WASHINGTON (Reuters) – The U.S. Treasury on Tuesday sent Congress proposed legislation to create a new regulatory agency with sweeping powers to write and enforce tough new consumer protection rules for banks and other financial institutions.

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Treasury sets wide scope for new consumer agency

Abbott Laboratories plans to appeal a jury’s $1.67 billion patent infringement ruling in a case involving two blockbuster drugs that treat rheumatoid arthritis and other immune disorders. Late Monday, a jury in the Eastern District of Texas found that Abbott’…

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Abbott Laboratories – United States District Court for the Eastern District of Texas – Patent infringement – Rheumatoid arthritis – Immune system

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Abbott plans to appeal $1.67B patent order

Bernard Madoff’s New Jersey victims were unmoved by his 150-year prison sentence, which was announced yesterday in Manhattan federal court. Louis Lanzano/APBernard Madoff exits Manhattan federal court in March. “I don’t want to hear about the sentence. I don’t want…

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N.J. Madoff victims are far from satisfied

Bernard Madoff’s New Jersey victims were unmoved by his 150-year prison sentence, which was announced yesterday in Manhattan federal court. Louis Lanzano/APBernard Madoff exits Manhattan federal court in March. “I don’t want to hear about the sentence. I don’t want…

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N.J. Madoff victims far from satisfied

NEW YORK (Reuters) – U.S. investigators believe 10 or more people associated with imprisoned swindler Bernard Madoff could be criminally charged in the coming months or beyond, a law enforcement source said on Tuesday.

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Ten or more face possible Madoff charges: source

Cathy Arnst posted the following on BusinessWeek’s Working Parents blog. We thought we’d post it here as well:

As the debate over health care reform heats up in Washington, the rhetoric around health care rationing grows more vitriolic. Conservative commentators, such as those writing op-eds for the Wall Street Journal, paint a frightening picture of the world under “Obama-Care,” a world where we would all stand in long lines to get whatever care the state deems reasonable. At the other extreme are the advocates for a massive healthcare overhaul who insist that a single-payer system would end the waste and inefficiencies now rife in our present system, leaving more than enough money to provide optimal care to all the people, all the time.

Let’s park our ideologies at the door and talk facts for the moment. Fact number one: The United States rations health care now, and anyone who doesn’t think that’s true has never come into contact with the medical system–or is very, very rich. But we ration on an ad hoc basis, with little to no honesty around the process. Has your insurer or doctor ever used the word “ration” when discussing the reasons why you should or shouldn’t have a certain procedure? I didn’t think so.

So let me ask you: How should we ration?

First, let’s look at how the U.S. rations today.

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How Would You Ration Health Care?

NEW YORK (Reuters) – A U.S. bankruptcy court judge opened a hearing on Tuesday morning on government-backed plans by General Motors Corp to seek approval to sell its main assets to a “New GM.”

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GM sale hearing under way in U.S. bankruptcy court

The Obama administration sent Congress legislation Tuesday to create a new Consumer Financial Protection Agency designed to protect Americans from unscrupulous practices and make financial products easier to understand. The 152-page draft bill would create a…

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Administration sends Congress consumer legislation

NEW YORK (Reuters) – American International Group Inc’s chief executive said the government may never relinquish its 79.9 percent stake in the insurer, which has been rescued by $180 billion of federal bailouts.

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AIG says risk declining, new CEO likely soon

Oil prices tumbled in volatile trading Tuesday after rising to an eight-month high. Benchmark crude for August delivery fell $2.25, more than 3 percent, to $69.24 a barrel on the New York Mercantile Exchange after swinging between $69.03 and $73.38 in early…

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New York Mercantile Exchange – Business – Oil Prices – Price of petroleum – oil

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Oil prices tumble in volatile trading

NEW YORK (Reuters) – U.S. stocks fell on Tuesday after U.S. consumer confidence data showed a surprise drop, raising doubts about the speed of an economic recovery, and falling oil prices sank energy shares.

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Wall Street falls on consumer confidence data, oil

BW’s Stephen Wildstrom explains why Nokia’s newest smartphone is unlikely to dethrone the BlackBerry in the U.S.

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Nokia: Not Smart Enough This Time

LONDON (Reuters) – Oil prices fell more than 3 percent to $69 a barrel on Tuesday, pressured by a stronger U.S. dollar and as weak consumer confidence data hit equities.

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Oil drops 3 percent as dollar gains

UPS Inc. said Tuesday it has extended its contract with Ford Motor Co. to continue providing logistics services for the delivery of new cars to dealers. Financial terms were not disclosed. As part of the contract, UPS ships Ford’s finished vehicles from…

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Ford Motor Company – Automobile – United Parcel Service – Ford Motor Co – Ford

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UPS extends contract with Ford

The first bidding in more than 30 years for development rights to some of Iraq’s oil fields stumbled Tuesday, with only one field being awarded as major foreign firms demanded better terms from a government in dire need of crude revenues. About half of the…

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Iraq – Oil field – Business – Middle East – Oil reserves

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Iraqi oil licensing round runs into trouble