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Jul 4, 2012

Marketplace Morning Report for Wednesday, July 4, 2012

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Happy Fourth of July! Independence Day is a big day for sales of American flags, but when it comes to sales of red, white, and blue, -- we're actually in the red. The so-called "living wills" of the nine largest U.S. banks are now available for viewing. And on the day when we celebrate American independence from Britain, an American, former Barclays CEO Bob Diamond, is about to be hauled before a British parliamentary committee after allegations the bank rigged a key interest rate.

Segments From this episode

The Stars and Stripes puts U.S. in the red

Jul 4, 2012
The U.S. imports more flags -- mostly from China -- than it sells abroad. Coincidence or not, flag exports have fallen since the financial crisis.

Scant detail in big banks' 'living wills'

Jul 4, 2012
The nine biggest banks in the U.S. have submitted plans for how to avoid a taxpayer bailout if they become insolvent. But will these plans work?

Craft brewers bet on growth

Jul 4, 2012
In the business of beer, the big brewers keep getting bigger -- almost 90 percent of beer sold in the U.S. comes from just two conglomerates. But smaller craft breweries are also growing.

In Australia, carbon tax kicks in

Jul 4, 2012
In Australia, Aussies are getting used to the first week under a new carbon tax. The country's biggest polluters are paying a steep $24 per ton of carbon emitted -- that's more than twice the cost of carbon permits in the EU.

Mexico to announce official election results

Jul 4, 2012
Mexico announces the official results of its presidential election today. Preliminary results showed Enrique Peña Nieto of the Institutional Revolutionary Party won the election, but the runner up is demanding a recount.

Newly resigned CEO of Barclays questioned by Parliament

Jul 4, 2012
Today the freshly resigned CEO of Barclays Bank goes before a parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.

Where they celebrate Independence Day in the U.K.

Jul 4, 2012
George Washington's ancestral home in England, Washington Old Hall, is an historic estate which might be the only place in the U.K. that throws a party for our Independence Day.

Fireworks sellers going strong despite heat, cancellations

Jul 4, 2012
With forecasts of excessive heat, rainstorms, and fire danger, a number of communities are calling off their fireworks celebrations this year. And of course local government budgets have also been under strain lately.

Former Barclays CEO answers questions on LIBOR rate fixing

Jul 4, 2012
Yesterday Bob Diamond resigned as CEO of Barclays Bank, and this hour he's sitting before a Parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.

PODCAST: Independence Day for U.S., sad day for Barclays

Jul 4, 2012
Happy Fourth of July! Independence Day is a big day for sales of American flags, but when it comes to sales of red, white, and blue, -- we're actually in the red. The so-called "living wills" of the nine largest U.S. banks are now available for viewing. And on the day when we celebrate American independence from Britain, an American, former Barclays CEO Bob Diamond, is about to be hauled before a British parliamentary committee after allegations the bank rigged a key interest rate.
As the U.S. Independence Day holiday approaches, fireworks rest on the counter for sale at the stand in Washington on July 3, 2012.
JIM WATSON/AFP/GettyImages

Happy Fourth of July! Independence Day is a big day for sales of American flags, but when it comes to sales of red, white, and blue, — we’re actually in the red. The so-called “living wills” of the nine largest U.S. banks are now available for viewing. And on the day when we celebrate American independence from Britain, an American, former Barclays CEO Bob Diamond, is about to be hauled before a British parliamentary committee after allegations the bank rigged a key interest rate.

The team

Stephen Ryan Producer, BBC