Monday, Dec. 15, 2008
The name of Bernard Madoff, a prominent money manager who now stands accused of fraud on the order of $50 billion, continued to dominate the news this week as more and more people and companies were added to the list of those affected by his scheme.
Not only private investors, but charities, prominent figures such as Steven Spielberg and U.S. Senators, and banks like HSBC and the Royal Bank of Scotland have all been victims.
Home values lost over $2 trillion so far in 2008, according to Zillow Real Estate Market reports. And 11.7 million homes now owe more on their mortgage than they’re actually worth.
Another report Monday showed that industrial production fell 0.6% in November. This wasn’t quite as bad as economists were expecting, though.
Nationwide Average Gas Price:
$1.67 a gallon
Oil prices moved upward on expectations of a production cut from the Organization of Petroleum Exporting Countries, the oil cartel, early in the day -- but settled down $1.77 to $44.52, in part due to those disappointing reports on home values and industry.
In a 5-4 split case, the U.S. Supreme Court gave the OK to lawsuits against tobacco companies for “deceptive marketing” of light cigarettes. The ruling said that smokers can sue cigarette companies for the way they market low tar and light cigarettes under state consumer protection laws.
However, those suing, said the court, will have to prove in that the marketing of these cigarettes violate those protection laws.
Online Retail Sales Surprise
Week in Review: Oct. 19-25, 2008
Tenn. tobacco is on pace for ‘excellent’ year
