News In Brief

MID-DAY UPDATE: Geithner’s warning on light regulation, high oil prices threaten airlines’ profits

Katharine Crnko Jun 6, 2011
News In Brief

MID-DAY UPDATE: Geithner’s warning on light regulation, high oil prices threaten airlines’ profits

Katharine Crnko Jun 6, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

Treasury Secretary Timothy Geithner warned other countries Monday against trying to benefit from stiffer U.S. financial market rules by keeping their own regulation light.

Nobel Prize-winning economist Peter Diamond says he is withdrawing his nomination for the Federal Reserve board. In an op-ed piece published on The New York Times website on Sunday, Diamond seemed frustrated by the confirmation process.

Apple CEO Steve Jobs is scheduled to take a break from medical leave Monday to announce a new service called iCloud.

Five Democratic senators are calling on Vice President Joe Biden to reaffirm his commitment to leaving Medicare unchanged during budget and deficit negotiations.

French regulators say TV and radio broadcasters may not use promotional lines like “Follow us on Twitter” or “Find us on Facebook.”

It appears the high cost of fuel is making airline tickets just a tad too pricey for consumers. The International Air Transport Association just cut its profit forecast for this year in half. It now says airlines will make $4 billion in 2011.

A retired Florida couple spent the weekend celebrating what their lawyer calls “sweet justice.” When Bank of America foreclosed on their house, they insisted they’d paid cash for the place and never took out a mortgage. They took the bank to court and won — but no, that wasn’t the “sweet justice” part. The court ordered Bank of America to pay their legal fees. And when — after five months — BofA still hadn’t coughed up the money, the lawyer got sheriff’s deputies to accompany him to the local branch in Naples, Fla., and foreclosed: He threatened to load up a moving truck with furniture, computers and any cash in the drawers. After an hour of nervously negotiating, the BofA manager cut a check to pay up in full: almost $6,000. A reader who posted a comment on the Naples News website seems to sum this all up: “Every time I read this story, it brings a tear of happiness to my eye.”

Finally, to Germany where a sweet 16 party got a little out of control. The birthday girl put out an invitation on Facebook and 15,000 people RSVP’d yes — 1,500 of them showed up before police had to disperse the crowds. The birthday girl fled the scene. A police spokesman said “Unfortunately, she forgot to mark the celebration as private.”

You can read the rest of today’s stories from the Marketplace Morning Report here.

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