Convicted Merrill Lynch executive to report to prison for Enron scheme News
Convicted Merrill Lynch executive to report to prison for Enron scheme

[JURIST] The former head of investment banking at Merrill Lynch [corporate website] who was convicted last year in connection with Enron's bogus sale of power barges, will report to a low security federal prison in Hopewell, Virginia [prison website] on July 14 to serve his two and a half year sentence [JURIST report], a judge ruled Friday. Daniel Bayly will be the first of four convicted former Merrill executives to serve time. US District Judge Ewing Werlein denied a request that he remain free on bond pending the appeal of his conviction for conspiracy and fraud. One of Bayly's co-defendants, James A. Brown, will report to prison on August 12. Two other defendants were sentenced in May but have not yet received surrender orders. AP has more.

THIS DAY @ LAW

Indian National Congress founded

The Indian National Congress (INC) was founded on December 28, 1885 in Bombay (now Mumbai), India. In subsequent decades, the so-called Congress Party would advocate for Indian independence from the UK, which was eventually achieved in 1947. The first Prime Minister of independent India, Jawaharlal Nehru, was elected as a member of the INC. Learn more about the history and founding of the Indian National Congress.

Congress recognized Pledge of Allegiance

On December 28, 1945, Congress officially recognized the Pledge of Allegiance and encouraged its recitation in schools. The Pledge was supposedly written in 1892 by Francis Bellamy, a Baptist minister, to celebrate the 400th anniversary of Columbus Day. The words “under God” were added by Congress in 1954. The revised version of the Pledge was the subject of litigation before the United States Supreme Court originally brought by Michael Newdow, a parent who unsuccessfully objected to his daughter's school district policy requiring daily recitation of the Pledge. The court ruled that Newdow had no standing.

Nepal ends monarchy, establishes republic

On December 28, 2007, the Kingdom of Nepal's interim parliament ended the country's monarchy and established the Republic of Nepal. Free elections were held on April 10 of the following year to elect a Constituent Assembly.

Learn more about the rise of democracy in Nepal.