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SEC opens investigation into Standard & Poor’s

Standard & Poor’s is the subject of a US investigation over a rating it issued in 2007 on the eve of the financial meltdown, according to the agency’s parent company McGraw-Hill. McGraw-Hill said in a statement it had received a “Wells Notice” last week informing it that the Security and…

Goldman Sachs eyes major cuts: report

Goldman Sachs is mulling drastic spending cuts as it braces for what could be one of its worst quarterly reports since it went public more than a decade ago, the New York Times reported Tuesday. After Goldman set out this summer to cut costs by $1.2 billion by mid-2012, including…

U.S. firms pile up cash, but not jobs

NEW YORK — Piles of cash built up since the financial crisis have left big US companies sitting pretty as financial markets gyrate, but their reluctance to invest is holding back US growth. The result is that while corporate America is looking good amid all the instability, the country is…

Debt deal offers only small blessings for economy

WASHINGTON (Reuters) – The tentative deal to avoid a crushing debt default is at best a mild relief for the U.S. economy that nearly stalled in the first half of the year and has yet to show signs of any realistic pickup. The plan for $2.4 trillion in spending cuts…

Feingold explains ‘no’ vote: Washington once again caved to Wall Street

Senate passes sweeping bank reform bill The US Senate voted Thursday to send President Barack Obama the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s, handing him a historic political win. The bill passed 60-39. However, a top Democratic senator who voted “no” is…

Republican Senator Scott Brown backs Wall Street bill

Historic US legislation to overhaul the rules on Wall Street took a big step Monday towards final passage as a holdout Republican senator said he would vote for the White House-backed bill. “While it isn’t perfect, I expect to support the bill when it comes up for a vote,” said…

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