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Saturday, October 31, 2009 12:01 AM PDT

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Today's Business News: ALL BUSINESS: Credit-card rates up before new law Federal regulators close 9 banks, mostly in West Madoff: SEC never thought it was a Ponzi scheme Philly transit talks to continue into Saturday Stocks swoon as worries about the economy return NYSE Euronext net profit down 28 pct in Q3 quarter Consumer spending falls as sentiment sours Earnings roundup: Nicor, Alliant Energy Europea faces tough path to recovery Feds taking action against reverse mortgage lender Retailers suspend business with Mich. fruit grower New fed guide on commercial real estate loan mods Gas prices chugging higher as holidays near Md. man sentenced to prison for mortgage fraud U.S. housing bill budget neutral in 10 years: CBO New-Home Sales in Surprise Decline Chat Transcript: Columbia Admissions ALL BUSINESS: Credit-card rates up before new law Fri, 30 Oct 2009 10:17 pm PDT AP - Have you checked the interest rates on your credit cards lately? Odds are they're going way up. Full Story Top Federal regulators close 9 banks, mostly in West Fri, 30 Oct 2009 11:09 pm PDT AP - Regulators on Friday shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults. Full Story Top Madoff: SEC never thought it was a Ponzi scheme Fri, 30 Oct 2009 08:17 pm PDT AP - Bernard Madoff was apparently convinced that it never even occurred to Securities and Exchange Commission staff he was running a Ponzi scheme, despite the agency's numerous probes of his business. Full Story Top Philly transit talks to continue into Saturday Fri, 30 Oct 2009 11:14 pm PDT AP - A union representing more than 5,000 transit workers agreed early Saturday to extend the deadline for a strike that could disrupt bus and subway services during the World Series games in Philadelphia. Full Story Top Stocks swoon as worries about the economy return Fri, 30 Oct 2009 03:36 pm PDT AP - Grim signals about consumer spending ripped through the markets Friday, sending stocks tumbling as investors raced for safe havens. Full Story Top NYSE Euronext net profit down 28 pct in Q3 quarter Fri, 30 Oct 2009 05:29 am PDT AP - Trans-Atlantic stock market operator NYSE Euronext said Friday its net income plunged 28 percent in the third quarter as it cut prices in a bid to counter falling trading volume. Full Story Top Consumer spending falls as sentiment sours Fri, 30 Oct 2009 01:42 pm PDT Reuters - U.S. consumers cut spending in September and turned gloomier this month, underscoring the fragility of the economy's recovery even as signs emerged that manufacturing may be picking up. Full Story Top Earnings roundup: Nicor, Alliant Energy Fri, 30 Oct 2009 03:34 pm PDT AP - Among the earnings stories for Friday, Oct. 30, from AP Financial News: Full Story Top Europea faces tough path to recovery Fri, 30 Oct 2009 09:01 am PDT AP - Europe may join the United States in leaving recession when growth figures come out next month — but lackluster jobs and inflation data released Friday strongly suggest the continent's hoped-for recovery will be slow and fragile. Full Story Top Feds taking action against reverse mortgage lender Fri, 30 Oct 2009 12:10 pm PDT AP - The U.S. Department of Housing and Urban Development is taking action against a reverse mortgage lender in Hawaii. Full Story Top Retailers suspend business with Mich. fruit grower Fri, 30 Oct 2009 03:25 pm PDT AP - Wal-Mart and two other top retailers said Friday they are suspending business with a large southwestern Michigan blueberry grower after investigators found children as young as 6 working in the grower's fields. Full Story Top New fed guide on commercial real estate loan mods Fri, 30 Oct 2009 12:08 pm PDT AP - Banks must accurately identify their potential losses when modifying troubled commercial real estate loans under federal guidelines issued Friday. Full Story Top Gas prices chugging higher as holidays near Fri, 30 Oct 2009 05:05 pm PDT AP - Americans are paying more for gasoline than they did last year as the holidays approached — billions of dollars that could go to books, clothes and Barbie dolls instead being spent at the pump. Full Story Top Md. man sentenced to prison for mortgage fraud Fri, 30 Oct 2009 11:47 am PDT AP - An Oxon Hill man has been sentenced to more than three years in prison for a mortgage fraud tied to 25 properties in Maryland, D.C. and Virginia worth millions of dollars. Full Story Top U.S. housing bill budget neutral in 10 years: CBO Fri, 30 Oct 2009 11:24 am PDT Reuters - A bill pending in the Senate that would help unemployed workers, businesses and the housing market would add billions to the U.S. deficit in the short term but would be essentially budget-neutral over 10 years, congressional analysts said on Friday. Full Story Top New-Home Sales in Surprise Decline Fri, 30 Oct 2009 05:08 am PDT BusinessWeek - The Oct. 28 report by the government that the rate of new-home sales posted a surprising 3.6% drop in September from August is likely to give a boost to advocates of extending a federal first-time home-buyer tax credit that is due to expire at the end of November. Full Story Top Chat Transcript: Columbia Admissions Fri, 30 Oct 2009 05:08 am PDT BusinessWeek - Columbia Business School (Columbia Full-Time MBA Profile), which is No. 7 on BusinessWeek's 2008 list of the best business schools in the nation, is highly selective. In fact, this year the admissions committee accepted just 15% of the nearly 7,000 applications it received. Standing out and expressing how you could contribute to the community are key elements in the Columbia application. Full Story Top

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