Stocks rise after S&P report
A fractious Wall Street rebounded from an early plunge to finish moderately higher Thursday, after Standard & Poor's predicted financial companies are nearing the end of the massive asset write-downs that have devastated the stock and credit markets. The S&P projection gave investors some hope that the seemingly unrelenting losses from the mortage and credit crisis might indeed be bottoming out. Standard & Poor's Ratings Services said it estimates writedowns of subprime asset-backed securities could reach $285 billion globally, up from its previous projection of $265 billion, but added that "the end of write-downs is now in sight for large financial institutions."
Fla. presidential primary re-do unlikely
Florida Democrats on Thursday proposed a vote-by-mail presidential primary to solve the high-stakes delegate dispute while acknowledging the plan's chances are slim. Democrats in Florida and Michigan have been struggling to come up with an alternative to ensure their delegates are seated at the national convention this summer after the party punished them for holding early primaries. The pressure to resolve the issue has increased amid the protracted fight for every delegate between Sens.
Obama Tax Plan Targets Equality, Clinton Eyes Conduct
Hillary Clinton and Barack Obama both propose significant changes to the tax code that would add to its complexity. His plan emphasizes income inequality, while hers seeks to change Americans' behavior. Obama's proposal would shift the tax burden further toward the rich from low- and middle-income workers. Clinton proposes targeted tax breaks designed to change the way Americans use energy, save money and care for elders. Obama, 46, ``seems to have focused on redistribution,'' said Michael Graetz, a professor at Yale Law School in New Haven, Connecticut, and a former Treasury official.
Paterson: NY has to get back to work
Lt. Gov. David Paterson, who will take over as New York's governor following Gov. Eliot Spitzer's dramatic fall from power in a prostitution scandal, said Thursday he is ready to lead and "get New York back on track." At a news conference at the state Capitol, Paterson said he promised Spitzer when he accepted the job as lieutenant governor that he would be prepared to take command of the state if necessary. "I am prepared," Paterson said.
"I promised the governor yesterday that I would commit myself to the people of this great state, that we would have stability and continue in these challenges that lie ahead. Now we have to get New York back on track," Paterson said.
Harvard says hacker broke into system
Harvard University is notifying thousands of graduate students and applicants that their personal information may have been exposed by a data breach. The Ivy League school says a computer hacker gained entry to its server last month. Harvard says about 10,000 of last year's applicants may have had their personal information compromised, with 6,600 having their Social Security numbers exposed. The school says it will provide the applicants with free identity theft recovery services and help them with credit monitoring and fraud alerts.
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A fractious Wall Street rebounded from an early plunge to finish moderately higher Thursday, after Standard & Poor's predicted financial companies are nearing the end of the massive asset write-downs that have devastated the stock and credit markets. The S&P projection gave investors some hope that the seemingly unrelenting losses from the mortage and credit crisis might indeed be bottoming out. Standard & Poor's Ratings Services said it estimates writedowns of subprime asset-backed securities could reach $285 billion globally, up from its previous projection of $265 billion, but added that "the end of write-downs is now in sight for large financial institutions."
Fla. presidential primary re-do unlikely
Florida Democrats on Thursday proposed a vote-by-mail presidential primary to solve the high-stakes delegate dispute while acknowledging the plan's chances are slim. Democrats in Florida and Michigan have been struggling to come up with an alternative to ensure their delegates are seated at the national convention this summer after the party punished them for holding early primaries. The pressure to resolve the issue has increased amid the protracted fight for every delegate between Sens.
Obama Tax Plan Targets Equality, Clinton Eyes Conduct
Hillary Clinton and Barack Obama both propose significant changes to the tax code that would add to its complexity. His plan emphasizes income inequality, while hers seeks to change Americans' behavior. Obama's proposal would shift the tax burden further toward the rich from low- and middle-income workers. Clinton proposes targeted tax breaks designed to change the way Americans use energy, save money and care for elders. Obama, 46, ``seems to have focused on redistribution,'' said Michael Graetz, a professor at Yale Law School in New Haven, Connecticut, and a former Treasury official.
Paterson: NY has to get back to work
Lt. Gov. David Paterson, who will take over as New York's governor following Gov. Eliot Spitzer's dramatic fall from power in a prostitution scandal, said Thursday he is ready to lead and "get New York back on track." At a news conference at the state Capitol, Paterson said he promised Spitzer when he accepted the job as lieutenant governor that he would be prepared to take command of the state if necessary. "I am prepared," Paterson said.
"I promised the governor yesterday that I would commit myself to the people of this great state, that we would have stability and continue in these challenges that lie ahead. Now we have to get New York back on track," Paterson said.
Harvard says hacker broke into system
Harvard University is notifying thousands of graduate students and applicants that their personal information may have been exposed by a data breach. The Ivy League school says a computer hacker gained entry to its server last month. Harvard says about 10,000 of last year's applicants may have had their personal information compromised, with 6,600 having their Social Security numbers exposed. The school says it will provide the applicants with free identity theft recovery services and help them with credit monitoring and fraud alerts.
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