its c.e.o. defended his $8 billion research budget, saying innovation will create long-term value for shareholders. at avon products, the board of directors acted after months of criticism from shareholders over leadership. longtime c.e.o. andrea jung will give up that job but remain as chairman. the idea of new leadership sent a-v-p shares jumping-- up 5%. volume quadrupled. in late november, the stock had fallen to its lowest price since 2007 after a two securities and exchange commission investigations were disclosed. more on avon coming up. finally, going along with the risk-off trade today, people were buying bonds. that pushed the yield on the 10- year government note down to 1.9%. that's close to the low in yield, high in price from november. and that's tonight's "market focus." shares surged 5%, the biggest gain in three years, on word that andrea jung is stepping down as c.e.o. jung will become executive chairman at the beginning of the year while the legendary 125- year-old company sea

., the outgoing c.e.o.f deutch bank. it was intercepted in germany but there is word the package may have been headed to new york city so now as a precaution authorities, new york city police have put security in place at all the deutch bank buildings in new york city including the primary office which is down on wall street. and now back to the fox report chief correspondent with new information on this. >>jonathan: we get word that new york police department has issued a warning to all new york banks not just deutch bank. all new york banks. to concentrate security efforts right now in their mailrooms after this package was found in the mailroom. it was not, in fact, on the way to new york but addressed to the outgoing c.e.o. of deutch bank based in frankfurt and that was the final destination for this package. but clearly there is great concern there could be more of the bombs out there and so the nypd is saying that all new york banks should look if their mailrooms and check every package and they are s

daniel mudd and freddie mac c.e.o. richard syron the collapse of fannie mae and freddie mac is projected to cost taxpayers $124 billion. are fighting the charges, which syron's attorney calls quote, "fatally flawed." >> reporter: s.e.c. lawyers say, around the time the housing bubble peaked, fannie mae and freddie mac executives used misleading definitions of subprime loans to hide the truth from investors. >> as they were driving up their market share, fannie mae, freddie mac and the executives sought to maintain the illusion that the business involved minimal and manageable credit risk. >> reporter: the sec says former fannie mae c.e.o. daniel mudd and former freddie mac c.e.o. richard syron and four other top executives committed securities fraud, hiding risks that eventually brought down the mortgage giants. the case sites freddie mac's june 2008 disclosure showing the company held $6 billion in subprime loans. the s.e.c. claims the figure should have been $244 billion. fannie mae told investors as late as june 200

>> jack: whoever wins the seat of c.e.o.r, you're innocent, and you're too stubborn to admit that this is all about protecting your family. >> victor: you know, there was a time when you were very angry with me. just remember that feeling. >> sharon: i bet that you've had to spend more than one christmas alone when you were a child. (door opens) >> nikki: thank you. oh. um, i'll wait outside. >> sharon: no, no, that's okay. i'll--i'll come back. >> victor: how are you? >> nikki: oh, victor. i'm so sorry to have put all of you through this, acting like a drunken fool. >> victor: you're ill. >> nikki: no. i am a lush, and... possibly more. i mean, maybe i'm the one who should be in here. >> victor: (sighs) i don't want to discuss this with you any longer, all right? >> nikki: victor, i was too drunk to remember what happened in the park, but that's over. i am determined to find out what happened to me that night. >> nick: sorry we're late. >> adam: i honestly didn't think you'd make it. >> victoria: well, dad brought you back

and david parks c.e.o. of austin capital which has businesses that -- which has 8 businesses that help small businesses manage themselves. so, people don't like you you business people. maybe best buy and staples, they are consumer friendly but the perception is that you don't do much good and the government creates jobs. you are head of the alliance. you formed this to fight that? >> well, we formed the organization to represent small business. and small business itself creates the majority of jobs and employs the majority of the people. and one of the problems in the country is that small business has no voice and because they have no voice it is easy to attack business people and easy to attack business. >> john: why just small business. big business is okay, too. >> in order to have a sustainable long-term economic growth we really need to start focusing on small business and we were all at one point when we started small business and we got ten people together, the founding members and c.e. o.s of one

global c.e.o. jon corzine tells lawmakers he's sorry. >> i simply do not know where the money is or why the accounts have not been reconciled to date. >> susie: from missing money to a losing day on wall street. stocks tumble as european leaders try to solve their debt crisis. >> we should care about the european summit because, at the moment, the biggest financial fire in the world is in europe. >> susie: it's "nightly business report" for thursday, december 8. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. >> tom: good evening and thanks for joining us. "devastated"-- that's how former m.f. global c.e.o. jon corzine describes his reaction to the collapse of the commodity brokerage firm. susie, under hard questioning before a congressional panel, corzine said he did not know what happened to over $1 billion dollars in customer fund

that has to been something that the c.e.o. would have been dealing with him not just on a daily basis but an hourly basis and he would liquidity problems like that are a single day that would have been building up for months perhaps even over a year so i think you'll find that this was in fact what course i'd spent most of his time on so if it is found out that m.f. global did in fact break rules break regulations and use customer money and lose it in ways that they shouldn't have under what circumstances could john corazon a state being held personally responsible. well i mean there are many kinds of responsibility. and he's taken responsibility as captain of the ship but says as captain of the ship he couldn't really be bothered to know that he was steering it aground. in terms of civil rights thora to responsibilities already been sued by employees association it's almost certain that they'll be suits by the securities and exchange commission and the c.f.o. to see as well. by all kinds of a customer to course but in terms o

