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MIDDAY UPDATE: BP oil spill, toning shoes, and the Recession Generation

A series of cost cutting tactics and management failures by BP and other companies, including Halliburton, are to blame for the Gulf oil spill disaster, according to the first chapter of a U.S. government committee's report, released Thursday. Investigators have been drilling down for the truth about what led to the Gulf oil spill disaster for months.

Meanwhile, officials in the United Kingdom have done their own investigation on the spill. Their conclusion: the [UK has better offshore drilling regulations](().

A recent lawsuit gives New Balance a "run" for their money. The suit seeks class-action status for customers, who claim the company's "toning shoes" don't work to slim down and firm up their bodies as advertised.

And what do you call the generation of 20-somethings, who recently graduated from college and find themselves stuck in a poor job market? The Recession Generation. Professor Maria Kefalas of St. Josephs University has been studying Generation R, and their changing opinion on the value of higher education.

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