When Lehman Brothers collapsed in 2008, it was the largest bankruptcy in U.S. history. More than three years later, Lehman is emerging from Chapter 11. The firm is really just back in business to liquidate itself. Lehman has about $65 billion in assets that it intends to distribute among its many creditors starting next month.
President Obama held a wide-ranging news conference Tuesday. He bluntly challenged Republican critics of his Iran policy — saying the stakes are too high to let politics intrude. The news conference was designed to steal some of the spotlight from GOP presidential hopefuls on Super Tuesday.
In Houston Tuesday, a federal jury convicted Texas financier R. Allen Stanford of running a massive Ponzi scheme. Jurors agreed with prosecutors, who claimed he ran a global scheme that lasted more than 20 years and involved more than $7 billion in investments.
The U.S. has been dependent on foreign oil for its energy needs for decades. Some analysts now say the country could become energy independent over the next decade. Still, exactly what "energy independence" means is in dispute.
Americans use 300 million gallons of gasoline every day, so it's no surprise they keep a close eye on prices at the pump. Taxes, refinery regulations, transportation expenses and global crude oil supply and demand all influence rising costs.
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