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Goldman to pay $550M to settle civil fraud charges (AP) (Jul-15, 21:21 EDT )-- AP - Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.
Congress OKs Wall St. crackdown, consumer guards (AP) (Jul-15, 20:35 EDT )-- AP - Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding consumer protections to prevent a repeat of the 2008 meltdown that knocked the economy to...
Wall Street reform 'a mixed bag' (AFP) (Jul-15, 20:15 EDT )-- AFP - Two years after an economic crisis laid bare the shaky foundations of the US financial system, questions remain as to whether the latest measures to prevent another collapse will work.
Senate close to restoring jobless benefits (AP) (Jul-15, 20:02 EDT )-- AP - More than 2 million workers who have been laid off for long stretches could get their unemployment benefits restored as early as next week.
Goldman settles with SEC for $550 million (Reuters) (Jul-15, 19:34 EDT )-- Reuters - Goldman Sachs Group Inc agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors.
Buffett warns Obama U.S. economy only halfway back (Reuters) (Jul-15, 18:15 EDT )-- Reuters - President Barack Obama heard a sobering message from Warren Buffett when he asked for the investment guru's views about the economic recovery, according to an interview Obama gave NBC News on Thursday.
Goldman to settle with SEC for $550 million (Reuters) (Jul-15, 17:55 EDT )-- Reuters - Goldman Sachs Group Inc agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors.
Obama: 'I expect to be held accountable' on jobs (AP) (Jul-15, 17:45 EDT )-- AP - President Barack Obama says he expects to be held accountable by people who can't find jobs, but he contends that voters will remember who caused the economic mess in the first place — and it wasn't him.
Instant view: Goldman to pay $550 million to settle SEC charges (Reuters) (Jul-15, 16:17 EDT )-- Reuters - Goldman Sachs Group Inc on Thursday agreed to pay $550 million to settle civil charges that it misled investors in a subprime mortgage product, the U.S. Securities and Exchange Commission announced on Thursday.
Homes lost to foreclosure on track for 1M in 2010 (AP) (Jul-15, 16:07 EDT )-- AP - Rosalyn Dalebout rents out space in her home to three tenants, has cut off her phone service and canceled her earthquake and life insurance — all to pay her mortgage every month.
Goldman to pay $550M to settle civil fraud charges (AP) (Jul-15, 15:52 EDT )-- AP - Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments.
Obama hails passage of Wall Street reform measure (AP) (Jul-15, 15:51 EDT )-- AP - President Barack Obama says the passage of a giant crackdown on the financial sector will provide long-deserved economic security to families and businesses.
Goldman to pay record $550 million to settle SEC charges (Reuters) (Jul-15, 15:50 EDT )-- Reuters - Goldman Sachs has agreed to pay a record $550 million to settle fraud charges brought by the Securities and Exchange Commission, the financial regulator said on Thursday. In its charges against Goldman, the SEC said the investment bank had...
Senate close to restoring jobless benefits (AP) (Jul-15, 15:45 EDT )-- AP - More than 2 million workers who have been laid off for long stretches could get their unemployment benefits restored as early as next week.
Congress approves sweeping Wall Street reforms (AP) (Jul-15, 15:37 EDT )-- AP - Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding consumer protections to prevent a repeat of the 2008 meltdown that knocked the economy to...
U.S. card losses improve despite recovery fears (Reuters) (Jul-15, 15:19 EDT )-- Reuters - Fewer Americans fell behind on credit card payments in June, with delinquencies at their lowest this year at major U.S. card lenders, but the results did not stem concerns about the economic recovery.
Labor officials release new rules on 401K fees (AP) (Jul-15, 15:02 EDT )-- AP - The Department of Labor released new rules on Thursday designed to force companies that provide 401(k) plans and services to employers to spell out all the fees charged.
