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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Dec 17, 2008
Page
14
Wall Street jumped as the Federal Reserve cut interest rates and vowed broad tools to revive the economy. The Dow rose about 360 points, 4.2 percent, while other indexes gained over 5 percent as the Fed set rates near zero and signaled asset purchases to end the longest recession in a quarter century.
Washington critics say Bernard L Madoff duped investors and regulators alike as the SEC probe into his 2007 activities missed a $50 billion Ponzi scheme. Experts argue the agency failed to pursue clear fraud signals despite Madoffs 23 clients and high profile victims including Spielberg charities Lautenberg foundations and Zuckerman trusts. The piece questions the SECs effectiveness and notes prior watchdog criticisms over subprime mortgage tied Wall Street houses.
The White House and President Bush signal ongoing evaluation of a possible bailout for General Motors Chrysler and Ford amid a fragile economy. They stress concessions from all sides and indicate a plan could reach about 15 billion for GM and Chrysler with timely action and taxpayer funding only if firms commit to viable reforms.
Best Buy Co Inc offered voluntary severance packages to nearly all of its 4,000 corporate staff as third quarter profit fell 77 percent. The firm cited the "most challenging consumer environment" in its history, though results beat lowered Wall Street expectations.
Goldman Sachs Group Inc reports a 4th quarter loss of 2.29 billion dollars, the firm’s first quarterly loss since its 1999 IPO, as turmoil in financial markets hits even top banks. The New York bank lost 4.97 a share on revenue down from last year’s 7.01 per share.
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