Bernanke urges Congress to preserve Fed oversight of banks
Federal Reserve Chair Ben Bernanke asked lawmakers not to scale back the Fed’s supervision of state banks and small bank holding companies. He argued oversight provides data for interest rates and banking health as debate grows over reducing Fed powers and critics cite past regulatory failures.
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Spencer Bachus
Alabama
Blockbuster shares fall after bankruptcy warning
Blockbuster Inc warns it may file for Chapter 11 as competition from Netflix and Coinstar kiosks erodes revenue. The Dallas company reports significant liquidity constraints and plans debt swaps, store closures, and possible asset sales to raise cash.
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Italy optimistic stance amid debt risks and slow growth
Italy faces high debt at 115 percent of GDP and 1.2 trillion euro economy. Fitch stable AA rating. Italy relies on savings and temporary layoff schemes to shield unemployment. Discussions consider PIIGS label extension to include Ireland. Berlusconi investigations and corruption woes persist as families cushion economic shocks. The temporary layoff program expires after 52 weeks within a two year span.
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Associated Press
Ford shares rise to five year high on Moody's upgrade
Ford Motor Co shares climbed to 14.15 dollars after Moody's boosted Ford and Ford Motor Credit debt ratings. The move follows Ford's 2009 profit and a strengthened business model, with Moody's signaling potential further upgrades.
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