News Roundup 8/7/08



Jobless claims levels hit highest in 6 years:

Claims for unemployment insurance is at its highest point since March of 2002, leaving layoff filings worse than expected. The Labor Department reported Thursday that new applications filed for unemployment insurance rose by a seasonally adjusted 7,000 to 455,000 for the week ending in August 2nd. A program to locate people eligible for jobless benefits people played a major role in the increase. CNN via AP

Detroit mayor Kilpatrick to spend one night in jail:

Mayor Kwame Kilpatrick will spend a night in jail after violating bond agreement in his perjury case. Mayor Kilpatrick stood in front of a judge to day after making a trip to Canada and not informing the courts. Kilpatrick's attorneys intend on appealing the ruling. Fox News via AP

Citigroup returns billions to investors:

Citigroup will buy back the securities from tens of thousands of investors nationwide under separate accords with the Securities and Exchange Commission, New York Attorney General Andrew Cuomo and other state regulators. The buybacks will have to be completed by November. Yahoo News via AP

From Green Bay to New York:

Former Green Bay Packers quarterback Brett Favre has been traded to the New York Jets today after a month-long saga. Details of the trade agreement has not been released yet. NY Times

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