and david parks c.e.o. of austin capital which has businesses that -- which has 8 businesses that help small businesses manage themselves. so, people don't like you you business people. maybe best buy and staples, they are consumer friendly but the perception is that you don't do much good and the government creates jobs. you are head of the alliance. you formed this to fight that? >> well, we formed the organization to represent small business. and small business itself creates the majority of jobs and employs the majority of the people. and one of the problems in the country is that small business has no voice and because they have no voice it is easy to attack business people and easy to attack business. >> john: why just small business. big business is okay, too. >> in order to have a sustainable long-term economic growth we really need to start focusing on small business and we were all at one point when we started small business and we got ten people together, the founding members and c.e. o.s of one

c.e.o. jon corzine, with more details about missing client money. >> susie: improvement on the jobs front helped stocks move higher. weekly jobless claims fell by 19,000 to their lowest level since may of 2008 with 366,000 workers filing initial claims. that encouraging trend supported stock-- the dow rose 45 points, the nasdaq added just over a point, and the s&p 500 rose nearly four. but despite that positive jobs news, brace yourself for another year of a weak economy and maybe a recession. that's the 2012 forecast from bank of america merrill lynch. here are the highlights: the investment firm expects global economic growth of 3.5%, but here in the u.s., the economy will be weaker, growing less than 2%. and there's a 40% chance of recession in the u.s., and they're predicting a deep recession in europe. the u.s. unemployment rate will stay around 9%, and oil prices will be above $100 a barrel. one of the economists who drafted that report joins us now-- michelle meyer, senior u.s. econom

former washington mutual c.e.o. kerry killinger and his top two lieutenants agreed today to pay $64 million to the federal deposit insurance corp for their role in the bank's collapse. the agency sued for $900 million it claimed the executives encouraged employees to take excessive risks. wamu was seized by regulators in 2008 and sold to j.p. morgan chase. >> tom: another big bank has accepted a settlement over mortgage insurance deals. morgan stanley will get $1.1 billion from bond insurer mbia. in exchange, morgan will drop its lawsuit against mbia over loan guarantees on commercial and residential real estate. the legal fight has dragged on for two years. mbia will drop its lawsuit arguing morgan stanley misrepresented millions of dollars worth of mortgages. >> susie: it's time to think about year-end tax planning. all this week, kevin mccormally editorial director at "kiplinger's personal finance," joins us with tips to help you cut your tax bill. with the spirit of giving in mind, tonight's "tax tips" has a cha

former washington mutual c.e.o. kerry killinger and his top two lieutenants agreed today to pay $64 million to the federal deposit insurance corp for their role in the bank's collapse. the agency sued for $900 million it claimed the executives encouraged employees to take excessive risks. wamu was seized by regulators in 2008 and sold to j.p. morgan chase. >> tom: another big bank has accepted a settlement over mortgage insurance deals. morgan stanley will get $1.1 billion from bond insurer mbia.p its lawsuit agc 2 loan guarant estate. the legal figh mbia doof mnoc rec 2c rec 2noc rec 2noc rec 2 or cuiving in . >> i'm sur you give to quc 2 can be written off on your deductng a me say thiaw i't dona noc rec 2've owned there than a year, the ma ft. you owned the proper2 and since th profit, it doesn't tax when it sells the asse , ch25,000 and you c 2 worth $25,000 today.c here sc to2ck instead of a ia to report if y that will you say you real ayto that way, you'noc rec 2 i'm kevin mccormally. the league begmlckculy he

global c.e.o. john corazon testified on the hill before the house agriculture committee simply do not know where the money is or why the accounts it's not been reconciled to the. there you have it he was on the hill again today dodging the question and today though is a little different this is the first time he's come before his former colleagues in the senate remember john course i was a senator he's also a governor and former c.e.o. of goldman sachs before taking the reins at m.f. global and being at the helm as m.f. global disclose more than six billion dollars on european sovereign debt a bet that went bad a capital shortfall they went bankrupt and client money went missing i wonder though how this all sits with customers who've had their accounts frozen well let's catch up with gerald celente and see what's happening with his money he's founder of trance research institute and publisher of the trends journal but if you recall he made a rather large splash when he came on our show in november

the company sees slow growth in the u.s., and the c.e.o. said he thinks europe will experience a mild recession. the day after the standard and poor's warning about european government credit ratings, the strongest stock sectors today highlight the general lack of conviction. the material sector was the best, but even it was up less than 1%. health care and telecom were up a half of a percent or less. one of the health care stocks moving higher was drug maker pfizer. shares rose 2.5% on heavier than usual volume. p-f-e stock was able to break above $20 per share to close at its highest price since late july. a study of a bladder medicine in elderly patients had encouraging results. fellow drug market eli lilly led the health care sector, jumping almost 4%. it received a bullish research note from the analyst at bernstein who thinks shares could surge if it gets positive results next year from an alzheimer's treatment. a note worthy milestone for mcdonald's. today's less than 1% gain may not seem like much, but it is enough to push m-c-d to

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morgan c.e.o. telling people at an investor conference that acting like everyone who's been successful is bad because you're rich you are bad i don't understand it or johnny allison the the fourth director of b.b. and p. saying and set of an attack on the one percent let's call it an attack on the very productive so all right they've got their talking points out there but the question is what i think is going to buy it joining me to discuss it is peter schiff c.e.o. of euro pacific capital peter thanks so much for joining us tonight and i guess i want to start you know you when you went down to occupy wall street as a county park you had a little sign i am the one percent you said somebody has got to do it and do you feel like you have some company now well of course there are a lot of people in the one percent but unfortunately i think that particular bloomberg story focused on the wrong portion of the one percent they interviewed a lot of bankers a lot of people who benefited from the wall street