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President Barack Obama and Treasury Secretary Tim Geithner have announced stricter rules on executive compensation at banks receiving "exceptional" levels of aid from the federal government. Some executives will have their annual salary capped at $500,000.

The economy shrank at a pace of 3.8 percent in the final three months of last year, the worst performance in more than two decades. At the White House, President Barack Obama took note as he was launching a task force to focus on helping the middle class.

President Obama will soon have the chance to appoint a new justice to the U.S. Supreme Court. Justice David Souter is planning to retire at the end of the court's term.

A new translation of Carlo Collodi's 1881 classic Pinocchio reveals a puppet that's much darker than Walt Disney might have you believe. Critic-at-large John Powers has a review.

President Obama says the economy is still stressed out, but there are "glimmers of hope." After meeting with economic advisers, the president says those include low mortgage rates leading to refinancing, increases in small business loans and stimulus tax cuts making their way into paychecks.

A Senate Judiciary subcommittee held a hearing Wednesday with a witness who warned the Bush administration against harsh interrogation techniques. Former FBI agent Ali Soufan interrogated Abu Zubaydah. He called the harsh methods ineffective.

Indian commandos are still fighting gunmen in Mumbai. At least 150 people were killed with hundreds more injured in the coordinated attacks, which began on Wednesday night. India is blaming the attacks on Islamic extremists. NPR's Alex Cohen talks to reporter Anuj Chopra, who was at the Taj Mahal Hotel in Mumbai, one of the main targets of the attacks.

President-elect Barack Obama is said to have chosen Chicago schools chief Arne Duncan to serve as education secretary. Duncan has run the country's third-biggest school district for the past seven years. He has focused on improving struggling schools, closing those that fail and getting better teachers.

The Senate has voted 94-2 to confirm Hillary Clinton as secretary of State. Clinton was expected to be confirmed Tuesday, but Texas Sen. John Cornyn raised objections, citing foreign contributions to Bill Clinton's foundation.

The impeachment trial of Illinois Governor Rod Blagojevich begins Monday in the state Senate. Instead of going to the state capital to defend himself against charges that he has abused the power of his office, Blagojevich will be making the rounds to TV studios in New York. He's trying to salvage what's left of his flagging political career.