Financial 411: FCC Approves 'Net Neutrality' Rules
Tuesday, December 21, 2010
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Financial 411
WNYC's Amy Eddings hosts a daily overview of financial news at 4:30 each weekday. This financial wrap delivers highlights of the day's business news delivered by WNYC's reporters with context, clarity and a New York perspective.
More - Join the Discussion [2]
Cuomo Files Lawsuit against Ernst & Young
Did an accounting firm help drive Lehman Brothers into insolvency? New York's Attorney General Andrew Cuomo thinks so. He filed a civil lawsuit Tuesday accusing Ernst & Young of helping the investment bank deceive investors and maybe deceive itself — about its financial health.
For seven years, Cuomo said, Ernst and Young helped Lehman hide its debts, by signing-off on so-called "Repo 105" loans, which were counted as sales of assets, rather than sales of loans.
Cuomo said as much as $50 billion was allegedly disguised this way, right up until Lehman's bankruptcy in September 2008.
Deutsche Bank Agrees to $550 Billion Settlement
Another financial institution, Deutsche Bank, has agreed to pay more than half a billion dollars for helping the rich find tax shelters. The bank will submit to regulation and to outside evaluations, to make sure it's not helping people dodge their taxes in the future.
Dunkin' Donuts Remains Top Chain Retailer
Chain retailers extended their grip over New York City this year. A survey finds a five percent increase in the number of chain outlets between 2009 and today. The number one chain?
"Once again, Dunkin' Donuts topped our list, and they had a solid growth again this year," said Jonathan Bowles, director of the Center for an Urban Future, which did the study. "There's something about Dunkin' Donuts and coffee and doughnuts I guess that works for New Yorkers."
Dunkin' now has 466 stores in New York City, up from 429 last year. The next biggest retailers by number of outlets are Subway, then Starbucks, Duane Reade and McDonalds.
Markets
Stocks rose on news that Toronto-Dominion Bank, also known as TD Bank, will buy Chrysler Financial, the auto-maker's old lending arm. The Dow added 55 points to close at 11,533. The Nasdaq gained 18 points, closing at 2,668. And the S&P 500 ended at 1,255, a gain of eight points.
Divided FCC Approves 'Net Neutrality' Rules
A divided Federal Communications Commission has approved new rules intended to prohibit broadband companies from interfering with the speed of their customers' Internet traffic.
The FCC's three Democrats voted to pass the rules, which they say are good for consumers, while the two Republicans opposed them, arguing that they amount to unnecessary regulation.
Bob Garfield, co-host of On The Media, explains the ins and outs of the "net neutrality" rules.
Comments [2]
I'm a conservative and 8 times out of 10 agree with the Republican party. Net neutrality is one area where I most certainly agree with the Democrats. Net neutrality is key to future innovation on the internet. Allowing it to be pieced out and locked down to a few controlling application and infrastructure vendors would be a grievous mistake that stifles innovation and prevents growth in the communications industry.
Net neutrality ruling hurts AT&T DSL revenue streams ? Net neutrality benefits future DSL customers who have been slaughtered like sheep by the telco carriers. Mr. Garfield can you please write a detail article on Net neutrality with benefits to customers.
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