were not going to get resources until the aftermath of an incident. state department officials have said keeping the team on site likely would not have changed outcome in the attack because the team was based in tripoli. republican lawmakers on the panel accused the state department of failing to protect the consulate while democrats accused republicans of cutting hundreds of millions of dollars from embassy security financing in recent years. the obama administration s handling of the incident has been called into question after it was revealed that there had not been a protest outside the consulate directly contradicting accounts provided by ambassador susan rice in the days following the attack based on the information she had at the time. now to business, standard & poors lowered the credit rating on spain. now just barely above the level of junk status. the agency also warned of more potential cuts ahead if the country fails to take the proper steps to slow its economic slide.
ten-quarter streak of losses, posting a quarterly profit and surging 13%. upbeat data didn t dent general s gloom over sluggish earnings. initial state unemployment claims dropped to the lowest level in four years. falling oil costs sent june s import prices falling by the most in more than three years. moody s downgraded italy s bond rating by two notches, just above junk status. further down grades could be on the way. wells fargo will pay $175 million to resolve allegations it charged blacks and hispanics higher rates and fees on mortgages during the housing boom. a government inves fouti 34,000 times wells fargo charged blacks higher fees and rates similar to white borrowerers. but the bank denied guilt insisting it was settling solely for the purr of avoiding contested litigation. the smoking gun report the
4:00 a.m. on the west. thanks for waking up with us. you are probably waking up to the news jerry sandusky was found guilty late last night. he was guilty on 45 of 48 counts related to sexual abuse of young boys. sandusky was taken into custody, handcuffed and taken away. let s give you a sense of what went on after the verdict. listen to this. guilty? yes. [ cheers and applause ] as the guilty verdict started to be read one after another, jerry sandusky looked straight ahead. he remained absolutely without emotion. we knew whatever the verdict was, we had to honor it. jerry rose. i saw tears in his eyes. he s always honored the court process and been a law-abiding person in the community except for these allegations. dottie sandusky. this is her leaving, being hugged by well wishers. there are people who have been standing by the sandusky family. she is now walking off. her testimony, clearly not swaying jurors as the defense hoped. the very first calls i made th
those countries have tough oversight and austerity measures that are difficult to make ordinary people to accept. on that second question, how much will they need, estimates are varying wildly. but today the international monetary fund estimates spain needs at least $50 billion. others think it could be double that. i m looking at the numbers here. spain s credit rating has been downgraded to bbb. that s two notches from junk status. is the bailout the only answer for spain? reporter: it does look like that way. there s no other fund that they can get this money from. europe has the money. the question is, what rules will come alongside it? some people think the spanish government is trying to hold out to get the best pobl possible deal. what they don t want is a national bailout similar to greece, ireland and portugal because that would be seen as a humiliation. what they re trying to get is an
were disappointed thursday. fed chief ben bernanke told congress europe s debt crisis poses quote significant risk to the u.s. financial system but he did stop short of outlining any specific steps or time line for monetary stimulus. underscoring bernanke s comments fitch ratings downgraded spain s credit to bbb. two notches from junk status. that turned out to be good news for u.s. government debt crisis which snapped a three-day losing streak. truckmaker navistar international cut its outlook. insurer molina suffered 21%. on the nasdaq, invidia slipped 4% after an analyst slashed the company s price target. best buy s founder and chairman resigned saying he s exploring options for his 20% ownership stake raising the possibility of a future takeover. consumer borrowing increased more slowly in april suggesting