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SAN FRANCISCO (MarketWatch) -- The National Credit Union Administration Board said Friday it has placed two large corporate credit unions into conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues." The NCUA said Lenexa, Kan.-based U.S. Central Federal Credit Union and San Dimas, Calif.-based Western Corporate were placed into conservatorship "to protect retail credit union deposits and the interest of the National Credit Union Share Insurance Fund." U.S. Central has roughly $34 billion in assets and WesCorp has $23 billion in assets, the NCUA said. C
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orporate credit unions are chartered to act as a sort of clearinghouse for credit unions serving consumers. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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SAN FRANCISCO (MarketWatch) -- American International Group Inc. paid out $218 million in bonuses to employees of its troubled financial-products unit, millions more than previously thought, the Associated Press reported Saturday, citing documents obtained by the office of Connecticut Attorney General Richard Blumenthal. AIG previously disclosed it had paid out $165 million in bonuses to the financial-products unit, with 73 employees receiving bonuses of $1 million or more. Blumenthal had issued a subpoena for the documents, which his office received late Friday, according to the AP.Market Pu
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lse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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SAN FRANCISCO (MarketWatch) -- A tractor-trailer carrying tons of a highly corrosive acid overturned in eastern Pennsylvania early Saturday, prompting the evacuation of about 5,000 people, according to media reports. The truck, which carried about 16 tons of hydrofluoric acid, reportedly overturned at around 3:30 a.m. Eastern time on northbound State Road 33 near Wind Gap, Pa., about 60 miles north of Philadelphia. Hydrofluoric acid is fatal if inhaled, and can irritate the eyes, nose, and respiratory tract in tiny doses. No injuries have been reported.Market Pulse Stories are Rapid-fire, shor
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t news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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SAN FRANCISCO (MarketWatch) -- President Barack Obama said Treasury Secretary Timothy Geithner's job is safe and that Wall Street executives need to better appreciate Main Street's anger and frustration, according to a Saturday preview of the president's Sunday-night appearance on CBS's "60 Minutes." Obama told "60 Minutes" that Wall Street executives need to appreciate the populist perspective. "They need to spend a little time outside of New York," Obama said. "Because...if you go to North Dakota, or you go to Iowa, or you go to Arkansas, where folks would be thrilled to be making $75,000 a
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year-- without a bonus -- then I think they'd get a sense of why people are frustrated." Obama also told the news program that he would refuse Geithner's resignation even if it were tendered.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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