The news that Romney may select the pro-choice Condoleeza Rice for the number two spot on his ticket has conservatives abuzz, with the reaction running from guarded praise to outright opposition. Ben Jacobs reports.

Penn State’s worst year was one of Joe Paterno’s best—at least financially. Over the course of 2011, Jerry Sandusky faced pedophilia scrutiny and his boss, Paterno, testified before the grand jury. But at the same time, he and Penn State’s president were discussing a major payout. Eventually, he agreed to pay Paterno $3 million on retirement, forgive $350,000 in interest-free loans, and fork over even more generous benefits. The coach was guaranteed use of the university’s private plane and a luxury box at its football stadium; his wife got free use of special massage equipment. Some Penn State board members opposed the payments, but were “quickly shut down,” according to The New York Times.

Sage Stallone, the 36-year-old son of action-movie hero Sylvester Stallone, was found dead in his home on Friday afternoon. The Daily Beast’s Chris Lee reports on the death that has left Hollywood reeling.

For years, auditors have been trying to follow the money in Iraq, and trace just how much of America’s $51 billion in reconstruction funds have been well spent. In its final audit report Friday, the Office of the Special Inspector General for Iraq Reconstruction Funds said that “billions” had likely been squandered, although “the precise amount lost to fraud and waste can never be known.” The audits themselves cost $200 million. But the office still isn’t sure of the exact figures—“a complete accounting of all reconstruction expenditures is impossible to achieve,” due to budget shortfalls, the report explained.

Play nice, boys. Earlier today Republican presidential candidate Mitt Romney accused President Obama of undignified campaign tactics, when Obama claimed that Romney gave false information to skew perceptions of his record as chief executive of Bain, a private equity firm in Boston. The candidate spoke out during interviews with several major news stations. “Is this the level that the Obama campaign is willing to stoop to?” Romney asked on CNN. Romney’s aggressive approach came after the president’s deputy campaign manager, Stephanie Cutter, made a statement Thursday, claiming Romney might have broken a law by telling the Securities and Exchange Commission that he was Bain’s sole owner. He also stated that he was the board chairman, chief executive, and president at a time when he now says he no longer held any position with the firm.