to make what the average CEO makes in an hour. [Telegraph]

 

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