Senator moves to block Bernanke confirmation
WASHINGTON (AP) — Irked by the Federal Reserve's bailout of Wall Street, Sen. Bernie Sanders of Vermont said Wednesday that he will seek to block the Senate from confirming Ben Bernanke to a second term as chairman of the nation's central bank. For now, the move isn't expected to derail Bernanke's confirmation, but it could slow down the process.
Bank of America to repay TARP, raise cash
NEW YORK (AP) — Bank of America Corp. said Wednesday it plans to repay its $45 billion in government bailout funds in the next few days, a move that will help the troubled bank recruit a new CEO. The bank said in a statement it would use available cash and raise $18.8 billion in capital to repay the money, which it received during the height of the credit crisis last year and after its purchase of Merrill Lynch & Co. earlier this year.
Comcast, NBC deal will face tough antitrust review
WASHINGTON (AP) — Comcast Corp. will likely have to accept substantial conditions if the cable TV provider wants to win regulatory approval for control of NBC Universal's broadcast network, cable channels and movie studios. Although federal regulators probably won't block a deal outright on anticompetitive grounds, they could prohibit Comcast, for instance, from denying rival subscription-TV services such as DirecTV access to NBC channels and other popular programming.
GM board looks to the outside for replacement CEO
DETROIT (AP) — In the search for a new executive to run General Motors, outsiders are in. The troubled company's new government-appointed board wants GM to change faster than it did under fallen CEO Fritz Henderson, and it will look for a replacement from outside the automaker's bureaucratic culture.
Jury finds Petters guilty in $3.5B fraud case
ST. PAUL, Minn. (AP) — A jury delivered a sweeping verdict against Minnesota businessman Tom Petters on Wednesday, finding him guilty of all 20 counts in what prosecutors said was a $3.5 billion Ponzi scheme. Petters, who claimed subordinates carried out the fraud without his knowledge, sat glumly as U.S. District Judge Richard Kyle read the verdicts in quick succession. Petters was convicted of wire fraud, mail fraud, conspiracy and money laundering by jurors who deliberated for parts of five days.
Fed survey finds recovery gaining momentum
WASHINGTON (AP) — The economic recovery gained traction in late fall as shoppers spent a bit more and factories bumped up production. That assessment Wednesday by the Federal Reserve marked its most upbeat view since the economy tumbled into recession two years ago. The Fed's new snapshot of business barometers nationwide found that conditions have generally improved since the last report in late October.
Stocks mostly rise as Fed sees improving economy
NEW YORK (AP) — The stock market struggled but held its ground Wednesday as an upbeat assessment of the economy from the Federal Reserve offset drops in banks and energy companies. Most stocks finished higher after the Fed said regional economic activity has generally improved since its last snapshot in October. The central bank said consumers have increased spending even as employment and commercial real estate remain weak.
Unemployment rises in almost half of metro areas
WASHINGTON (AP) — Unemployment worsened or stayed the same in most metro areas in October, the Labor Department said Wednesday, as jobs remained scarce nationwide. The report comes a day before the Obama administration is to hold a "jobs summit" at the White House that will gather economists, academics and corporate executives to consider how the government can spur job creation.
Tribune Co. names new CEO, keeps Zell chairman
NEW YORK (AP) — Sam Zell, the real estate mogul who took Tribune Co. private a year before the media company was forced to enter bankruptcy protection, is stepping down from the CEO post. Tribune said Wednesday that Tribune's chief operating officer, Randy Michaels, will take over as chief executive, with Zell remaining as chairman. Michaels also will join the board.
Collective Brands reports lower 3Q profit
KANSAS CITY, Mo. (AP) — Shoe retailer Collective Brands Inc. said Wednesday its third-quarter profits fell 22 percent but its sales rose slightly thanks to factors including a plug from Oprah Winfrey. The results from the operator of the Payless ShoeSource and Stride Rite chains topped Wall Street's forecasts and its shares jumped 7 percent in after-hours trading.
