The nation’s health care agenda dominated headlines this week.
According to an independent analysis of the Senate’s proposal for health-care reform, roughly one in eight workers in the U.S. receiving health benefits from their employer could pay higher income taxes on those benefits.That’s nine million workers. FOX Business obtained a presentation that proposes “options to limit allowable tax free health benefits” that was put together by the Senate Finance Committee Chairman Max Baucus (D-Mont.), heading up the Democrats’ efforts to find funding alternatives for the plan.
FOX Business had an exclusive interview with Claudine de la Villehuchet, who blames Bernie Madoff for her husband’s dealth. The widow of feeder investor Rene-Thierry de la Villehuchet said the scheme was what pushed him to kill himself.
Starting the week on a bit of a sour note, the Dow fell 201 points Monday afternoon at close. This was the worst day for the average in two months, closing at 8339.
I Think He’s a Murderer’
No Sympathy for Ruth Madoff
‘He Killed My Husband’
Cavuto's Deal: Bad Deal
Nationwide Average
$2.67 a gallonTuesday
The Justice Department may end up dropping the case against UBS attempting to force the Swiss bank to give up the names of 52,000 Americans who the U.S. suspects to have offshore accounts for evading taxes. This is according to a report in the New York Times Tuesday. Last weekend the Swiss Finance Minister said a deal might be worked out with American authorities now that Switzerland has agreed to a new double taxation treaty to fight tax evasion.
President Obama said at a news conference he’s drawing no line in the sand regarding a public health insurance plan, at least for now. He said he believed such a plan “made sense” in reforming the health-care system, however. But the president would not directly answer a question of whether he’d veto legislation passed that did not have public insurance in it. Insurance companies as well as fiscal conservatives worry that if the government does offer a public plan, it could put health insurance companies out of business and lead to government control over the entire system.
FOX Business Network’s Elizabeth MacDonald broke down a lot of the myths she says are floating round regarding the health care debate. She sets the record straight here.
Dreamliner Delayed… Again Dept.: Boeing (BA) said it will delay a test flight of its new Dreamliner 787 jet because of modifications the company needs to make due to structural weaknesses. Boeing says the delay is “due to a need to reinforce an area within the side-of-body section of the aircraft.”
Madoff’s Lawyer Requests Leniency
Health Net CEO on Health-Care Reform
Cavuto’s Deal: More Czars the Merrier
Mulally: Ford Ahead of the Competition
Wednesday
The Commerce Department released its report on durable goods orders, which said they were up 1.8%. This larger-than-expected increase suggests the economy may be making its way to recovery. Economists predicted a 0.6% decline.
Employee Compensation Dept.: Citigroup (C) will be boosting its employees’ base pay by up to 50%, according to a New York Times report. This is to offset smaller bonuses the company is giving out this year. The bank is doing what it can to keep good employees on board and make up for a drop in their stock holdings’ value, said the report.
The Federal Reserve announced that interest rates would remain at the same level Wednesday afternoon. The Federal Open Market Committee is holding the funds rate at a target range of 0% to 0.25%, but issued a slight concern for inflation.
Buffett on Economy, Inflation
Buffett on Unemployment, Obama
Cavuto's Deal: What Happens in S.C.
TARPed Banks Lower Bonuses, Up SalariesThursday
The weekly jobless claims report said they hit their highest level since mid-May, despite some recent signs the economy is turning around. The Labor Department said the number of people filing for initial claims rose 15,000 last week to 627,000.
GMAC Financial confirmed it is suspending financing for some Chrysler dealers. After the auto maker filed for bankruptcy GMAC took Chrysler Financial’s place as dealers’ preferred lender.
Federal Reserve Chairman Ben Bernanke was grilled by lawmakers Thursday as he defended the central bank’s role in the Bank of America (BAC) merger with Merrill Lynch. He denied he pressured officials to go through with the merger.
Meanwhile, Allen Stanford pleaded not guilty to charges of fraud. The billionaire financier has been accused of running a $7 billion Ponzi scheme.
Ending a four-day slide on Wall Street, the Dow jumped 173 points, closing at 8472. This was the largest rally so far this month.
But any happy thoughts after the rally were quickly erased once reports surfaced that Michael Jackson was rushed to a hospital Thursday afternoon after suffering a heart attack. The pop legend was confirmed to be dead later that night.
Forbes: Bernanke Should Lose Job
Ex-Stanford Employee: Stanford's Guilty
Cavuto's Deal: More Pork, Please
Merrill, the Thorn in BofA's Side?
Friday
Consumer spending rose 0.3% in May. That’s according to the Commerce Department and was in line with expectations. This was the first gain since February.
UBS plans to raise $3.45 billion, but will continue having trouble says Switzerland’s financial regulator FINMA, which will continue to oversee the bank until its legal issues with the U.S. over taxes are cleared up.
iPhone App Dept.: There’s an app for that… unless it has adult content. This is what Apple (AAPL) said after pulling the plug on the first adult application for iPhone that appeared in the App Store on Thursday. The Hottest Girls App had photos of topless women. Apple told FOX Business that it “will not distribute applications that contain inappropriate content” and that the software was a violation of the Developer Program.
And R. Allen Stanford will be staying behind bars after all this weekend. Though he was granted bail, this was appealed by prosecutors and a judge blocked his release deeming him a flight risk due to offshore accounts.
Don’t Do That!
Takes One to Know One
Motown Legend on King of Pop
Gov't Considered AIG Bankruptcy in Jan.
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