Breaking business and legal news, brought to you by Attorneys Corporation Services:
Jon Corzine, the former governor of New Jersey who stepped down as chairman and chief executive of the bankrupt brokerage, will not seek $12 million severance payments. He has also hired Andrew J. Levander, a leading white-collar criminal defense lawyer.
AIG reported a $4.1 billion quarterly loss, nearly double its loss a year earlier, as results were dragged down by mortgage investments and a write-down of a stake in an Asian insurance company.
Among Bank of America’s 20 days of trading losses in the third quarter was a one-day drop of $119 million, the biggest single-day loss since 2008, Bloomberg News reports.
Labor unions hope to steal momentum from efforts nationally to scale back union rights by decisively defeating an Ohio law limiting public-employee bargaining.
Freddie Mac tapped the U.S. government for another $6 billion in aid after the mortgage-finance giant’s loss widened to $4.4 billion in the third quarter.
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