Wall Street climbs on health bill; Nasdaq at 15-month high
NEW YORK (Reuters) - U.S. stocks rose on Monday, with the Nasdaq hitting a 15-month high after a healthcare reform bill advanced in the Senate and brokerages upgraded two Dow components on improving profit prospects. Healthcare stocks rose after a bill to overhaul the U.S. healthcare system, which is perceived as less damaging to industry profits than expected, passed a crucial test in the U.S. Senate early Monday.
Rajaratnam, Chiesi plead innocent in Galleon case
NEW YORK (Reuters) - Galleon hedge fund founder Raj Rajaratnam and co-defendant Danielle Chiesi asserted their innocence on Monday to charges of securities fraud, in what U.S. prosecutors describe as the biggest hedge fund insider trading case ever. Wearing a crisp black suit and blue tie, Rajaratnam, 52, betrayed no emotion as he entered a plea of not guilty before U.S. District Judge Richard Holwell at the federal court in Manhattan. Chiesi, 44, who also entered a not guilty plea, smiled and embraced her mother following the proceeding.
Banks with political ties got bailouts, study shows
NEW YORK (Reuters) - U.S. banks that spent more money on lobbying were more likely to get government bailout money, according to a study released on Monday. Banks whose executives served on Federal Reserve boards were more likely to receive government bailout funds from the Troubled Asset Relief Program, according to the study from Ran Duchin and Denis Sosyura, professors at the University of Michigan's Ross School of Business.
Ford offers buyouts to all UAW workers
DETROIT (Reuters) - Ford Motor Co <F.N> said on Monday it is offering its 41,000 U.S. factory workers buyouts and early retirement offers in a bid to reduce its payroll costs as it aims to return to profit by 2011. The buyouts mark the second round of such offers for Ford workers represented by the United Auto Workers union this year. About 1,000 workers took Ford's earlier offer in July.
U.S. mortgage industry grapples with new disclosures
NEW YORK (Reuters) - The biggest changes to home loan disclosures since the 1970s are around the corner and many in the industry are warning that misunderstandings will create a logjam of confusion just as housing tries to recover. A complete overhaul of the "good faith estimate" -- a standard disclosure document sent to borrowers -- under the Real Estate Settlement Procedures Act, known as RESPA, will take effect on January 1, potentially disrupting home sale closings.
U.S. pay czar allows incentives for key AIG employee