Dow Creeps Up 64

Thinks he doesn't deserve to die in prison

(NEWSER) - There are probably at least a few former investors who wish this was literal: Bernie Madoff says the judge in his Ponzi scheme trial made him the "human piñata of Wall Street" when he dished out a 150-year sentence. Madoff tells the New York Times Judge Denny Chin's ruling was excessive. "Maybe the judge felt, ‘Well, he’s 70 years old, so even if I give him 20 years, he’s going to be 90 years old,’" says Madoff. “But quite frankly, there’s a big difference with dying in prison, you know, and dying outside with your family." More»

Banks buying up Ponzi claims to cash in later

(NEWSER) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big profits later as a court-appointed trustee chases down the Madoff money and makes settlements, reports the Wall Street Journal . More»

US will eventually no longer own the company

(AP) - AIG said today it's reached a deal to repay billions of dollars it received during the credit crisis. The plan could return a profit to taxpayers who footed the bill for AIG's near collapse in September 2008 and will eventually remove the government as majority owner. AIG became a lightning rod for criticism over bailouts when it received a package worth as much as $180 billion from the government, which received an 80% stake in the company in return. More»

Wording makes firms prove 'fair inclusion' of women and minorities

(NEWSER) - Turns out that hidden inside the massive financial reform bill that was signed into law last week were a few words that appear to give the government new leverage to push Wall Street firms to hire more women and minorities. The bill gives the government the right to terminate contracts with companies that don't provide evidence of "fair inclusion" of women and minorities, Politico explains. More»

Reach compromise on overhaul, create consumer agency

(AP) - House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Obama by July 4. Lawmakers finished assembling the bill about dawn. Some highlights:

• It creates a consumer financial protection bureau to police lending (though not auto dealers).
• Establishes the so-called "Volcker rule" to limit banks from taking risks with their own funds, though the measure was softened a bit.