CONGRESS REACHES DEAL ON $789 BILLION STIMULUS PLAN: To close the gap between the Senate and House versions, the package will pare back Democrats' proposed spending on education and health programs in favor of tax cuts that were needed to win Republican votes in the Senate.
TOP BANKERS FACE GRILLING BY DUBIOUS CONGRESS: CUOMO SAYS MERRILLS TOP EXECS RECEIVED MILLIONS DESPITE POOR EARNINGS: Eight leaders of the nations top banks were facing a grilling from Congress Wednesday, meeting with deep skepticism from lawmakers who quizzed them aggressively about how they have used more than $160 billion in taxpayers money. Speaking at the onset of a House Financial Services Committee hearing Wednesday morning, Rep. Barney Frank challenged the banking industry to work harder to fix a failing system, saying there is a great deal of anger across the country. MADOFF'S WIFE WITHDREW $15M BEFORE HIS ARREST: Massachusetts' top securities regulator said on Wednesday that the wife of accused financial swindler Bernard Madoff took out roughly $15 million from an account managed by Cohmad Securities days before her husband was arrested and charged with securities fraud. Meanwhile, a person familiar with money manager Bernard Madoff's case said a deadline to indict him on fraud charges has been extended by 30 days. FBI investigating 530 corporate fraud cases: 38 of the cases related to the current economic crisis, official says: The FBI is conducting more than 500 investigations of corporate fraud amid the financial meltdown, FBI Deputy Director John Pistole told the Senate Judiciary Committee on Wednesday. Investigators are tackling an even bigger mountain of mortgage fraud cases in which hundreds of millions of dollars may have been swindled from the system, he told lawmakers. OBAMA: CATERPILLAR WILL REHIRE IF STIMULUS PASSES: President Barack Obama says Caterpillar's chief executive has told him the company will rehire some laid-off workers if the stimulus bill passes. The heavy equipment maker announced more than 22,000 job cuts last month as it scales back production amid the economic slowdown. During a visit to a transportation construction site just outside Washington in Springfield, Va., on Wednesday, Obama urged Congress to pass the bill. The House and Senate are working out differences between competing versions of the legislation. COMMENTARY By MAUREEN DOWD: In an interview with Maria Bartiromo on CNBC, John Thain used the specious, contemptible reasoning that other executives use to rationalize why they're keeping their bonuses as profits are plunging. If you dont pay your best people, you will destroy your franchise and theyll go elsewhere, he said. Hello? They destroyed the franchise. Lets call their bluff. Lets see what a great job market it is for the geniuses of capitalism who lost $15 billion in three months and helped usher in socialism. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "WebTV Dawgs/Dittos" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/WebTV-Pals -~----------~----~----~----~------~----~------~--~---
