Blackstone plans record $4B IPO; Senate presses subprime regulators

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[Music] Federal Regulators were on the defensive blasted by the Senate Banking Committee Thursday for not doing enough to stem the subprime mortgage meltdown gripping the housing market Senators urged Regulators to put the final touches on new subprime guidelines and promised legislation to crack down on predatory lending it will be the largest IPO in history private Equity Firm Blackstone Group says it will go public on the New York Stock Exchange in an offering worth $4 billion and Nike's quarterly earnings ran past wall Street's estimates thanks to strong sales of new products including the Air Force 25 and iPod compatible shoes on Wall Street stocks held near the Flatline after Wednesday's big rally the Dow gained nearly 14 points but the NASDAQ lost four investors will keep an eye on the housing market with the latest look at home resales and it's a bit more expensive to finance the American dream this week the average rate for a 30-year mortgage edged up to 6.16% on a 15-year loan the average rate Rose to 5.9% talking on your cell and flying just Pie in the Sky the FCC is reportedly dropping a tentative plan to lift the ban on inflight cell phone use tests of new technology found cell phone calls from a plane could still clog hundreds of cell towers at once that's your money news.com for more business headlines in New York I'm Alexis christopherus

Home resales jump 4%; Magna, partner bid $5B for Chrysler

CBS News

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[Music] home resales jumped unexpectedly in February up nearly 4% the biggest increase in almost three years thanks to Falling home prices that news helped the Dow wrap up its best week so far this year the Dow Rose 20 points up 3% for the week the NASDAQ added just four it's up three and a half% this week diimler Chrysler may have found a buyer for its money losing Chrysler unit Auto Parts supplier Magna International and a private Equity partner are reportedly offering nearly $5 million for the Chrysler Group and Taco Bell is being sued by that farm in Southern California that grew the green onions wrongly blamed for last year's eoli outbreak boskovich Farm says Taco Bell linked its green onions to the outbreak knowing the produce wasn't contaminated Taco Bell says it believed the onions may have been the source and acted responsibly Delta Airlines has raised all domestic fairs by $5 each way Rivals have yet to follow suit at the same time airports are pushing for higher boarding fees they're looking for more funds to improve runways and expand terminals that's your money watch click on cbsnews.com for more in New York I'm Alexis Christus