Daily News Channel
Accused investment swindler Bernard L. Madoff will plead guilty later this week to 11 counts that could bring a sentence of 150 years in prison, one of his attorneys told CNN. Prosecutors stressed that there is no plea deal and that Madoff, 70, will have to forfeit any money he made from his crimes.
Venezuelan President Hugo Chavez said Wednesday he had ordered the nationalization of at least some of the operations of the U.S.-based food giant Cargill and threatened to do the same with the Caracas-based food maker Polar. “Begin the expropriation process with Cargill,” he said in a nationally televised speech in which he accused the company of growing specialized forms of rice in an attempt to evade price controls
Puerto Rico’s Gov. Luis Fortuno on Tuesday outlined a plan that would cut spending by $2 billion per year and slash government payrolls by what could be more than 30,000 workers, or 10 percent of the government’s work force. “It’s up to us to confront the bitter reality that the government is bankrupt,” he said in a televised address
Israel’s next government is shaping up to be a narrow conservative coalition after designated Prime Minister Benjamin Netanyahu failed to strike a deal on Friday with the moderate Kadima Party. “Unfortunately, I encountered a complete refusal for unity, a complete refusal to create joint teams to reach arrangements in order to find a common ground,” Netanyahu told reporters after meeting with Kadima leader, Foreign Minister Tzipi Livni. “I found no willingness for unity by Livni.” Israel’s other major moderate party, Labor, has already stated its unwillingness to join a government led by Netanyahu’s Likud Party.
Colombia’s domestic intelligence agency, which is embroiled in an illegal wiretap investigation, no longer will be directly in charge of electronic interceptions, President Alvaro Uribe said Thursday.
A bank that received $1.6 billion dollars of the government’s bailout money sponsored what reports are calling a lavish series of events in Los Angeles, California, last weekend. Northern Trust, based in Chicago, Illinois, spent an undisclosed amount of money sponsoring a Professional Golf Association tournament and associated client events, including concerts, dinners and parties, according to celebrity Web site TMZ.com. The bank spent millions of dollars on the event, which included — on top of the sponsorship costs of the Northern Trust Open tournament — concerts by Sheryl Crow and Earth Wind & Fire, a private party at music venue House of Blues and gift bags from Tiffany & Co., the Web site said
Bank nationalization is the phrase on everyone’s lips at the moment — with Alan Greenspan, Chris Dodd and Paul Krugman among the leading lights of the unlikely coalition in favor of it, and members of the Obama Administration repeatedly denying that it’s in their plans. It’s a misleading debate, though, given that the U.S
The advocates for nationalizing U.S. banks have been out in force recently. Senator Lindsay Graham, who almost certainly does not have a PhD in economics or finance told ABC News that banks were in such deep trouble that government ownership of the institutions may be the only way to save the financial system
— Call it a bankruptcy in disguise. Although General Motors and Chrysler are scrambling to pull together plans by Tuesday showing that it makes sense for the government to support them without invoking the dreaded “B-word,” the efforts look like a classic case of reorganization