The news out of Detroit has been grim of late, but there are some bright spots coming from one corner of the Motor City. On Thursday, General Motors posted its 14th straight profitable quarter since emerging from bankruptcy. Ford announced its 16th consecutive profitable quarter Wednesday, and Chrysler is expected to offer good news soon as well.
Federal prosecutors finally brought their case against SAC Capital, the giant hedge fund that for years has outperformed almost all of its competitors. Prosecutors say they know why. The firm encouraged the use of illegal insider information and trading on that information became a part of the firm's culture, according to the indictment.
In the high-profile civil case against Wall Street titan Steven Cohen, federal authorities accuse the hedge fund head of allowing insider trading within his ranks. Cohen's lawyers offered up a defense fit for the digital age: They claim he didn't see a key, incriminating email because he gets too many messages — an estimated 1,000 a day, and opens only 11 percent of them.
After what is rumored to be a multimillion-dollar naming deal, the iconic Cowboys Stadium will be called AT&T Stadium from now on.
In a press release, AT&T said part of its attraction to the deal was that Dallas is the company's home. Cowboys owner Jerry Jones said in a statement that the naming deal ties the team with "one of the world's strongest and most innovative companies."
Organic egg farmers are divided in their reaction to a new FDA proposal that's intended to reduce the risk of salmonella infection among free-roaming chickens. They even disagree about what the document, called "Guidance for Industry," actually requires.
Federal prosecutors have filed criminal charges against one of the most famous and successful hedge funds in the world. The government alleges that SAC Capital Advisors is criminally responsible for insider trading that went on at the firm.
President Obama is putting out a message of economic revitalization, starting with the middle class. Cecilia Munoz, Director of the White House Domestic Policy Council, explains why the executive branch is pushing the message now. She speaks with guest host Celeste Headleee.
Originally published on Thu July 25, 2013 10:29 am
Federal officials in New York City have charged SAC Capital Advisors with insider trading, the culmination of a protracted investigation into the hedge fund founded by embattled billionaire Steven Cohen.
SAC is charged with one count of wire fraud and four counts of securities fraud in connection with alleged insider trading by "numerous employees" at "various times between in or about 1999 through at least in or about 2010," according to the indictment.
Originally published on Thu July 25, 2013 10:12 am
The city of Detroit may be on the skids financially, but one of its traditional "big three" automakers just scored a big win.
For the first time since it began making such comparisons between sedans in 1992, Consumer Reports magazine has given its top rating to a model made by a U.S. automaker — not one made by a European or Japanese company.
The increase is from what had been a 10-week low. But basically, claims have been ranging between the mid-330,000s and mid-370,000s all year. Like other employment indicators, the jobless claims figures have been signalling that job growth remains modest.