Financial 411: Weekly Business Roundup

Obama Signs off on Tax Package

President Barack Obama signed a massive tax package into law Friday. That means taxes won't go up January 1 for you or for billionaires, like Mayor Michael Bloomberg. Extended unemployment benefits will continue for another thirteen months. And Americans will see a cut in their Social Security payroll tax for a year. The president called the legislation a big win for middle-class Americans.

At a cost of $858 billion over two years, it represents the most money that the president is likely to be able to dedicate to a slowly recovering economy. However, it also increases the deficit at a time when the country is growing increasingly anxious about the red ink.

$7.2 Billion Settlement Announced for Madoff's Victims

The widow of the single largest beneficiary of Bernard Madoff's massive Ponzi scheme has agreed to return $7.2 billion -- all the bogus profits the late Jeffry Picower received, after nearly 35 years investing with Madoff. "This settlement is the most substantial step to date in the ongoing effort to make the Madoff victims whole," said U.S. Attorney Preet Bharara.

In a statement, Picower's widow said her husband was "in no way complicit" with Madoff's fraud.

Markets

The markets were mixed today. The Dow lost seven points to close at 11,492. The S&P 500 gained one point, to close at 1,244. And the Nasdaq was also up, adding six points, to close at 2,643.

This Week's Business and Economic News

New York City's unemployment rate fell, and 10,000 people found work in New Jersey last month. Wall Street is getting ready for millions of dollars in year end bonuses. And the City Council postponed a hearing about Wal-Mart's plans to open stores in New York City, because the hearing room was too small for the expected crowd. Greg David, director of the Business and Economic Reporting Program at the CUNY Graduate School of Journalism, reviews some of this week's business and economic news.