Stocks tumble as World Bank warns of 2009 contraction
The World Bank projected a 2.9 percent global economy shrinkage in 2009, sending major indexes down over 2 percent. The Dow fell 200.72 points to 8339.01, the S&P 500 dropped 28.19 to 893.04, and the Nasdaq declined 61.28 to 1766.19. Bond yields fell as Treasuries gained demand amid the broad selloff.
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SEC charges Madoff linked firm and adviser with fraud
Federal regulators accuse Cohmad Securities Corp and investment adviser Stanley Chais of funneling billions to Bernard Madoff's Ponzi scheme. The SEC also charges Cohmad executives Maurice and Marcia Cohn and Robert Jaffe with actively marketing Madoff funds while concealing fraud, seeking injunctions and restitution.
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Maurice
Sonny” Cohn
Marcia Cohn
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Stanley Chais
Manhattan
Cohmad
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Robert Khuzami
Irving Picard
David Sheehan
Picard
Eugene
Licker
Maurice Cohn
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N.Y
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Palm Beach
Fla
Cohrrad
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Stanley Arkin
Howard Kaplan
Peter Pope
Hollywood
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William Galvin
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Ford to Get Loan From Government Fund for Green Vehicles
Energy Department expected to announce Ford Motor Co will receive funds from a 25 billion federal loan program to develop fuel efficient vehicles. Secretary Steven Chu to make the Dearborn announcement as Congress approved the program last year to aid auto firms and suppliers in retooling for green cars and batteries. Dozens of companies have sought 38 billion in loans. Ford has asked for about 5 billion by 2011 though the final amount remains unclear.
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