Federal Reserve Seeks To Police Bankers' Pay

FOR THE FIRST TIME, THE FEDERAL RESERVE COULD POLICE THE PAYCHECKS AT BANKS.

UNLIKE A TREASURY PLAN TO SLASH PAY AT SEVEN COMPANIES THAT RECEIVED BAILOUT MONEY FROM THE GOVERNMENT, THE FED'S PROPOSAL WOULD COVER THOUSANDS OF BANKS -- EVEN THOSE THAT NEVER RECEIVED TAXPAYER DOLLARS.

INSTEAD OF ACTUALLY SETTING COMPENSATION, THE FED WOULD REVIEW AND COULD VETO PAY POLICIES. THE GOAL IS TO MAKE SURE COMPANIES ARE NOT ENCOURAGING WORKERS TO MAKE TAKE RISKY BETS.

THE NUMBER OF AMERICANS APPLYING FOR FIRST TIME UNEMPLOYMENT BENEFITS JUMPED MORE THAN EXPECTED LAST WEEK.

CLAIMS HAD FALLEN IN FIVE OUT OF THE PREVIOUS SIX WEEKS. MOST ECONOMISTS EXPECT THAT TREND TO CONTINUE BUT AT A SLOW PACE,WITH EMPLOYERS STILL RELUCTANT TO HIRE.

DESPITE RISING UNEMPLOYMENT, CORPORATE PROFITS ARE SHOWING SIGNS OF LIFE.

MCDONALD'S SAYS PROFIT CLIMBED ALMOST 6 PERCENT LAST QUARTER AS CUSTOMERS GOBBLED UP ITS NEWEST, MORE EXPENSIVE ANGUS BURGERS.

STRONG PROFITS NOT ONLY FROM MCDONALDS BUT ALSO ATT AND TRAVELERS PUSHED THE DOW UP TRIPLED DIGITS..
GAINING CLOSE TO 132 ON THE DAY
THE NASDAQ ROSE 14 POINTS

AND WALMART IS GETTING BACK TO ITS DEEP DISCOUNTING ROOTS. THE RETAILING GIANT PROMISES STEEP PRICE CUTS ON ALL ITEMS, ESPECIALLY TOYS AND BOOKS THIS HOLIDAY SEASON. TOY R' US SAYS IT'S READY TO ANSWER BACK WITH AGGRESSIVE PRICE CUTS OF ITS OWN.

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