Marketplace Morning Report for Thursday, August 16, 2012

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Today there's word that a number of banks, including JPMorgan Chase and Citigroup, are being subpoenaed, by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR. Facebook, which went public in May with a stock price of $38 a share, is now down to around $21 a share. And today, that price could drop further, when a lockup ends and insiders are able to sell their shares. And as the worst drought in 50 years continues to send grain prices through the roof, several governors are asking the federal government to end a mandate that requires some of the nation's corn to be used for ethanol.

PODCAST: Banks under investigation, ethanol up for discussion

Today there's word that a number of banks, including JPMorgan Chase and Citigroup, are being subpoenaed, by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR. Facebook, which went public in May with a stock price of $38 a share, is now down to around $21 a share. And today, that price could drop further, when a lockup ends and insiders are able to sell their shares. And as the worst drought in 50 years continues to send grain prices through the roof, several governors are asking the federal government to end a mandate that requires some of the nation's corn to be used for ethanol.

India announces plans to launch Mars orbiter in 2013

But after the recent massive power outages in the country, some Indians are concerned that the money should be invested in infrastructure instead.
Posted In: India, mars, space

Tepid news in jobs, construction, retail

Today starts with some more tepid economic news. The number of people applying for unemployment benefits ticked up slightly to 366,000 last week.
Posted In: Housing, Federal Reserve, fiscal cliff

Winning $337 Powerball lottery ticket hits Michigan

Someone who recently visited a gas station in the small Michigan city of Lapeer is about to be very rich. That's where the winning Powerball ticket was sold, and the jackpot is $337 million. So what's up with these huge lottery jackpots recently?
Posted In: lottery, gambling

States pursuing banks on LIBOR rate rigging

The attorneys general of New York and Connecticut have sent subpoenas to several banks, including JPMorgan Chase and Citigroup. When it comes to banking scandals, it's state regulators who are out in front.
Posted In: Banks, LIBOR

The shift from pro-market to pro-business

In the midst of the U.S. financial crisis, the economist Luigi Zingales became known for hyping a "managed bankruptcy" for the big banks. That way the banks' private investors, creditors and executives would bear most of the costs of their bad investments.
Posted In: Banks, capitalism

LIBOR scandal reaches major U.S. banks

The other shoes have finally dropped in the LIBOR investigation. Seven other shoes, in fact. Attorneys general in New York and Connecticut have subpoenaed seven of the world's biggest banks, including Citigroup and JPMorgan Chase here in the U.S.
Posted In: Banks, LIBOR

States investigate JPMorgan, Citigroup, and others over LIBOR

today, there's word that a number of other banks -- including JPMorgan Chase and Citigroup -- are being subpoenaed by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR.
Posted In: Banks, LIBOR

Facebook faces next stock hurdle

Today, over 1.6 billion shares could hit the market in several waves. A huge shareholder sell-off could open the door to talent poaching by competitors.
Posted In: Facebook

Drought could lead to end of federal ethanol mandate

In light of a possible global food crisis during this drought, many are calling for a stop to the federal mandate that requires gasoline to have corn-based ethanol.
Posted In: undefined

Rumors and new models roil the tablet market

Rivals to the Apple iPad release new tablets almost every week. For many, a lower price is their big selling point.
Posted In: samsung, tablets, Galaxy, iPad

China's latest export: Cars with asbestos parts

Australia has told big Chinese automakers Chery and Great Wall to recall thousands of vehicles after discovering asbestos in their auto parts.
Posted In: China, Auto, Australia

Music from this show

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Pass This On
The Knife
Changes (Shlohmo Remix)
LOL Boys
Cuban Swing
Will Magid

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