Obama promotes job creation at Mich. battery plant (AP) (Jul-15, 14:59 EDT )-- AP - Searching for an economic success story that can resonate with the public, President Barack Obama put his hopes Thursday in the fledgling electric vehicle battery industry, a sector with a promising but uncertain future.
JPMorgan beats Street (Reuters) (Jul-15, 14:49 EDT )-- Reuters - JPMorgan Chase & Co posted better-than-expected quarterly earnings on Thursday as it wrote off fewer bad loans in the second quarter, but executives warned they were uncertain about the economic outlook for the rest of the year.
Senate plan puts off space shuttle retirement (Reuters) (Jul-15, 14:43 EDT )-- Reuters - A U.S. Senate oversight committee unanimously passed a plan on Thursday to postpone retirement of the space shuttle as part of a job-saving compromise to the Obama administration's wish to end NASA's program to return astronauts to the moon.
Obama's Spill Commission Unleashes a Shocker (The Motley Fool) (Jul-15, 14:38 EDT )-- The Motley Fool - BP's (NYSE: BP - News) oil spill in the Gulf of Mexico has dominated the news since a Transocean (NYSE: RIG - News) rig exploded and burned, unleashing a nonstop oil gusher from its badly damaged well.
Insider Buying at Monsanto (The Motley Fool) (Jul-15, 14:27 EDT )-- The Motley Fool - This week, Monsanto's (NYSE: MON - News) Chairman and CEO Hugh Grant and its CFO Carl Casale both filed SEC Form 4s to record purchases of stock. Grant bought 37,500 shares and Casale bought 30,000. With shares north of $50 a piece,...
Senate passes financial overhaul bill (Jul-15, 14:27 EDT )-- The Senate passed the financial overhaul package in a final vote Thursday, ending more than a year of wrangling over the shape of the landmark legislation. The focus now shifts to the monumental task of implementing the new regulations over coming...
Jobless claims fall, manufacturing stumbles (Reuters) (Jul-15, 13:45 EDT )-- Reuters - New claims for jobless benefits tumbled to a near two-year low last week, but a modest gain in industrial output and a third monthly drop in wholesale prices in June confirmed a slackening in the economy's recovery.
Manufacturing cools in June as recovery slows (AP) (Jul-15, 13:44 EDT )-- AP - New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery.
Websense tumbles after Morgan Stanley downgrade (AP) (Jul-15, 13:44 EDT )-- AP - Websense Inc. shares tumbled Thursday after a downgrade from Morgan Stanley, which expressed concern that economic trouble in Europe could hurt the company.
A look at global economic developments (AP) (Jul-15, 13:40 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Thursday:
Work still needed to repair economic damage: Obama (AFP) (Jul-15, 13:29 EDT )-- AFP - US President Barack Obama admitted Thursday the progress he had wrought in turning around the economy was not yet sufficient to repair the "enormous damage" of the worst recession in decades.
Obama talks of job creation to skeptical Americans (Reuters) (Jul-15, 13:27 EDT )-- Reuters - President Barack Obama said on Thursday his policies were getting "an incredible bang for our buck" by boosting U.S. jobs, and chided Republicans for obstructing reforms he said were aiding economic recovery.
American Express writeoffs drop to post-crisis low (AP) (Jul-15, 12:34 EDT )-- AP - American Express Co. on Thursday said the rate at which it wrote off uncollectable card balances in June fell to its lowest level since the economic crisis began. The rate its customers paid monthly bills late dropped to an 18-month low, too.
Obama's 'battery story' has yet to put a charge in the American public (Jul-15, 10:59 EDT )-- HOLLAND, Mich. -- After struggling to connect with voters on the economy over the last 17 months, President Obama is casting an unlikely hero as the new star of his narrative of redemption and recovery: the battery. United States - Chevrolet Volt...
Featured Advertiser (Jul-15, 10:59 EDT )
GOP lawmaker: VIP loans given to Senate staff (AP) (Jul-15, 10:55 EDT )-- AP - A Republican lawmaker says documents show the former Countrywide Financial Corp. may have targeted Senate employees for sweetheart mortgage deals.
