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Billionaire vulture investor Wilbur Ross agreed Friday to take over a small Florida bank.
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The success of President-elect Barack Obama's fiscal stimulus plans may hinge on fixing the banking system - again.
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Citigroup made two big announcements Friday, the first acknowledging it had an $18.7 billion loss in 2008. That makes it mind-boggling to remember that only three years ago - in 2005 - the company reported a profit of $24.6 billion. In the Fortune 500, that was second only to Exxon Mobil, which pulled down $36 billion.
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Tucked into the rolling hills of Hopkins, a suburb west of Minneapolis, the recently refurbished Oak Ridge Country Club looks much like a middle school: beige paneling, a limestone base, and energy-efficient windows. Along the main road to the club is a modest apartment complex with four signs advertising units for rent. Beyond Oak Ridge's modest doors, however, is a well-appointed interior that provides a gathering place for some of the wealthier families in the Twin Cities.
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Accused Ponzi schemer Bernard Madoff was not the first person in his close-knit family to run afoul of federal authorities. A broker-dealer firm registered in the name of Madoff's mother, Sylvia, was effectively forced to close by the U.S. Securities & Exchange Commission more than 40 years ago.
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