UNITED STATES

$132.9 Billion Owed to Taxpayers from Bailout, Some Won't Be Recovered: Report

File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit
U.S. taxpayers are still owed $132.9 billion by companies that benefited from the financial bailout and haven't fully repaid. Some of that money will never be recovered, a government watchdog said. Christy Romero, the acting special inspector general for the $700 billion bailout, has said the bailout that began in September of 2008, could actually last for several more years.
A vacant home for sale is pictured in Yonkers

Subpoenas Issued to Financial Firms in Expanded Probe

The Justice Department issued civil subpoenas to 11 financial institutions as part of a new effort to investigate misconduct in the packaging and sale of home loans to investors, Attorney General Eric Holder said on Friday.
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ExxonMobil

ExxonMobil Earnings Preview: Profits To Continue Rising in Q4

ExxonMobil, the world's largest integrated oil and natural gas company, is expected to report an increase in revenue in its fourth quarter thanks to high oil prices which have helped the company overcome sluggish refining and low natural gas prices in the United States.
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Lego Man in Space Thanks to Canadian Teens [VIDEO]

Two Canadian teens have put a Lego man in space using a home-stitched parachute and equipment found on Craigslist. Asad Muhammad and Matthew Ho, both 17, attached the two-inch toy replete with Canada's maple-leaf flag to a helium balloon, which they then sent 80,000 feet into the air.
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Facebook to file IPO documents soon as Wednesday: report

Facebook plans to file documents as early as Wednesday for a highly anticipated IPO that will value the world's largest social network at between $75 billion and $100 billion, the Wall Street Journal cited unidentified sources as saying on Friday.

How to Scare Hackers Away from Your Mobile Gear

Howls of despair over the impending cyberpocalypse of hackers taking over people's mobile devices have yet to match the actual numbers of people getting attacked, but there are ways to make sure you're device is protected. Many people do carry extra-sensative information around on their smartphones, so they can be tempting for would be hackers. Here's how to protect yourself from an attack or at least stop an attack if it's already in progress.
U.S. Attorney General Eric Holder

Eric Holder Launches Probe into Mortgage-Backed Securities Fraud

U.S. Attorney General Eric Holder Friday announced the formation of a task force focused on probing residential mortgage-backed securities following President Barack Obama's call for a unit to probe the finance industry's conduct leading up to the financial crisis.
Obama Brewer

Jan Brewer Letter to Obama Released FULL TEXT

A day after Arizona Gov. Jan Brewer approached President Barack Obama on an airport tarmac, setting off an acrimonious exchange that made national headlines, she has released the letter she handed to the president.
Police Commissioner Ray Kelly

Kelly's Muslim Film Flap: Calls for Resignation

Though Police Commissioner Ray Kelly remains in hot water after news broke that the police department had been showing an anti-Muslim film to hundreds of officers, critics' calls for him to resign probably won't be fulfilled.
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U.S. growth quickens, but speed bumps ahead

The U.S. economy grew at its fastest pace in 1-1/2 years in the fourth quarter, but a rebuilding of stocks by businesses and slower business spending warned of weaker growth in early 2012.
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Hedge Fund Bridgewater Assoc. Betting on Gold

The world's biggest hedge fund Bridgewater Associates posted returns of 23 percent in 2011, in a year when most of its peers underperformed the major stock market indexes, the New York Times reported, citing people familiar with the firm's investment strategy.
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Reuters Magazine: Felix Salmon: The devil in the CDS

The world of international finance is largely incomprehensible, even to its practitioners. Consequently, a whole industry, of which I am personally part, has sprung up to explain finance to the public. This makes the public think that understanding finance is something that is possible.

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