Financial 411: FCC Approves 'Net Neutrality' Rules

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.