Financial news on March 28, 2009

Business and Financial news
Bank of America Accused in Ponzi Lawsuit

A class-action lawsuit against Nicholas Cosmo says his Long Island office effectively had its own Bank of America branch. Read more..

By LESLIE WAYNE - The New York Times

Bid for Madoff Trading Unit Is $15 Million

Unless a better bid emerges, the stock trading business that was the pride of Bernard L. Madoff’s business will be sold for just $15 million. Read more..

By DIANA B. HENRIQUES - The New York Times

Biotech Firm to Liquidate Under Investor’s Pressure

Avigen is one of several biotech businesses that have been under pressure from investors to liquidate after a setback. Read more..

By ANDREW POLLACK - The New York Times

Do New Bulbs Save Energy if They Don’t Work?

Consumers who are trying new compact fluorescent bulbs say they sometimes fail to work, or wear out early. Read more..

By LEORA BROYDO VESTEL - The New York Times

Irving R. Levine, NBC News Correspondent, Dies at 86

Mr. Levine’s easily accessible explanations of monetary policy made the economy a staple of television news. Read more..

By BRUCE WEBER - The New York Times

MGM Averts Bankruptcy at Project in Las Vegas

The casino operator staved off a bankruptcy filing for its CityCenter development by making a $200 million construction payment. Read more..

By MICHAEL J. de la MERCED - The New York Times

Profiting From Globalization

Peter Sands, chief executive of Standard Chartered, credits the bank's presence and experience in volatile emerging markets for keeping profits flowing in tough times. Read more..

By KARINA ROBINSON - International Herald Tribune

This Time, Geithner’s Plan for Banks Makes Sense

The plan to deal with toxic assets could, in the best case, make our banks a little healthier and a little better able to extend credit. Read more..

By JOE NOCERA - The New York Times

Tips for Using Compact Fluorescent Bulbs

Compact fluorescent technology does not replicate the performance of incandescents, the bulbs to which most people are accustomed. Read more..

By TOM ZELLER Jr - The New York Times

See what else happened on March 28, 2009