A Bank of America official on Monday claimed the bank had not improperly foreclosed on any homes, despite reports of sloppy paperwork, according to a report from Bloomberg News. The report cited prepared testimony that was scheduled to be delivered Tuesday by Barbara Desoer, BoA's top loan executive, at a meeting of the Senate Banking Committee on Tuesday. JPMorgan Chase's David Lowman was also scheduled to give testimony at that meeting.
Federal investigators are working to understand and limit a new trend in drug smuggling. South American gangs are reportedly buying old jets to fly large quantities of cocaine across the Atlantic Ocean to feed the growing European demand for the drug.
The United States Postal Service (USPS), despite a slew cost-cutting efforts and a significant reduction in payroll, more than doubled its financial losses in fiscal year 2010. USPS net losses for the fiscal year ended September 30th was reportedly $8.5 billion, compared to a loss of just $3.8 billion in fiscal 2009.
The National Labor Relations Board has filed a complaint, which could lead to a significant, precedent-setting case, against a Connecticut company for firing an employee after she posted criticism about her supervisor on her Facebook page.
Federal authorities announced on Tuesday that they were bringing charges against 17 people in connection with the raiding of two funds set up to provide financial relief for Holocaust survivors. The funds were reportedly stripped of about $42 million combined, and several people who were supposed to administer the funds were part of the crime.
Federal authorities on Monday announced a total of 884 arrests related to a three-day sting aimed at people responsible for child prostitution. The sting also led to the recovery of 69 children, authorities said.
A Carnival Cruise Lines ship with almost 4,500 passengers was stranded off the coast of Mexico Tuesday after a fire in the ship's engine room caused the boat to lose power.
Pfizer Inc., the world's largest manufacturer of drugs, is reportedly in the midst of a race between four pharmaceutical firms to produce the first new medication for rheumatoid arthritis in a decade. Pfizer is developing a drug called tasocitinib which reduced pain and inflammation in 71 percent of patients tested, and Pfizer is planning four more clinical trials in the first half of 2011 before seeking approval from the Federal Drug Administration.
Officials with the US Food and Drug Administration (FDA) are warning consumers to avoid a cheese sold in five Western states over an outbreak of E. coli that has left at least 25 people ill.