Koreas trade fire / billionaire

1: Koreas trade fire; island residents in shelters

North and South Korea fired artillery shells into each other’s waters Monday, a flare-up of animosity between the rivals that forced residents of five front-line South Korean islands to evacuate to shelters, South Korean officials said.

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2: Billionaires who cheated on taxes

Who’s more powerful than a billionaire? The taxman, of course.

That almighty agent of the government added another scalp to his bag last year when Ty Warner, the Beanie Babies baron, pleaded guilty to tax evasion in a tearful moment inside a downtown Chicago courtroom. Warner, who hid as much as $107 million in an offshore account, agreed to pay $53 million in civil penalties. He faced up to five years in prison, but a federal judge ordered Warner on Jan. 14 to serve two years of probation.

To be sure, Warner certainly wasn’t the first billionaire in this type of situation.

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