Not us: Goldman execs deny wrongdoing
in crisis WASHINGTON (AP) -- Blistered by
lawmakers for "unbridled greed," While the famous firm fights for its
reputation, senators said the company's behavior leading up to the financial
crisis clearly demonstrated a need for stronger regulation, and Democrats hoped
to use the daylong hearing to build support for legislation now before the
Senate. Republicans have so far succeeded in blocking debate, but more test
votes are expected. Europe debt crisis spreads to Portugal ATHENS (AP) -- Ratings agency Standard
& Poor's pushed Greece to the brink of a financial abyss Tuesday and
downgraded Portugal's debt, too, fueling fears of a continent-wide debt
meltdown in Europe. Stocks around the world tanked when Major European exchanges fell more than
2.5 percent, and on Wall Street, the Dow Jones industrial average finished down
more than 200 points. The euro slid more than 1 percent to nearly an
eight-month low. Stocks pull back on Europe's deepening
debt woes NEW YORK (AP) -- Investors are once
again worried that debt problems in Greece and Portugal could threaten the
global economic recovery. Stocks plunged in the U.S. and Europe
Tuesday after Standard & Poor's downgraded the debt of the two European
countries. The Dow Jones industrial average fell 213 points to 10,991.99, its
worst loss in almost three months. All the major market indexes were down about
2 percent. Ford turns another profit but worries
hurt shares DEARBORN, Mich. (AP) -- The profit of 50 cents per share was
Ford's fourth straight positive quarter. It's an about-face from the same
period last year, when Ford lost $1.4 billion, or 60 cents per share, at the
height of the recession. Ford said it expects to be solidly profitable this
year, a year earlier than its previous guidance. Consumer confidence grows as economy
strengthens NEW YORK (AP) -- The best consumer
confidence reading since The Consumer Confidence Index rose in
April to 57.9, according to The April reading, released Tuesday, is
the highest since Home price index shows 1st annual gain
in 3 years MIAMI (AP) -- Home prices in February
posted their first annual increase since the end of 2006, lifted by temporary
tax credits for homebuyers. The Standard & Poor's/Case-Shiller
home price index released Tuesday squeezed out a 0.6 percent gain. But that was
half the increase analysts had expected. On a more cautionary note, 11 of the
20 cities tracked by the index showed declines from February last year. The data underscored the fragile nature
of the housing recovery. Nationally, home prices are up more than 3 percent
from the bottom in May 2009, but still are 30 percent below the May 2006 peak. AG: Drug maker AstraZeneca to pay $520
million WASHINGTON (AP) -- The federal
government on Tuesday reached a $520 million settlement with pharmaceutical
manufacturer AstraZeneca, resolving allegations of illegal marketing of the
company's antipsychotic drug Seroquel. At a news conference, Attorney General
Eric Holder and Health and Human Services Secretary Kathleen Sebelius made the
case a centerpiece of the federal government's crackdown on health care fraud. AstraZeneca allegedly marketed Seroquel
for off-label uses -- those not approved by federal drug regulators --
including insomnia and psychiatric conditions other than schizophrenia and
bipolar disorder. Senators see privacy problem in SAN FRANCISCO (AP) -- Four U.S. senators
want The call for simpler privacy controls
came in a letter that the senators planned to send Tuesday to Judge rejects $296M plea deal for
Guidant MINNEAPOLIS (AP) -- A federal judge
rejected a plea deal by Boston Scientific Corp.'s Guidant unit to pay $296
million for failing to properly disclose changes made to some implantable heart
devices, saying it didn't adequately address the company's criminal conduct. Judge Donovan Frank's ruling Tuesday
faulted the deal for not putting Guidant or Boston Scientific on probation. The plea deal filed earlier this month
called for what federal prosecutors said was the largest criminal penalty
assessed against a medical device company. 'Peanuts' gang sold to Joe Boxer owner
for $175M NEW YORK (AP) -- Newspaper publisher
E.W. Scripps Co. is selling licensing rights for Snoopy, Charlie Brown and the
rest of the "Peanuts" gang to Iconix Brand Group Inc., the licensing
company that owns Joe Boxer and London Fog. The family of the late
"Peanuts" creator Charles Schulz will also own part of the business
too, giving it more control of and money from the comic strip's legacy. Heirs say the deal announced Tuesday
for the 60-year-old comic strip is what the artist would have wanted. Schulz
worked for decades to win back the rights to his work, which many other artists
like himself sold to appear in print. By The Associated Press The Dow fell 213.04, or 1.9 percent, to
10,991.99. It was the biggest drop for the average since it fell 268.37 on Feb.
4, also amid concerns about European debt problems. The Standard & Poor's 500 index
fell 28.34, or 2.3 percent, to 1,183.71, while the Benchmark crude for May delivery fell
$1.76 to settle at $82.44 a barrel on the New York Mercantile Exchange. In other Nymex trading in May
contracts, heating oil fell 0.68 cent to settle at $2.2303 a gallon, and
gasoline dropped 1.41 cents to settle at $2.3268 a gallon. Natural gas slipped
4.6 cents to settle at $4.216 per 1,000 cubic feet. In London, Brent crude lost $1.05 to
settle at $85.78 on the ICE futures exchange.