Monday, Feb. 9, 2009
It was quite a “stimulating” week in business news. By a narrow vote Monday, the economic recovery act moved one step closer to passage in the Senate.
Meanwhile, the Treasury continued work on part two of the Troubled Asset Relief Program [TARP]. The department said it plans to spend up to $100 billion to help free up credit in the consumer and business markets. It will spend up to $100 billion for new capital injections for banks and more than $50 billion in a mortgage modification program for homeowners who risk losing their houses.
The Securities and Exchange Commission announced a civil suit settlement with Bernie Madoff, who allegedly scammed $50 billion from investors and is currently under house arrest. In the filing that the case was based, Madoff told an FBI agent his business was a “giant Ponzi scheme.” However, this doesn’t mean Madoff has pleaded guilty or innocent to the crime.
SEC, Madoff Reach Partial Settlement
FOXBusiness.com’s Week in Review: Jan. 19-23, 2009
Frist endowment lost $1M to Madoff scheme
Large banks take beating on Wall Street
