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(MADOFF, SOURCE, FRAUD, INVESTMENT, OTHER, THEIR)


By Grant McCool NEW YORK (Reuters) - U.S. investigators say 10 or more people associated with imprisoned swindler Bernard Madoff could face criminal charges in the coming months, a law enforcement source said on Tuesday. The source, who asked not be identified because of the continuing investigation into the multibillion-dollar Madoff fraud, said the FBI was "closer to the beginning than the end" of the probe. Disgraced financier Madoff, 71, was handed a 150-year prison sentence Monday. He was arrested in December and pleaded guilty in March to orchestrating Wall Street`s biggest investment fr... read more
 
 
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(GOVERNMENT, DIRECTORS, MEETING, BOARD, INVESTORS, LIDDY)


By Lilla Zuill and Paritosh Bansal NEW YORK (Reuters) - American International Group Inc (AIG.N) got a new slate of government-backed directors at a subdued annual meeting on Tuesday, effectively revamping its board after the insurer`s $180 billion taxpayer bailout. The meeting attracted far fewer investors than in years past and wrapped up in less than an hour, with the outcome of company proposals all but assured by the fact that trustees appointed to oversee the government`s nearly 80 percent stake in AIG can swing any vote. Only a handful of investors used the meeting as a forum to air gri... read more
 
 
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(COMPANIES, STOCK, OPTIONS, EXECUTIVES, VALUE, COMPENSATION)


By Rachelle Younglai and Jonathan Stempel WASHINGTON/NEW YORK (Reuters) - U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission`s thinking told Reuters on Tuesday. At an SEC meeting on Wednesday, the commissioners also will propose giving investors a greater voice in setting executive pay at companies that were given taxpayer funds under the U.S. government`s Troubled Asset Relief Program. Among the possible changes is a revision to how companies value equity aw... read more
 
 
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(PRESIDENT, OBAMA, HEALTH, MANDATE, COVERAGE, EMPLOYEES)


SAN FRANCISCO (Reuters) - Wal-Mart Stores Inc (WMT.N), the world`s largest retailer, said on Tuesday that it supports President Barack Obama`s push to require large employers to offer health insurance to workers. "We are for an employer mandate which is fair and broad in its coverage," stated a letter addressed to Obama and signed by Mike Duke, the chief executive of Wal-Mart; Andy Stern, the president of Service Employees International Union and John Podesta, the CEO of the Center for American Progress. Wal-Mart, the nation`s largest private employer, also said separately that the mandate sho... read more
 
 
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(HOLDING, GEELY, VOLVO, PERSON, VISIT, PROCESS)


By Quentin Webb LONDON (Reuters) - China`s Beijing Automotive Industry Holding Corp (BAIC), rival Geely, and at least one "Western industrial group" remain interested in Ford Motor Co`s Volvo car unit, a person close to the situation said on Tuesday. Geely, which has already visited Volvo in Sweden, plans to make a fresh visit soon, the person added. A second person close to the situation said Geely representatives were likely to visit this week. Ford (F.N) is also hopeful that a consortium of Scandinavian investors may come together to lodge a proposal, the first person said. John Gardiner, a... read more
 
 
 
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(DEPARTMENT, SWISS, COURT, UNITED, INTEREST, GOVERNMENT)


By Tom Brown MIAMI (Reuters) - The U.S. Justice Department said on Tuesday it was pressing ahead with its five-month-old lawsuit against UBS AG to force the Swiss bank to identify thousands of U.S. clients with secret UBS accounts. Despite recent media speculation about a possible settlement of the case, the department said in a brief filed with a Florida court that it was seeking to enforce tax compliance with the full weight of U.S. law. "The United States has a strong national interest in making sure that all U.S. taxpayers comply with the tax laws, including disclosing their offshore accou... read more
 
 
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(BULLARD, COULD, INDEPENDENCE, THINK, YIELDS, GOING)


By Alister Bull PHILADELPHIA (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday that public anger over the U.S. financial crisis and subsequent bailouts could cause big problems if this escalated into a political challenge to the independence of the U.S. central bank. "If that leads to some sort of erosion, or even the appearance of an erosion, of the independence of the Fed, I think that could be very counterproductive in this environment," he said after giving a talk about monetary policy to a Global Interdependence Center event. The atmosphere between the Fed... read more
 
 
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01 July 2009 @ 05:26 am

(WORLD, ZOELLICK, MARKETS, DEVELOPING, COUNTRIES, THERE)


By Lesley Wroughton WASHINGTON (Reuters) - World Bank President Robert Zoellick said on Tuesday that financial markets are showing signs of stabilization, but warned that the global crisis was far from over in developing countries. Speaking to reporters ahead of a meeting of finance ministers from Latin America, Zoellick said developing countries were only now feeling the full force of the global economic and financial crisis, which could quickly return to advanced economies where it began. He said demand for World Bank financing was high and growing as credit markets remained shut to many dev... read more
 
 
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(CONSUMER, AMERICA, THEIR, WORKERS, CUSTOMERS, COMPLAINED)


By Jonathan Stempel NEW YORK (Reuters) - Consumer and labor groups demanded Bank of America Corp and other lenders reform their sales practices so that workers under pressure to meet sales quotas do not saddle customers with costly and unnecessary products. The whistleblowing campaign was announced Tuesday as the U.S. Treasury Department unveiled legislation to create a Consumer Financial Protection Agency, as part of the Obama administration financial regulation overhaul. People, who said they were former Bank of America employees, alleged that their supervisors drove them to burden consumers... read more
 
 
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(SOROS, RATES, MARKETS, BUBBLE, REGULATORS, GOVERNMENT)


By Joseph A. Giannone and Jennifer Ablan NEW YORK (Reuters) - Billionaire investor George Soros on Tuesday predicted a "stop-go" economy for the United States, saying fears of inflation will drive up interest rates and choke off growth. Soros, one of the world`s most successful hedge fund managers who was speaking at a breakfast hosted by the Wall Street Journal, said borrowing costs are the major headwinds for the economy. "As markets revive, fear of inflation will drive up interest rates, which will choke off recovery," he said. Rising U.S. Treasury yields have driven mortgage rates back up,... read more