Summary Box: Mortgage rates lowest in decades (AP) (Jul-15, 10:26 EDT )-- AP - RATES STAY LOW: Mortgage rates were unchanged this week from a week earlier. Government-sponsored mortgage buyer Freddie Mac said the average rate for 30-year fixed loans this week was 4.57 percent.
JPMorgan beats expectations as loan loss reserve cut (Reuters) (Jul-15, 09:52 EDT )-- Reuters - JPMorgan Chase & Co posted better-than-expected quarterly earnings on Thursday as it wrote off fewer bad loans, but its shares edged lower as investors fretted about management's sober assessment of the economy.
Yellen: lax regulation contributed to 2008 crisis (AP) (Jul-15, 09:39 EDT )-- AP - Janet Yellen, the president's pick to be the second-highest ranking official at the Federal Reserve, acknowledged Thursday that regulators were slow to crack down on risky banking practices that stoked the 2008 financial crisis.
Jobless claims fall, production steady, PPI falls (Reuters) (Jul-15, 09:33 EDT )-- Reuters - New weekly claims for jobless benefits fell to their lowest level in nearly two years while industrial production eked out a small gain in June, but producer prices fell for a third month providing more evidence that economic growth is...
Mortgage rates remain at lowest level in decades (AP) (Jul-15, 09:32 EDT )-- AP - Mortgage rates were unchanged this week at the lowest point in decades, but it hasn't been enough to jump-start the housing market.
9 Surprising Facts About Your Credit Score (U.S. News & World Report) (Jul-15, 09:17 EDT )-- U.S. News & World Report - A solid credit history and excellent FICO credit score - typically 750 or above -- are extremely valuable. A high credit score can save you tens of thousands of dollars in mortgage interest, lower your auto insurance...
Philly Fed factory activity index drops in July (Reuters) (Jul-15, 09:12 EDT )-- Reuters - Factory activity growth in the U.S. Mid-Atlantic region fell unexpectedly this month, a survey showed on Thursday.
Industrial production edges up 0.1 percent in June (AP) (Jul-15, 08:40 EDT )-- AP - Industrial production edged up 0.1 percent, but manufacturing activity dropped amid fears that the economic recovery is stalling.
Initial claims for jobless benefits drop sharply (AP) (Jul-15, 08:28 EDT )-- AP - New applications for unemployment benefits fell sharply last week while manufacturing activity cooled in June and wholesale prices dipped, offering mixed signals on the economic recovery.
How states fared on jobless claims, at a glance (AP) (Jul-15, 08:25 EDT )-- AP - The Labor Department said Thursday that new claims for jobless benefits fell last week to their lowest levels in two years. But much of that drop was a result of seasonal factors, as General Motors and other manufacturers skipped their usual...
Wholesale prices drop 0.5 percent in June (AP) (Jul-15, 08:20 EDT )-- AP - Wholesale prices fell for a third consecutive month as another drop in energy costs and the biggest plunge in food costs in eight years banished inflation in June.
US jobless claims fall to lowest level since August 2008 (AFP) (Jul-15, 08:16 EDT )-- AFP - New claims for US unemployment benefits fell more than expected last week reaching levels not seen since August 2008, official data showed Thursday.
(AP) (Jul-15, 08:15 EDT )-- AP - Industrial production edges up 0.1 percent in June, but factories slow down as recovery cools.
Obama to promote electric vehicles in Michigan (AP) (Jul-15, 07:48 EDT )-- AP - Facing fresh criticism of his handling of the economy, President Barack Obama travels to Michigan on Thursday to promote investments in the electric vehicle battery industry, a sector the administration sees as a bright spot in the sagging recovery.
