June job loss rate rises to 9.5 percent
The unemployment rate rose for the month of June peaking at its highest level in 25 years. Job losses dropped a staggering 467,000 far more than the 350,000 amount forecast by economists.
Seizure of Madoff's property begins
U.S. marshals began on Thursday the seizure of the luxury $7 million Manhattan apartment of imprisoned fraudster Bernard Madoff and his wife, Ruth Madoff. The Madoffs agreed with U.S. prosecutors to forfeit any claims to their assets, property and accounts and after Madoff, 71, pleaded guilty in March to orchestrating Wall Street's biggest investment fraud.
FDIC proposes tough new rules
The Federal Deposit Insurance Corporation today proposed new policies for private-equity firms that acquire failed banks. Buyers would have to maintain very high capital levels and retain ownership of the bank for at least 3 years.