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Yellen at Fed would likely favor low-rate policy (AP)

admin — Fri, 12 Mar 2010 15:03:41 +0000

AP - President Barack Obama’s likely choice of Janet Yellen to become vice chairman of the Federal Reserve would favor a policy that stresses low interest rates to ease unemployment over higher rates to curb inflation.

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Retail sales show surprising gain in February (AP)

admin — Fri, 12 Mar 2010 17:03:33 +0000

AP - Retail sales posted a surprising increase in February as consumers refused to let snowstorms stop them from stepping up purchases for everything from clothes to appliances. The improvement provided hope that the recovery from the Great Recession is gaining momentum.

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Summary Box: Lehman found to use artifice (AP)

admin — Fri, 12 Mar 2010 15:03:00 +0000

AP - FALL OF A WALL STREET TITAN: The investment bank Lehman Brothers, saddled with tens of billions of dollars of troubled assets, collapsed into bankruptcy in September 2008. Its fall precipitated the financial meltdown.

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SEC head prods Congress on derivatives rules (Reuters)

admin — Fri, 12 Mar 2010 11:03:36 +0000

Reuters - The top U.S. securities regulator said market watchdogs need to supervise credit default swaps, securities blamed for exacerbating 2008’s market meltdown and more recently the Greek debt crisis.

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Stocks trade flat after mixed economic reports (AP)

admin — Fri, 12 Mar 2010 10:03:27 +0000

AP - Stocks shuttled in a tight range Friday after mixed reports on retail sales and business inventories gave investors little new insight into the economy.

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Would-be Cabinet secretary named to deficit panel (AP)

admin — Fri, 12 Mar 2010 11:03:35 +0000

AP - A Republican senator whom Barack Obama once tried to make his secretary of commerce will be among the members of Congress to serve on the president’s deficit commission.

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EU ministers to map out Greek rescue plan (AFP)

admin — Fri, 12 Mar 2010 09:03:01 +0000

AFP - Detailed options for concrete European-level financial support to help Greece out of its debt crisis will be presented to eurozone finance ministers next week, sources said Friday.

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BofA mortgage modifications jump in March (Reuters)

admin — Fri, 12 Mar 2010 08:03:39 +0000

Reuters - Bank of America Corp completed 20,666 mortgage modifications in March under a U.S. government-backed program, up 61 percent from February, the bank said on Friday.

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UBS warns US deal flop could hurt other Swiss banks (AFP)

admin — Fri, 12 Mar 2010 11:03:39 +0000

AFP - Swiss bank UBS is pressing Swiss lawmakers to endorse a deal settling tax evasion litigation with the United States, warning that 20 other Swiss banks could be targeted if it fell through.

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WaMu says it has settlement with JPMorgan, FDIC (AP)

admin — Fri, 12 Mar 2010 09:03:33 +0000

AP - Washington Mutual Inc. says it has resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company’s Chapter 11 bankruptcy.

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