German Chancellor Angela Merkel has warned that Europe could be living through its toughest hour since World War II.

Merkel was referring to the debt crisis that has resulted in bailouts for countries, toppled governments and is now threatening the survival of Europe's single currency.

These are nervous times in places like Germany's financial capital, Frankfurt. But for one former trader — who exchanged his computer terminal for pork sausages sizzling on a grill — these are not necessarily the worst of times.

Jack Raykovitz has resigned as CEO of The Second Mile — the program for at-risk children founded by former Penn State assistant football coach Jerry Sandusky, who's been accused of sexually abusing young boys for more than a decade.

Neither Raykovitz nor anyone else at Second Mile has been accused of any crime. Sandusky, through his lawyer, has maintained his innocence.

Who didn't see this coming?

The Supreme Court has added a case challenging the constitutionality of the provision of last year's health overhaul requiring nearly every American to have health insurance beginning in the year 2014 to the list of cases it will hear this term.

Calls for Larry the cat to resign from his position as No. 10 Downing Street's semi-official mouser have been "rebuffed," the BBC reports.

Last month, the Nobel Prize for physics was awarded to three scientists who discovered that, since the Big Bang, the universe has been expanding at an accelerating rate. Before the discovery, scientists assumed that gravity slowed down the expansion of the universe. But the data collected by one team led by astrophysicist Saul Perlmutter and another team led by physicist Brian Schmidt indicated otherwise.

"Hundreds of police officers raided the Occupy Oakland tent city" early this morning, the Oakland Tribune reports, but there were few if any people there:

"There's no one in the tents, it seems empty. ... It seems about 30-40 tents were taken down in anticipation of the raid."

Federal regulators have announced the start of a nationwide review of foreclosures by the nation's largest banks. The goal is to reach homeowners who have been treated unfairly or who lost their house when they shouldn't have.

Banks have started mailing out letters to upwards of 4 million homeowners. The regulators have ordered the banks to find people who have suffered financial harm due to the banks' mistakes, and to offer "remediation."

Gloria Cain, who has preferred to stay mostly out of spotlight so far during the race for the 2012 Republican presidential nomination, has now been heard from about the sexual harassment charges leveled at her husband, GOP contender Herman Cain.

Former Penn State defensive coordinator Gerald "Jerry" Sandusky was found guilty of sexual abuse, convicted of 45 out of 48 counts on Friday, June 22. He was accused of sexually abusing 10 boys over a 15-year period in a scandal that has rocked the university's community. Several alleged victims have testified in the trial, which began on June 11.

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