Financial 411: Goldman Sachs CEO Takes the Witness Stand at Insider Trading Trial
New Home Sales Plunge
Sales of new homes plunged in February to the slowest pace on record. That record reaches back nearly 50 years. The Commerce Department said new homes sold at an annual rate of 250,000 in February — a drop of almost 17 percent from January. Economists said a healthy real estate market sees an annual rate of 700,000 homes sold.
Discussing Safety at Indian Point
Representatives of Governor Cuomo met with the Nuclear Regulatory Commission to talk earthquakes and safety at the Indian Point Nuclear power plant in Westchester County.
WNYC's Bob Hennelly has the details:
The NRC had started the process for a national seismic review a few years ago when it documented what it termed a slight increase in seismic risk in the central and eastern U.S. Indian Point made that list. Yet Indian Point had already gotten two staff-level NRC approvals for environmental and plant durability, which put it well on the way to getting its 20-year license renewal.
NRC spokesman Neil Sheehan said Wednesday that Albany officials will join NRC inspectors as they review the plant's ability to withstand stronger earthquakes. As Attorney General, Andrew Cuomo, now governor, was sharply critical of the operator of Indian Point, the Entergy Corporation. Entergy said it's committed to safety.
Markets
Mining and energy stocks lifted markets Wednesday. But volumes were down -- it was the lowest trading volume so far this year. The Dow added 67 points, closing at 12,086. The Nasdaq hit 2,698, after gaining 14 points. The S&P 500 adding 4 points, ending the day at 1,298.
Goldman Sachs CEO Testifies at Insider Trading Trial
Goldman Sachs CEO Lloyd Blankfein has testified many times on Capitol Hill about the role of big banks. On Wednesday, he made a different kind of appearance — in front of a jury in a New York City courtroom.
Blankfein was a witness for the prosecution at the trial of accused inside trader Raj Rajaratnam. Chad Bray is covering the trial for the Wall Street Journal. He steps out of the courtroom to talk about why the prosecution called Blankfein as a witness, and whether he helped make their case.
