Bernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee says, and he is suing them to return almost $200 million that he says fueled their lavish lifestyle at the expense of investors.
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Madoff trustee sues Madoff family for almost $200M (AP)
Posted by admin 158 days ago (http://us.rd.yahoo.com)Regulators close banks in Colorado, Mich., Minn. (AP)
Posted by admin 158 days ago (http://us.rd.yahoo.com)
Regulators have shut Warren Bank in Warren, Mich., and two small banks in Colorado and Minnesota, boosting the number of failed U.S. banks this year to 98 as loan defaults rise in the worst financial climate in decades.
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Obama links job growth to health care proposal (AP)
Posted by admin 158 days ago (http://us.rd.yahoo.com)
As the unemployment rate climbs, President Barack Obama is trying to make the case that his health care overall would create jobs by making small business startups more affordable.
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China's XAC is majority owner of Austria's FACC (AP)
Posted by admin 158 days ago (http://us.rd.yahoo.com)
China's Xi'an Aircraft Industry Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday.
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Fannie and Freddie Rescue: Game On!Treasury Secretary Henry Paulson announces plans for the U.S. to seize control of troubled mortgage companies Fannie Mae and Freddie Mac. The CEOs will be replaced. The Treasury will acquire $1 billion in preferred shares of each company and promises to back it all up with as much as $200 billion to the companies as they cope with heavy losses on mortgage defaul
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10 Things Rental Car Companies Won't Say (10 Things)
Posted by admin 257 days ago (http://www.smartmoney.com)
1. “We’re a tax magnet.”Rental-car customers are paying more, due to an unprecedented slew of taxes and fees. But that extra money doesn’t go to the rental car companies; it goes into city and state coffers, where it’s used to fund municipal projects. For example, in 2005 car rentals in Arlington, Tex., were hit with a 5 percent tax to help pay for the new Dallas Cow
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Stryker's Stock Is En Route to Recovery
Posted by admin 257 days ago (http://www.smartmoney.com)
THE THIGH BONE'S connected to the hip bone, and the hip bone's connected to the backbone. The connections, however, wear out with age, which is bad news for baby boomers but big business for Stryker , a leading maker of hip, knee, spine and other joint replacements, and a likely beneficiary of a coming wave of surgeries in the U.S. and abroad.The recession has knocked Stryker (SYK) out of joint,
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11 Smart Books: Our Latest Staff Picks
Posted by admin 257 days ago (http://www.smartmoney.com)
A whipsawing stock market has been keeping many of us busy—along with June’s weddings and graduations. While the unceasing rain in much of the country has meant more time for reading, it also delayed the start of summer. Now, though, with the prospect of sunnier days and more leisure time ahead, here's a chance to expand your reading list with some notable new books that our writers a
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20 Index Fund Winners and Losers
Posted by admin 257 days ago (http://www.smartmoney.com)
If you needed any more proof that investors are bailing out of safe havens and back into riskier bets, look no farther than the first-half performance of index funds.Index funds, which seek to replicate the performance of their underlying benchmarks, shine a light on what has become all-too apparent since the market started its remarkable 35% rally off its early March low: Emerging markets and gr
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KB Home new home orders up from 1Q (AP)
Posted by admin 257 days ago (http://us.rd.yahoo.com)
KB Home said Friday its new home orders in the second quarter spiked 59 percent over first-quarter levels, but its financial results still missed Wall Street's estimates.
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Oil below $70 as worries over US demand resurface (AP)
Posted by admin 257 days ago (http://us.rd.yahoo.com)
Oil prices followed stock markets lower on Friday and slipped below $70 a barrel as U.S. economic data showed that consumers' savings rate increasing faster than spending, renewing uncertainty over oil demand.
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Stock market declines as savings rate jumps (AP)
Posted by admin 257 days ago (http://us.rd.yahoo.com)
Investors are nervous because consumers are saving rather than spending. Stocks fell Friday after the Commerce Department reported that personal spending, incomes and savings all rose in May.
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22 Funds That Charge Rock-Bottom Fees (Screens)
Posted by admin 303 days ago (http://www.smartmoney.com)
When it was launched in 1976, the Vanguard 500 index fund (VFINX) – the first of its kind to offer investors market returns at a low price – sparked a heated debate that still simmers in the mutual fund world: Which is better, active or passive management?Regardless of which camp you’re in, it's hard to argue with the Vanguard 500 fund's success. Since its inception, it has retu
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Experts say GM bankruptcy almost inevitable (AP)
Posted by admin 303 days ago (http://us.rd.yahoo.com)
For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable.
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Investors await retail earnings, consumer spending (AP)
Posted by admin 303 days ago (http://us.rd.yahoo.com)
After a week when investors were reassured by the government's assessment of the banking industry and its latest reading on the job market, Wall Street's focus turns to the consumer.
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Clorox Investors Could Clean Up
Posted by admin 304 days ago (http://www.smartmoney.com)
HOUSEWORK KNOWS NO RECESSION. THAT'S BAD news for practitioners, but good news for Clorox , whose shares left competitors in the dust last year. The company's stock fell about 6%, to 55, though dividend payments cut the loss to a mere 2%. That compares with a total loss of 36% in the Standard & Poor's 500.Clorox (CLX) is likely to keep outperforming, as the company's brands -- from its signat
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Recession Remodeling
Posted by admin 304 days ago (http://www.smartmoney.com)
As the lousy economy makes large homes tough to maintain—and the tight credit market makes them even tougher to sell—the rules for remodeling are undergoing their own extreme makeover.Tacking on square footage with imposing entry halls and drafty great rooms? No longer an instant value-add. Covet those popular restaurant-size appliances and 70-inch soaking tubs? They’re giving w
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Are These CEOs Having a Good Mother's Day? (On the Street)
Posted by admin 304 days ago (http://www.smartmoney.com)
For most moms, a traditional Mother’s Day present could mean flowers, a card or a celebratory brunch. But for one select group, a different kind of gift might be more welcome: a better share price.We’re talking, of course, about America’s CEO moms. These women helm some of the biggest companies in the world. Over a dozen of the blue chips in the S&P 500 are run by women&mdas
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Major Indexes Surge on Surprising Jobs Data (Market Update)
Posted by admin 304 days ago (http://www.smartmoney.com)
News at a GlanceLabor Update: Unemployment hits 8.9%, job losses ease.Stocks Move: Major indexes rally for eighth week out of last nine. Stress Relief: Test results call for $75 bln more in capital.No Deal: April worst month for M&A since 2004.The LowdownA surprising jobs report brought the bulls back out, helping close the eighth week out of the last nine in poisitive territory.Stocks w
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Obama: Send me credit card legislation this month (AP)
Posted by admin 304 days ago (http://us.rd.yahoo.com)
Send me a bill that stops credit card companies from taking advantage of consumers, and do it by month's end, President Barack Obama is demanding of Congress.
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