("Municipal bond" and "General Motors" have been added to the Hot Trends article.)
NEW YORK (
) -- The U.S. Securities and Exchange Commission has charged New Jersey with fraud for failing to give investors information on billions of dollars worth of municipal bond offerings and underfunding two of the state's largest pension plans.
The news has spurred searches for "municipal bond" today.
The SEC said that the state of New Jersey "offered and sold more than $26 billion worth of municipal bonds in 79 offerings between August 2001 and April 2007." However, it failed to give investors information on billions of dollars worth of municipal bond offerings underfunding two of the state's largest pension plans, the Teachers' Pension and Annuity Fund (TPAF) and the Public Employees' Retirement System (PERS). The SEC has reason to believe that investors weren't being given enough information on the state's financial condition or its ability to fund the pensions.
"All issuers of municipal securities, including states, are obligated to provide investors with the information necessary to evaluate material risks," said Robert Khuzami, director of the SEC's enforcement division. "The State of New Jersey didn't give its municipal investors a fair shake, withholding and misrepresenting pertinent information about its financial situation."
New Jersey is the first state to be charged with federal securities fraud by the SEC.
"General Motors" is a hot topic today following its announcement that it will
to inspect second-row safety belts. Searches were also spiking as a result of its recent
"Because of the potential for a false-latch condition, we want customers to return their vehicles to have the recall repair performed as soon as possible," said Jeff Boyer, GM executive director of safety.
The IPO was originally expected to be launched last Friday, but it was held up because after it was announced that
"Carla Franklin" is a popular search topic today following news that the former model is suing
after an unknown user was able to post offensive and unflattering videos of her on YouTube.
The suit refers to the video content as 'malicious and untrue' and alleges some of the words used to describe her were hurtful and extremely offensive. Some of the clips also include unauthorized clips taken from moves in which Franklin appeared. She is claiming to have "suffered damages in the form of distress and mental anguish" and hopes to clear her reputation.
YouTube has turned over the users' IP addresses and any identifying information it holds when requested through a court order.
"Bed bugs" is a trending search topic following news that the New York City
movie theater, AMC Empire 25 on West 42nd Street, located in Time Square, was closed on Tuesday night due to an influx of the pests.
Earlier this summer bedbugs were also found at an
Abercrombie and Fitch
store in New York City and were even found infesting the city's Health Department.
40% of bed bug problems occur in commercial businesses, and sometimes cleaning the affected item of clothing or cushion they are found in isn't enough to get rid of them. The AMC movie theater officials plan to dispose of the old seat cushions and get fresh ones before it reopens.
"Microsoft flight" is a trending topic on the Internet today following news that
announced the development of a new flight simulator game called
"Today, we're bringing powerful, inventive gaming experiences to the Windows-based PC," said Phil Spencer, corporate vice president of Microsoft Game Studios. "Over the years, our PC heritage captured the hearts and minds of millions of players. Reinventing these iconic franchises with social, shared experiences at their core marks the beginning of our return to PC gaming in bold new ways."
The announcement came 28 years after the debut of its original
Microsoft Flight Simulator 1.0
and 4 years after its most recent release of
Microsoft Flight Simulator X
in 2006. The game is in its early stages of development and likely won't be available to consumers until next year.
"Stock quotes" is a popular searched phrase on
this morning as news that
today after the
finally reversed its five-day losing streak on Tuesday.
also launched a takeover bid for fertilizer company
Potash Corp. of Saskatchewan
on Tuesday. BHP is now
planning to go hostile by taking the offer directly to shareholders.
Futures for the
Dow Jones Industrial Average
were down by 2 points,
futures were down by roughly half of a point at 1089, while futures for the
were down by 3 points.
>>More on the Economy
The chatter on Main Street (a.k.a. Google and Yahoo!) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.
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