Fed meets on rates; Madoff fraud list grows
CBS News
Transcript
the federal reserve kicked off its two-day meeting on interest rates wall street is betting the fed will cut short-term rates to half a percent it would be the 10th rate cut in a little over a year but another rate reduction is not expected to do much good and with rates already so low the fed will soon run out of room to cut them further investors continue to fret about the future of the auto industry as they keep one eye on the federal reserve the dow industrials lost 65 points while the nasdaq composite slid more than 45. the list of firms who say they were duped by wall street investment manager bernard madoff is getting longer more and more individuals and companies have been revealing exposure to madoff's fund which prosecutors say was a 50 billion dollar ponzi scheme to defraud investors those investors include real estate mobile mort zuckerman and banking giant hsbc american homeowners will collectively lose more than two trillion dollars in home value by the end of this year and nearly 12 million homeowners now owe the bank more than their house is worth charles schwab is the latest financial company to hand out pink slips it's laying off 100 workers and says more job cuts could be on the way that's your money watch track all the business headlines at cbsnews.com at the new york stock exchange i'm alexis christophers