Russian officials said to steal $120 billion a year

Corrupt officials are raking off a sum equivalent to one third of Russia's annual budget, or $120 billion, a senior prosecutor was quoted as saying Friday.

Bank of America allowed to buy Countrywide

The Federal Reserve has given approval for Bank of America Corp. to purchase distressed subprime mortgage lender Countrywide Financial Corp.

Jobless rate jumped to 5.5 percent in May

The government reports the nation's unemployment rate jumped to 5.5 percent in May — the biggest monthly rise since 1986 — as nervous employers cut 49,000 jobs last month. It was a dramatic sign of a deeply troubled economy.

Senate report puts Iraq intel back in spotlight

A new Senate report gives a fresh shot of adrenaline to the election-year debate over the Iraq war.

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