Goldman Sachs and Morgan Stanley, Wall Street?s last independent investment banks, will transform themselves into bank holding companies subject to greater regulation.
The American bailout plan, which originally excluded foreign banks with U.S. units, may expand, a move that could raise its cost and intensify scrutiny by Congress and critics.
AP - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks — Goldman Sachs and Morgan Stanley — to change their status to bank holding companies.
AP - The number of children in China sickened by dairy products tainted with the banned industrial chemical melamine has jumped to nearly 53,000, the government said Sunday as it vowed to crack down on those responsible for one of China's worst food safety scandals in years.
AP - The sleek '60s drama "Mad Men" made Emmy history Sunday as the first basic-cable show to win a top series award, while the sitcom "30 Rock" and its stars Tina Fey and Alec Baldwin also emerged as big winners.
"Mad Men" and "30 Rock" took home the top prizes at the 60th annual Primetime Emmy Awards Sunday night -- best drama series and best comedy series -- while HBO's miniseries "John Adams" set a new record with 13 trophies.
As the number of Chinese infants reported sickened by tainted milk increased to 53,000, Chinese Premier Wen Jiabao called manufacturers "heartless" and promised stricter laws to protect the public.
In the wake of the country's financial meltdown, Sens. Barack Obama and John McCain have been telling voters they'll fix the economy while their opponent would only make it worse.