Producers prices fall more than expected in June (Reuters) (Jul-15, 07:39 EDT )-- Reuters - U.S. producer prices fell for a third straight month in June, pulled down by weak food and energy costs, according to a government report on Thursday that supported views the Federal Reserve would maintain its low interest rate policy well...
China's economic growth slows amid credit curbs (AP) (Jul-15, 05:38 EDT )-- AP - China's rapid growth is slowing as its huge stimulus winds down and Beijing cools a credit boom, possibly weakening a global recovery.
Dollar drops against euro, yen on poor US data (AFP) (Jul-15, 05:32 EDT )-- AFP - The dollar dropped against the euro and yen on Thursday, hit by weak US economic data and a worsening outlook for the world's biggest economy, dealers said.
Ahead of the Bell: Producer Prices (AP) (Jul-15, 05:14 EDT )-- AP - Inflation at the wholesale level likely fell for a third straight month in June, providing further evidence that a deep recession has, for the moment, banished inflation.
Retail sales down in June, for second consecutive month of falling receipts (Jul-14, 23:00 EDT )-- U.S. retail sales flopped again in June, according to government data released this morning, as drops in auto purchases and gasoline prices dragged spending down 0.5 percent from a month ago. Retail - Business - Retail Trade - Business and...
Companies pile up cash but remain hesitant to add jobs (Jul-14, 23:00 EDT )-- Corporate America is hoarding a massive pile of cash. It just doesn't want to spend it hiring anyone. Business - Business and Economy - Technology - Retail Trade - Point of Sale
AIG chairman quits in dispute with CEO (Jul-14, 23:00 EDT )-- American International Group said late Wednesday that Harvey Golub resigned as chairman, citing a bad working relationship with chief executive Robert Benmosche. Robert S. Miller was named to succeed Golub, effective immediately. Law - Dispute...
Health lobbyists focus on a once-obscure group (Jul-14, 23:00 EDT )-- For years, an obscure federal task force sifted through medical literature on colonoscopies, prostate-cancer screening and fluoride treatments, ferreting out the best evidence for doctors to use in caring for their patients. But now its recommendations...
Economic recovery moving at a slower pace, but Fed sees stimulus as potentially risky (Jul-14, 23:00 EDT )-- Federal Reserve leaders have marked down their expectations for growth and inflation, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions. ...
U.S. Stocks Extend Losses After Fed Philadelphia Index Drops (Jul-14, 23:00 EDT )-- The Standard & Poor's 500 Index retreated 0.6 percent to 1,088.83 at 10:02 a.m. in New York. The Fed gauge fell to 5.1 in July from 8 the prior month. Readings above zero signal growth in the regional gauge, which covers eastern Pennsylvania,...
Venezuelan union clashes are on the rise as Chavez fosters new unions at odds with older ones (Jul-14, 23:00 EDT )-- MARACAY, VENEZUELA -- Calling itself the most labor-friendly government in Latin America, President Hugo Chávez's socialist administration has repeatedly increased the minimum wage, turned over the management of some nationalized companies to...
Marriott's second-quarter profit more than triples from previous year (Jul-14, 23:00 EDT )-- Marriott International said Wednesday that its second-quarter profit more than tripled from a year earlier and raised its full-year earnings outlook as revenue improved. Marriott International - Ritz-Carlton - Hotel - United States - Net income
Northrop Grumman to close Louisiana shipyard, may sell off naval business (Jul-14, 23:00 EDT )-- Northrop Grumman, one of the Navy's biggest contractors, said Wednesday that it plans to close one of its seven shipbuilding yards and may sell or spin off its entire naval business, signaling a major shift in its strategy. Northrop Grumman -...
Demand for financing leads global economic recovery toward 'wall of debt' (Jul-14, 23:00 EDT )-- It has been dubbed the "wall of debt." A massive wave of borrowing will start cresting this year when the U.S. and European governments sell an estimated $4 trillion in new bonds. The surge will course through the world financial system for several...
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