Rupert's Got A Real Situation Developing Now..

Uh-Oh.  Hacking scandal goes International.  Story/Video from Raw Story.  Excerpts:

As the phone-hacking scandal involving Rupert Murdoch’s media empire widens, attention is increasingly being focused on his son, James Murdoch. The Guardian reported on Friday that the younger Murdoch, who has already admitted misleading Parliament, “could face criminal charges on both sides of the Atlantic.”

James Murdoch is the deputy CEO of News Corp, the US company which owns the British company News International that allegedly paid police officers in the United Kingdom for information. This could make him liable to prosecution in the US under the Foreign Corrupt Practices Act, which prohibits American companies from bribing foreign officials.

Shares in Rupert Murdoch's companies tumble as investors take fright  Will this news be covered on Fox Business Channel?  From The Guardian UK.

Investors in companies controlled by Rupert Murdoch have been dumping the shares amid fears on both sides of the Atlantic over the fallout from the phone-hacking scandal at the News of the World.

Shares in broadcaster BSkyB are down 5% in the last week, wiping some £666m off the value of the business, while News Corp had lost 2.6% – slicing some $400m off the value of the News of the World's ultimate parent company. Many hedge funds which had bought into BSkyB in the hope of making a quick profit from the bid have been selling the shares on fears that the deal now faces substantial delay.

Phone hacking: will closing News of World save Rupert Murdoch's empire?  The Telegraph UK.  Excerpts:

Closing the News of the World may seem like the most radical step Rupert Murdoch could take to stop the telephone hacking row from engulfing his News Corporation empire. 

But it may not be enough to insulate his son from the fall-out — and preserve him as his heir apparent.

Furious News of the World staff to sue for unfair dismissal and it could land News International with a £14m bill  Also Delicious.  The Daily Mail Online.  Excerpts:

The 200 staff who were effectively made redundant by News International when it shut down the News of the World are set to sue the company for unfair dismissal - and it could cost the company £14million.


Many of the paper's journalists believe they have been badly mistreated because they had no involvement in the phone hacking scandal, and the large majority were not even working on the paper when the alleged offences took place.

There is the belief among the staff that the axed journalists have been used as scapegoats for NI's chief executive Rebekah Brooks and BSkyB's James Murdoch.

Legal experts said that if the staff did chose to sue for unfair dismissal, each of the 200 could receive £70,000 at employment tribunals.

That would leave News International with a £14 million bill, reported the Evening Standard.

There was yet another problem for News International today as car manufacturer Renault become the first company to extend its bar on advertising to all of News International's title, not just the defunct NotW.A source in the NotW newsroom told The Independent: 'Murdoch has sacrificed a newspaper to save one woman.'


Prior to the plug being pulled on the paper, a flood of major advertisers began withdrawing their custom from the News of the World specifically.


If Renault's boycott proves the be the first of many, it could have serious repercussions for its other title such as The Sun,The Times and the Sunday Times.  (Think BIGGER..)
And:


I'm curious as to how much Rebekah Brooks knows about everything. Thank god I've been stocking up on popcorn, as this is going to be a pretty fun and funny scandal!  And I do love a good comedy..  Let the shoe dropping and hilarity begin!