m.f. 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 funds. >> susie:

m.f. global 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. economist at bank

m.f. global c.e.o. jon corzine is back on capitol hill facing questions from the senate agricultural committee about g client money. also tomorrow, manpower issues its hiring outlook for next year and the federal reserve hosts its last policy meeting of the year. we'll find out what ben bernanke and other fed policymakers say about the economy. the justice department's challenge to the $39 billion merger of at&t and t-mobile is on hold. >> or whether to give up on the merger all together this that comes after a fed ral judge ruled today to put the justice's departments challenge to the merger on hold, the judge wants eight to deliver a status report by mid-january that specifically states if it plans to fight for the deal. >> tom: in an unprecedented move the securities and exchange commission is going after the agency that ensures investor brokerage accounts in the u.s. the suit against the securities investor protection corporation known as the sipc is an effort to repay victims of an alleged $7 billion ponzi sch

m.f. global employees filed a class-action lawsuit against jon corzine-- the firm's former c.e.o.-- and otheres. the suit says they lied to employees about the firm's financial condition. here's what we're watching for tomorrow: quarterly results from retailers pep boys and men's warehouse, along with luxury homebuilder toll brothers. also tomorrow, it's the largest youth football and cheerleader program in the world. "beyond the scoreboard" looks at how pop warner has weathered a weak economy and how it's stayed in business for more than 80 years. you may see fewer cars at the mall this weekend. more than a third of u.s. shoppers are already done with most of their holiday shopping, according to a new survey. another 28% of people surveyed said they plan to take a break from spending now that black friday is behind them. about four in ten shoppers plan to finish checking off their holiday lists at discount chains, highlighting that many americans are trying to remain frugal. >> tom: were bond holders misled about the miami marlins finances while being encouraged to buy bonds to build a new b

senator jon corzine testified before his old congressional colleagues today over the role he played in the downfall of the securities firm m.f. global. corzine was c.e.o. of the now bankrupt company that had more than a billion dollars of clients' money go missing. his appearance before the house agriculture committee was the first time he's spoken publicly since the firm went bankrupt. >> i simply do not know where the money is or why the accounts have not been reconciled to date. i apologize both personally and on behalf of the company to our customers, our employees, and our investors. i truly know they are bearing the brunt of the impact of our firm's bankruptcy. >> sreenivasan: corzine said he felt obligated to testify as a former member of congress, even though he could have invoked his right to silence. this was the first time in over 100 years congress has subpoenaed a former u.s. senator. senate republicans blocked president obama's nominee to a new consumer watchdog agency today. richard cordray did not receive enough votes to move forward toward confirmation. the consumer financial protection bureau was created in the wake of the 2008 finan