What's Happening in the Economy Today
Today, we'll be watching for possible news from the Bush administration about progress on an auto bailout. If you recall, last week the House passed a bill to provide $14 billion in aid to the automakers, but the Senate did not have the votes to pass it. So that leaves it up to the folks at Treasury to find a strategy to help automakers. If not today, we expect some kind of proposal by the end of the week.
Meanwhile, we're told that the man behind what may be the biggest Ponzi scheme in modern history will have his first court appearance today in Manhattan. Bernard Madoff has apparently confessed that he took $50 billion from investors for years, including may high profile investors and Jewish charities and organizations. The Securities and Exchange Commission yesterday admitted that it had ignored some credible tips about Madoff.
Check back here for live updates throughout the day.
December 17, 2008; 7:10 AM ET
Categories: The Ticker
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