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Companies with ties to Madoff agree to $1 billion settlement
NEW YORK — Companies accused of aiding Bernard Madoff’s vast pyramid scheme have agreed to pay more than $1 billion to settle a fraud lawsuit, the trustee charged with recovering Madoff’s funds said Thursday. More than a dozen investment funds and a former chief executive of Tremont Group — accused…
Bankers warn Obama, Congress of ‘very grave’ threat if debt limit not extended
The heads of Wall Street’s top banks on Thursday urged President Barack Obama and Congress to reach a deal on the debt ceiling, warning of “very grave” dangers if agreement is not reached. “We strongly urge you to reach an agreement this week,” the chief executives of Bank of America, Citigroup, Goldman Sachs,JPMorgan…
Hackers access data on 35 mln S. Koreans: agency
Hackers using an Internet address registered in China have gained access to major South Korean websites and may have stolen the private information of 35 million users, authorities said Thursday. They breached the systems of Nate (www.nate.com) and Cyworld (www.cyworld.com), both run by SK Communications, the Korea Communications Commission said. Nate is a search engine with…
Struggling Nintendo reports quarterly loss, slashes 3DS price
Japan’s Nintendo Thursday reported a first-quarter loss, lowered its annual forecast and slashed the price of its 3DS handheld console by 40 percent less than six months after its launch. The gaming giant booked a net loss of 25.5 billion yen ($327.9 million) for the April-June quarter and cut its…
Judge throws out suit blocking stem cell funding
In a victory for President Barack Obama’s administration, a US federal judge dismissed a lawsuit that had temporarily blocked government funding for embryonic stem cell research. Wednesday’s ruling was issued by Judge Royce Lamberth, who last year saw merit in the plaintiffs’ case and stunned many scientists by ordering a…
Stocks plummet over debt fight fears
Spurred by plunging stocks and fears of global economic crisis, polarized US lawmakers called a key vote for Thursday and privately hunted for a compromise to avert a default on the country’s debt. Jittery stocks plummeted Thursday amid fears of global economic crisis, as President Barack Obama and his Republican…
GOP fault lines deepen as Boehner says tea party seeks ‘chaos’ in debt deal
The longer the nation’s debt crisis goes unsolved, it seems, the deeper and uglier the fault lines within the Republican Party grow. Paul Teller, the executive director of the Republican Study Committee, a large policy group made up of House Republicans, came under fire from a group of Republicans who…
EBay stock value plunges over $1 billion amid ‘Anonymous’ boycott
Following the announcement of a boycott by hacktivist groups “Anonymous” and “LulzSec,” shares in PayPal parent company eBay plunged by over $1 billion in value before perking back up as opportunistic investors bought into the company in hopes of a deal. Still, as the day wore on, shares in eBay…
Bachmann borrowed from the federal home loan programs she wanted to shut down
Despite the fact that she has spoken against loan insurers Fannie Mae and Freddie Mac, the Washington Post discovered that Rep. Michele Bachmann (R-MN) took out a mortgage totaling $417,000 to help finance her golf course home — backed by Fannie or Freddie. Weeks later, the woman who would become…
U.S. debt deal elusive as default deadline looms
The United States remained on course Wednesday for a potentially calamitous debt default, with common ground still elusive on a deal that would let Washington borrow the cash it needs to to pay its bills. The White House and its divided Republican foes clashed Tuesday but failed to break an…
Brand new on Raw Story
- France legalizes same-sex marriage
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- Venezuelan president still waiting for recognition from U.S.
- European Union shrugs off debunking of pro-austerity academic study
- 60 passengers injured after two-train collision in Connecticut
- New York auction houses celebrate after billion-dollar sales week
- Shatner and Billy Dee pitch ‘Star Wars’ director on love for Lando and Leia and Chewie love
- O.J. Simpson’s lawyer: I told him to go to the cops
- Shots fired during interview at Cannes Film Festival
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