General Motors (GM) has more than doubled the number of vehicles it is recalling due to a faulty ignition switch. The company also reported more deaths attributed to the faulty switch. The initial recall on Feb. 13 included two models, the 2005-2007 Chevrolet Cobalt and the 2007 Pontiac G-5. Yesterday, G.M. expanded to more models across several brands including the 2003-2007 Saturn Ion, 2006-2007 Chevrolet HHR, 2006-2007 Pontiac Solstice and the 2006-2007 Saturn Sky. In total, about 1.62 million vehicles are now included in the recall. The company said heavy key rings can move the ignition from "run" to "accessory," which shuts off the engine and disables the front air bags.
A Senate committee is blasted Credit Suisse (CS) for recruiting U.S. customers to open Swiss bank accounts in order to avoid paying taxes. Those accounts were worth as much as $12 billion. The Senate investigation found that between 2001 and 2008, Credit Suisse sent bankers to the U.S. to recruit customers, and opened accounts and shell companies that weren't reported to the US. About 1800 bankers were involved. The report also criticized the Justice Department for not been aggressive enough in finding the names of all the account holders. The subcommittee, which has only received 238 names of the 22,000 customers it says were involved, will hold a hearing on the matter this morning. Credit Suisse executives and Justice Department officials are scheduled to testify.
And Bitcoin exchange Mt. Gox has been in the news this week for going offline yesterday, and the Wall Street Journal reports that federal prosecutors from New York sent Mt. Gox a subpoena to preserve documents. Mt. Gox's troubles seemed to affect the price of the currency, but only temporarily. The price of Bitcoin rebounded from a low of $422.63 yesterday to trading as high as $598.41 this morning - according to Coindesk. So what do you think about this currency? Do you think Bitcoin will survive? Cast your vote below and post your comments as well.
- Credit Suisse