By Username
Enter a URL of an MRSS feed

Jury selection began on Tuesday in the trial of Mathew Martoma, a former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, who is accused of engaging in the most lucrative insider trading scheme in U.S. history. Court officials handed questionnaires to 80 potential jurors to determine their suitability to sit for more than three weeks in the high-profile trial in a federal court in New York. JPMorgan will pay more than $2.5 billion for missing obvious warning signs of Bernard Madoff's massive Ponzi scheme. Authorities said Tuesday that the nation's largest bank will forfeit $1.7 billion to settle criminal charges. It also will pay a $350 million civil settlement to the government and $543 million to settle other claims brought on behalf of fraud victims. Consumer price inflation (CPI) growth in the eurozone fell to the second-slowest rate since 2009 in December 2013. Official data showed that prices rose 0.8% from a year ago, in line with economist estimates and down from 0.9% in the month prior. The number of unemployed people in Germany fell for the first time in five months, though the unemployment rate remained unchanged at 6.9%. Economists had been expecting -$40 billion. The large jump was helped by record exports to China, record imports of capital goods, autos & parts, and the lowest petroleum deficit since May 2009. Janet Yellen will take the helm of a Federal Reserve facing a significantly different economic landscape from the one that dominated Ben Bernanke's tenure as chairman, confronting her with different decisions as well. Bernanke's eight years leading the Fed were largely consumed with the Great Recession and his efforts to cure it by pushing down interest rates and pumping cash into the economy. Many economists, like Mark Thoma of the University of Oregon, think Yellen's big challenge will be deciding how to ease off some of those very policies, which Bernanke took with Yellen's support.