A former executive at Goldman Sachs will take the stand again in his civil fraud trial this morning. Fabrice Tourre is accused of misleading investors about a security he marketed and sold in the months leading up to the subprime mortgage collapse.
Tourre began testifying yesterday afternoon, and NPR's Jim Zarroli was there. Jim, good morning.
JIM ZARROLI, BYLINE: Good morning.
GREENE: So give us the background, here, if you can. What is Fabrice Tourre accused of, exactly?
Teams of workers are mobilizing in the Gulf of Mexico to try to stem a natural gas leak at an offshore drilling rig that exploded and caught fire Tuesday. The rig off the Louisiana coast has been partially destroyed by the out of control blaze, and firefighting boats are on the scene.
Many businesses that don't offer health insurance to all their employees breathed a sigh of relief earlier this month when they learned they'd have an extra year to comply with the new health care law or face stiff penalties.
Originally published on Fri August 23, 2013 12:35 pm
Note added on Aug. 23, 2013: When we wrote this post and its headline — "Sales Of New Homes Rise Again, Hit Five-Year High" — the data said that was true. Now, the agencies that produce the numbers have issued revisions that indicate sales of new homes in June were the second-best in the last five years. Go here to read about that.
NPR's business news starts with Boeing flying high.
(SOUNDBITE OF MUSIC)
GREENE: The aircraft maker says its latest quarterly earnings rose a surprising 13 percent this quarter, despite all the troubles with the new 787 Dreamliner. Boeing said today revenues were up due to increased sales of its commercial jets, including Dreamliners and 737s.
Congress is talking again about whether big banks are taking on too much risk. This time, the question is whether banks should be allowed to own commercial assets, including everything from oil and metals to warehouses and parking garages.
As NPR's Yuki Noguchi reports, the question is whether holding a vast array of assets makes banks safer and more stable, or prone to more market risk.
YUKI NOGUCHI, BYLINE: The Senate Banking Committee's Sherrod Brown, an Ohio Democrat, framed the issue this way...
Apple sold more iPhones than expected last quarter, though its profits are down compared to last year. Still, in a quarter were other tech companies aren't meeting expectations, some analyst's say Apple isn't doing too badly.
NPR's Laura Sydell reports.
LAURA SYDELL, BYLINE: Apple's revenue was pretty much flat, at a little over 35 billion, and its profits were down nearly two billion. Despite a rise in iPhone sales, Samsung is still selling more smartphones.