Bloomberg ran quite a story, yesterday. It stems from a Freedom of Information Act Request that yielded the details of previously secret borrowing from the federal government to the biggest banks.
The bottom line, reports Bloomberg, by March of 2009, the Fed had committed $7.77 trillion "to rescuing the financial system, more than half the value of everything produced in the U.S. that year." The lending began in August of 2007.
The acclaimed, eccentric, and very polarizing British film director Ken Russell has died, after a series of strokes at the age of 84.
The director of Tommy, Women In Love and Altered States, Russell was known for a florid style and fascination with sadomasochism that earned him condemnations and a cult following. His adaptations of classic literature and over-the-top biopics ranged from perverse to merely provocative — and an indelible nickname: "Kinky Ken Russell."
The U.S. military has spent more than $42 million to test every service member's brain to find out who suffered a traumatic brain injury, or TBI, during the Iraq and Afghanistan wars. But an investigation by NPR and ProPublica has found that military leaders are refusing to carry out the testing program as Congress ordered. Partly as a result, the program that was supposed to fix things has hardly helped any of the troops.
At point today, the Dow Jones Industrial Average jumped 2.9 percent to 11,554. The rally comes after news that European leaders had made progress on a solution to the sovereign debt crisis and record sales this past Friday.
It also comes after a 4.8 percent downturn last week, the worst Thanksgiving week since the markets started observing the holiday in 1942.