Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
For at least 13 years, big and small investors alike turned over their money to Paul Greenwood and Stephen Walsh, two New York money managers, in the belief that an "enhanced equity index" strategy was reaping them profits.
Barack Obama on Thursday named Mary Schapiro, head of the securities industry's self-regulatory body, as chair of the Securities and Exchange Commission.
US companies suffered the biggest job losses in more than 30 years last month, underscoring the depth of a recession that is spreading rapidly from financial centres to most parts of the global economy.
So clear are the signs of a US downturn that the National Bureau of Economic Research, the most prestigious US independent economic authority, said the country has been in recession since December 2007.
Last week's frenzy surrounding India's record initial public offering of Reliance Power was extraordinary - it seemed that everyone wanted a piece of it. The company, expected to make its public debut next month, attracted $190bn for $3bn worth of shares from institutions and retail investors. This week, things could hardly be more different.
Global food prices will come under further pressure on Monday as benchmark prices for cereals at much higher levels come into operation, making it almost inevitable that a second wave of food price inflation will hit the world's leading economies.
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