6at4 Business Report: MF Global, housing sales

November 21, 2011 2:27:21 PM PST
Billions are missing in a financial fiasco involving a former N.J. governor.

MF Global missing money
MF Global, the failed Wall Street firm where former New Jersey Governor Jon Corzine was CEO, may be missing $1.2 billion or more from customer accounts. That is double what was previously expected. Earlier this month the company filed the 8th largest U.S. bankruptcy after bad bets on European debt. The FBI is investigating whether MF Global violated criminal laws.

Housing sales tick up
Low mortgage rates and low prices helped existing home sales to rise 1.4% in October according to the National Association of realtors. But economists say housing is still at depressed levels. A temporary halt on foreclosures is over and that may push more foreclosed properties on the market triggering further price slides.

Smart Chip card
The magnetic strip on the back of your credit cards may be a thing of the past. according to the Associate Press, Chase is rolling out a credit card embedded with a smart chip technology that reduces fraud and is already widely used outside the U.S. Chase's new credit card is being offered with British Airways starting today mainly for international travelers. Most other countries already use chip-based credit cards that aren't swiped at all.


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