Senate Panel and Ben Bernanke's Return

Description

The Banking Committee approves the Fed chief's nomination to a second term; the full Senate is slated to vote next month. Plus: A surprise increase for new jobless claims.

Transcript
Senate Panel and Ben Bernanke's Return Ben Bernanke passed the first hurdle to securing a second term as Chairman of the Federal Reserve. The Senate Banking Committee approved his nomination, 16 to 7. The full senate is expected to vote some time next month. In another sign of trouble for the labor market, the number of newly laid off workers filing claims for unemployment benefits showed a surprise increase last week. That's an indication that the pace of layoffs has not slowed as much as economists expected. That helped fuel a sell off on Wall Street and the Dow tumbled 132 points. The NASDAQ lost 26. Citigroup was one of the big losers. The bank made a giant stock offer to raise money to pay back its bailout. But the shares sold at such a steep discount, it forced a change of plans at the treasury department. The government was planning to sell its stake in Citigroup, but at the current stock price, it would lose money on the sale. Hoping for better headlines, Citigroup announced a break for some struggling homeowners. The bank is suspending foreclosures and evictions for 30 days. That helps about 4-thousand homeowners whose loans are owned by Citigroup. It's free shipping day at the on-line retailers. More than 700 stores are participating...you can see the list on the web site freeshippingday.com, it includes many of the biggest retailers and they're guaranteeing delivery by Christmas Eve. For more news, check out cbsmoneywatch.com. In New York, I'm Alexis Christoforous.
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