Economy

Community Banks Worry About New Regs; Billionaire Financier Surrenders

Good morning.

As we've already reported, there's breaking news from Iran — where supreme leader Ayatollah Ali Khamenei today left no doubt about where he stands regarding last Friday's disputed presidential election. He endorsed the official position that President Mahmoud Ahmadinejad won a landslide victory over reformist Mir Hossein Mousavi.

So, now it's time to keep an eye on what happens in the streets of Tehran and other major cities, where there have been daily protests over the official election results.

As for other stories making headlines today, they include:

Morning Edition — Some Community Banks Are Nervous About Obama's Financial Overhaul: NPR's Scott Horsley outlined President Barack Obama's plan to "transform the Federal Reserve into a super-regulator," while Chris Arnold spoke with community bankers who say they didn't break the financial system and are frustrated about being lumped in with the big banks who did and will be burdened by new regulations:

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The Washington Post — "Billionaire Financier Stanford Surrenders To FBI": "R. Allen Stanford, under investigation in an alleged $8 billion fraud involving sales of certificates of deposit through his Antiguan bank, surrendered to federal agents yesterday, his attorney said. The case is one of the largest alleged financial frauds in U.S. history and comes just months after New York financier Bernard L. Madoff pleaded guilty to charges in a Ponzi scheme of up to $50 billion."

The Wall Street Journal — "U.S. Fortifies Hawaii To Meet Threat From Korea": "The U.S. is moving ground-to-air missile defenses to Hawaii as tensions escalate between Washington and Pyongyang over North Korea's recent moves to restart its nuclear-weapon program and resume test-firing long-range missiles."

— USA TODAY — "Mortgage Foreclosures Heading Through The Roof;" Aid Is Plagued By Delays: "The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear."

Contributing: Chinita Anderson of Morning Edition.

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