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Goldman Sachs' record profits, Obama on unemployment, Madoff arrives in prison
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MOST POPULAR BUSINESS NEWS: July 14, 2009
1. Goldman Sachs Posts Record Profits
Goldman Sachs Group Inc. posted record earnings less than a year after the firm took $10 billion in U.S. rescue funds. Net income for the second quarter was $3.44 billion, or $4.93 a share, which surpassed analysts' expectations, and was 65 percent higher than last year’s second quarter.
The Wall Street powerhouse has repaid the government’s bailout money along with $426 million in dividends to taxpayers.
2. Madoff Arrives in Federal Prison in North Carolina
Bernard L. Madoff arrived at a federal prison in Butner, N.C., to start serving a 150-year sentence that he chose not to appeal. Madoff arrived at the Butner Federal Correctional Complex Tuesday morning. The 71-year old has a projected release date of Nov. 14, 2139.
3. Obama Expects Continued Unemployment
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President Barack Obama mentioned that the unemployment rate will keep growing for "several months." "My expectation is, is that we will probably continue to see unemployment tick up for several months," Obama said on Tuesday. "And the challenge for this administration is to make sure that even as we are stabilizing the financial system ... are people able to find good jobs that pay good wages?"
4. 10 Cities with the Most Job Postings
1. Washington, D.C.
2. Baltimore
3. San Jose, Calif.
4. Austin
5. Hartford, Conn.
6. Seattle, Wash.
7. Salt Lake City
8. Denver
9. Boston
10. Las Vegas
5. Exxon Sinks $600M Into Algae-Based Biofuels in Major Strategy Shift
ExxonMobil Corp. has announced that the company is getting into renewable energy with a $600 million investment in algae-based biofuels. The oil major is joining biotech company Synthetic Genomics Inc. to research and develop next-generation biofuels produced from sunlight, water and waste carbon dioxide by photosynthetic pond scum.
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