Illinois lawmakers launch impeachment of governor
CHICAGO (Reuters) - Illinois lawmakers approved an inquiry on Monday into whether Gov. Rod Blagojevich should be impeached in the wake of charges he tried to sell the U.S. Senate seat vacated by President-elect Barack Obama. The Illinois House of Representatives voted 113-0 to form a committee to determine whether that body should bring as yet undefined charges against him, which if approved would result in a trial in the state Senate and his possible removal from office.
Rate cut expected as Fed mulls emergency tools
WASHINGTON (Reuters) - The U.S. Federal Reserve is expected to lower interest rates closer to zero on Tuesday and point toward emergency tools it could deploy to end a year-long recession, with room to cut borrowing costs running out. Economists expect the central bank to lower its target for benchmark overnight rates by at least a half-percentage point, to 0.5 percent, and clearly state it will aggressively use unconventional measures to restore growth.
Shock waves spread from Madoff scandal
NEW YORK/LONDON (Reuters) - Shock waves from Bernard Madoff's alleged fraud spread globally on Monday, as charities, wealthy individuals and banks disclosed losses from the prominent Wall Street trader's investment management business. Britain's HSBC Holdings Plc was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud.
Auto bailout could be announced by Wednesday
WASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday. A Treasury Department official said the agency and auto company executives continued to review financial and other information, and...