From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
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And I'm Audie Cornish.
It's been a big week for General Motors and it's only Tuesday. Yesterday, the Treasury Department sold off its remaining shares in the auto giant. That ends one of the most tumultuous periods in company history. Now, GM turns a page with a new CEO, Mary Barra.
As NPR's Sonari Glinton reports, she will become the first woman CEO of a major automaker.
For more on just how the Volcker rule will work and how it will be enforced, we're joined by Simon Johnson. He's professor at the MIT Sloan School of Management, and he's a member of the FDIC's systemic resolution advisory committee. Welcome to the program.
SIMON JOHNSON: Thanks for having me.
CORNISH: So let's talk more about proprietary trading. Give us some specific examples of this.
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.
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And I'm Melissa Block.
Federal regulators today approved a tough new set of restrictions on the kinds of trading that banks can do. The so-called Volcker rule largely prohibits FDIC-protected banks from trading securities for their own financial gain. It's part of the Dodd-Frank overhaul passed three years ago.
This story comes to us from Harvest Public Media, a public radio reporting project that focuses on agriculture and food production issues.You can see more photos and hear more audio from the series here. Wednesday, we'll have a story from a meatpacking plant in Garden City, Kan., which takes a proactive stance toward its newest immigrants.
The Ivy League school has begun vaccinating nearly 6,000 students to try to stop an outbreak of type B meningitis in an unusual federal government-endorsed administration of a drug not generally approved for use in the U.S.
Originally published on Tue December 10, 2013 2:49 pm
Princeton University has started vaccinating students against type B meningitis in an effort to stop an outbreak that's infected at least eight people.
The vaccine isn't approved for general use in the United States, though it is available in Europe, Australia and Canada. But the meningitis strain that hit the New Jersey campus isn't fazed by the vaccines typically used in the U.S. The Food and Drug Administration is allowing a Novartis vaccine that's usually sold in other countries to be administered on the Princeton campus.
President Obama with Paul Volcker at the White House in 2009. Volcker, who headed the President's Economic Recovery Advisory Board, lent his name to a new rule aimed at curbing risk-taking on Wall Street.
Originally published on Tue December 10, 2013 6:33 pm
The Volcker rule, a centerpiece of the 2010 Dodd-Frank financial law aimed at stopping some of the risky banking practices that contributed to the economic meltdown, was approved by five key regulators on Tuesday, clearing the way for its implementation.
The U.S. Commodity Futures Trading Commission became the fifth and final body to approve the rule. The Federal Reserve and the Federal Deposit Insurance Corp. were also among the agencies that gave the green light.
Jimmy McMillan ran for governor of New York state in 2010 as the candidate from the Rent is 2 Damn High party. (Party platform: <em>The rent is too damn high!</em>) The cost of renting a home is swallowing an ever larger portion of Americans' incomes.
Originally published on Tue December 10, 2013 3:50 pm
Back in 1995, more than half of all people of color rented their homes — almost twice the proportion of white renters. Then the Clinton administration pushed policies to bolster homeownership rates, and those numbers began a gradual, decade-long decline. The number of people of color renting fell below 50 percent. This coincided with an increased willingness by lenders to extend credit including to subprime borrowers.
American bank regulators unveiled the final version of the so-called Volcker Rule, which prohibits banks from trading stocks, bonds and derivatives for their own accounts. For more, Steve Inskeep speaks to NPR's Jim Zarroli.
This is TELL ME MORE from NPR News. I'm Celeste Headlee. If your wallet's already hurting this holiday season, we're going to spend the next part of the program helping you out a little. In a few minutes, we'll find out how to make the most money selling your used car. But first, some financial experts say if you're looking for extra cash, look no further than common things in your own house.
This is TELL ME MORE from NPR News. I'm Celeste Headlee. Michel Martin is away. We're going to spend some time today talking about money. In a few minutes, we'll ask how you can make some extra cash by selling either the junk around your house or the junker in your driveway.
The biggest player in food distribution is gobbling up a rival.
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Sysco, which supplies places, such as restaurants and hospitals, is planning to buy U.S. Foods in a deal worth more than $8 billion. If approved by regulators, this could turn Sysco into a distribution colossus.
NPR's business news begins with signs of a Chinese revival.
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MONTAGNE: The latest economic numbers out of China are adding to hope for a global economic upturn. Growth figures for November show China's factory output is up 10 percent from a year ago, and exports are up almost 13 percent. That rebound has been helped by a boost in demand for Chinese goods in the United States and the European Union in the lead-up to the holiday shopping season. Transcript provided by NPR, Copyright NPR.
