Phone Hacking and the House of Murdoch

At a public hearing today, Rupert Murdoch apologized, denied previous knowledge and blamed subordinates for the cell phone-hacking and bribery scandal rocking Britain's political elite. We hear about the testimony and the protester who threw shaving cream at Murdoch's face. Also, a bipartisan debt deal develops in the Senate, and the collapse of Borders. Bad management by a single company or bad news for an entire industry?

Banner image: A man wears a giant puppet head of News Corp. Chairman Rupert Murdoch as he protests outside Parliament on July 19, 2011 in London, England. Photo by Peter Macdiarmid/Getty Images