October 16 Biz Minute

Bank of America Corp. plans to overhaul its credit-card business after the unit posted five straight quarterly losses totaling $4.7 billion.

The federal budget deficit has surged to an all-time high of $1.4 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.

One of America's wealthiest men was among six hedge fund managers and corporate executives arrested today in a hedge fund insider trading case that prosecutors say generated more than $25 million in illegal profits and should be a wake-up call for Wall Street....

Stocks fell on today after disappointing results from General Electric and Bank of America demonstrated the road to economic recovery will be bumpy...


Wal-Mart, the world's largest retailer has launched a price war against Amazon, the web's premier bookseller, as the crucial holiday sales period looms.... stay tuned...


California's unemployment rate edged down to 12.2 percent in September from a revised 12.3 percent in August...

Category:

News & Politics

Tags:

• Bank of America
• BofA
• credit card
• budget deficit
• government
• economy
• hedge fund
• wall street
• Raj Rajaratnam
• Galleon
• General Electric
• Wal-Mart
• Amazon
• web
• California
• unemployment