More Charges in Insider Trading Probe
Federal authorities charged three hedge fund portfolio managers and an analyst in a widening crackdown on insider trader practices masked as legitimate market research.
The two new arrests and the announcement of two guilty pleas by U.S. Attorney Preet Bharara brings the total number charged in the probe to 12. According to Bharara, there will be more arrests. "We are far from finished," he said.
The investigation was revealed in the fall, and has concentrated on a group of hedge fund portfolio managers who authorities said tried to learn inside information about public companies.
More Changes in News Media
There are more changes in the news media world a day after AOL purchased the Huffington Post for $315 million.
CBS announced that Jeff Fager, the executive producer of "60 Minutes," will add news chairman to his job duties. Reporting to him will be a new news president, David Rhodes, who led Bloomberg TV operations. Fager and Rhodes will replace Sean McManus, who will return to overseeing sports coverage at the network.
Former MSNBC host Keith Olberman said he will host a talk show and become chief news officer at Current TV. That's the public affairs channel launched by former Vice President Al Gore six years ago. Olberman suddenly — and unexpectedly — left his popular show "Countdown" at MSNBC less than a month ago.
Calling All Tax Cheats
Attention all tax cheats: Three's a possible reprieve — if you come clean. The IRS is offering reduced penalties and no jail time for taxpayers who admit to hiding assets overseas. Just turn yourself in and pay back taxes by the end of August. The IRS has already collected $400 million from tax evaders who turned themselves in last year, following a similar offer.
The Dow added 72 points, to close at 12,233. The S&P rose six points, to 1,325. The Nasdaq finished at 2,797, up 13 points.
Digital Media, Web Companies Report Growth
As the economy recovers and consumers begin to feel a bit better about spending money, one beneficiary has been digital media and web-based businesses.
ComScore reports e-commerce increased more than nine percent in 2010 compared to the previous year, growing to more than $227 billion in sales.
And social networking sites like Facebook and Twitter? ComScore says nine out of every 10 Internet users visit a social networking site at least once a month. One out of every eight minutes online is spent on Facebook.
ComScore's Chairman Gian Fulgoni talks about the trend, and where the increases sales are coming from.