Former Lehman Bros CEO blames fed for investment bank's collapseThe now defunct investment bank, Lehman Brothers, collapsed as a result of the recession, though its ex-CEO, Richard Fuld, blamed the Federal Reserve on Wednesday, saying the decision not to provide support when other financial institutions received it was to blame.
| FULL STORYRepublican Sen. Lisa Murkowski of Alaska concedes to Joe Miller in Alaska's Aug. 24 primary. She joins six other congressional incumbents who lost in their party's primaries.
| FULL STORYHundreds of young Russians protested Tuesday in support of their constitutional right of free assembly, despite Prime Minister Putin's warning against unsanctioned political rallies.
| FULL STORYUS automakers saw a downturn in vehicle sales in August with General Motors reporting a 7% decline over July sales. Ford Motor Co. (NYSE: F) faired slightly better than GM with a 5% drop. Now auto pundits expect all automakers to report the worst month in decades.
| FULL STORYINSIDE BUSINESS
The latest Institute for Supply Management survey showed manufacturing rose 56.3 in August compared to 55.5 on the ISM index the prior month. Managers also indicated that job growth could lie ahead if conditions continue to improve. The report marked the 13th consecutive monthly gain in the ISM's manufacturing index.
The Dow opened higher Wednesday morning, showing strong gains for the first day of September rising more than 236 points, or 2.36%, to trade at 10, 251.
Consumers where cautious in spending in August, according to the latest MasterCard SpendingPulse retail report, which showed spending levels where only slighty above year-ago levels as Americans held onto their cash over job concerns and how the economy was shaping up.
ENTERTAINMENT TODAY
At the war crimes trial of former Liberian president Charles Taylor, Mia Farrow said Naomi Campbell bragged about receiving uncut diamonds from Taylor via unknown messengers. Prosecutors say the stones funded civil wars in Liberia and Sierra Leone.
'American Idol' returns just one original judge next season. The search for replacements has media watchers wondering if the show can survive.
Home to many of the early John Wayne Westerns, Republic Studios will be celebrating its 75th anniversary in late September with local festivities planned around the event.
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