The government requires large employers to keep records of on-the-job injuries suffered by their employees. Now, the Obama administration wants to make those records easily available on a website. It says that would lead to safer workplaces. Manufacturers and businesses are objecting, arguing the data could be misinterpreted.
This is MORNING EDITION from NPR News, I'm Renee Montagne.
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And I'm Steve Inskeep. Federal regulators have unveiled the final version of what has come to be called the Volcker Rule. It's a big part of the financial reform that went into affect three years ago. It's taken all those years to come up with the language that will set new limits on the kinds of trading that banks can do and cannot do. NPR's Jim Zarolli joins us now to talk about this. Hi Jim.
You may recall the guy who ran for governor of New York as part of the: Rent Is Too Damned High Party. Turns out, it is. A new study from the Harvard Joint Center for Housing Studies shows more and more families spending more and more of their monthly budgets on rising rents - leaving less money for everything else, including food.
Chris Herbert is one of the report's authors, and he spoke with our colleague, David Greene.
Women are still not making headway when it comes to getting on corporate boards or into senior leadership roles within big companies.
New research out Tuesday examined Fortune 500 Companies and found that women hold only about 17 percent of the seats on boards of directors, and they have an even smaller share — about 15 percent — of senior executive positions.
Oil giant BP is challenging hundreds of millions of dollars in claims that were filed by businesses after the company's 2010 oil spill in the Gulf of Mexico.
The total price tag for BP's oil spill is huge — $42.5 billion. At issue here is a fraction of that — but still a lot of money. BP says $540 million has been awarded to businesses for losses that "are either nonexistent, exaggerated or have nothing to do with the Deepwater Horizon accident."
The track record of commercial products designed with privacy as a top priority has been abysmal — at least until recently. The ephemeral texting app Snapchat is turning assumptions upside down about young people and their desire for digital privacy.
Fred Cate, director of applied cybersecurity research at Indiana University, is an expert on privacy in the digital age. But when it comes to the viability of tech products that promise privacy, Cate has always been skeptical.
Originally published on Mon December 9, 2013 3:59 pm
Critics of the federal auto bailout will no longer be able to refer derisively to GM as "Government Motors" — on Monday, Treasury Secretary Jack Lew announced the U.S. government has sold its remaining shares in the carmaker.
"With the final sale of GM stock, this important chapter in our nation's history is now closed," Lew said, announcing the sale.
The net? Taxpayers lost $10.7 billion on the deal.
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.
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And I'm Melissa Block. We begin today with All Tech Considered and the top tech news of the day. Eight major technology companies are calling on President Obama to reform government surveillance programs. Google, Facebook, Apple and Microsoft are among the authors of an open letter to the president.
Originally published on Wed December 11, 2013 8:36 am
The meat on your dinner table probably didn't come from a happy little cow that lived a wondrous life out on rolling green hills. It probably also wasn't produced by a robot animal killer hired by an evil cabal of monocle-wearing industrialists.
Truth is, the meat industry is complicated, and it's impossible to understand without a whole lot of context. That's where Maureen Ogle comes in. She's a historian and the author of In Meat We Trust: An Unexpected History of Carnivore America.
I'm Celeste Headlee. This is TELL ME MORE, from NPR News. Michel Martin is away. Coming up, infants are tested and screened for all kinds of illnesses, but a new report shows some hospitals are waiting too long to process those screening tests. The results could be bad. We're going to talk more about that in a few minutes but first, to happiness and the holidays.
Officials of 159 countries have taken a big step forward in promoting global trade. This happened over the weekend at World Trade Organization talks in Indonesian.
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Here's NPR's Jim Zarroli.
JIM ZARROLI, BYLINE: The countries attending the WTO meeting agreed to a treaty that they say will lower trade barriers and speed up the passage of goods across borders. Officials say the deal could increase global trade by nearly a trillion dollars over time and also create millions of jobs.
New York's health insurance marketplace has been running relatively smoothly, compared with healthcare.gov, the site the federal government is running for 36 states.
But that's a low bar, and even though about 50,000 New Yorkers had signed up in the first two months, almost every day still brings complaints and glitches. Donna Frescatore, the head of the New York State Of Health, says there are no serious patterns of trouble, just individual issues that the state and its contractors address one by one.