Dow drops 240 to seven-week low
Shares of chemicals maker DuPont fell nearly 9% Tuesday after reporting weaker-than-expected quarterly earnings.
October 23rd, 2012
02:52 PM ET

Dow drops 240 to seven-week low

[Updated at 5:46 p.m. ET] The day started off poorly for stocks and never really got better. The Dow Jones industrial average ended up sliding 240 points for the day, putting the Dow at a seven-week low.

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Filed under: Economy • Finance
October 23rd, 2012
10:30 AM ET

Dow drops 200 points

It's been a rough morning for stocks, with the Dow Jones dropping 200 points in the opening hours of the U.S. market.

With no data on the U.S. economy Tuesday, investors were focused on the latest quarterly reports from corporate America - and those reports were bad.

For more information on what's behind it all, head over to CNNMoney.com.

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Filed under: Economy • Finance
Citigroup CEO steps down
Vikram Pandit has stepped down as CEO of Citigroup.
October 16th, 2012
09:28 AM ET

Citigroup CEO steps down

Citigroup's CEO is stepping down, ending his tumultuous five-year reign as leader of the third largest bank in the United States.

The surprise announcement by Vikram Pandit sent the company's shares down 2% this morning, no doubt, as shareholders wondered what the move meant for Citigroup.

Citigroup's President and COO John Havens also resigned.

For more on the shake-up, head over to CNNMoney.com.

September 10th, 2012
06:08 PM ET

Comments: Union teachers striking when other people can't even find work?

Editor's note: We're listening to you. Every day, we spot thought-provoking comments from readers. Here's some comments we noticed today.

In a tight economy, the sight of striking teachers in Chicago has many readers seeing red. On CNN iReport, we're seeing photos from the picket lines. Should teachers be asking for more when people have less? Sam Chaltain writes in an education opinion piece that the issues in this situation apply well beyond the heartland.

My View: The whole world is watching Chicago, once again

Some readers who posted comments wondered if teachers see themselves as above the standards of other professions, while others wondered how performance should be measured.

Chris: " 'Teachers want job security.' ‚Äď That says it all. Why should teachers get job security while the rest of the working world has to *perform* to achieve job security? And sometimes performance isnt even enough... Sometimes the way a system works is just ineffective, and it takes a dislocation of employees onb the journey to make it right, regardless of how effective those employees are individually. I've seen this happen in the business world- fantastically effective colleagues have lost their positions, and it's broken my heart to watch it happen- but then I've watched the business gets stronger and more effective as a result. 'Job security' is a figment of the past. Get over it, and work to make yourself relevent assuming you lose your job tomorrow."

Shelly: "No one debates accountability and evaluation. It is the terms of what does it mean to be an effective teacher? If we hold teachers accountable to student performance on a standardized assessment given on one day, shouldn't we also hold doctors accountable to patient wellness rate on a checkup day, regardless of if the patient took the advice to lose weight or exercise or take their medications? Shouldn't we blame farmers' poor yields in a drought on the farmers' incompetence? People hate teachers lately. If teaching is such a cake-walk job, please go to college and earn your degree so you can join in!"

daveyoung: "When you work for the taxpayers, you have no right to unionize. End of story."

This commenter applauded the efforts of teachers. CNN iReport is asking educators to share why they teach.

aflarend: "Great job, Chicago Teachers! You are standing up for what is right in the classroom. You know that tests are narrowing the curriculum and that they only measure a small part of what a child learns academically in school. As a graduate of a Chicago Public school in the 1980s and one on the far South Side, I know first hand the challenges that you face. And I know your successes since I earned advanced degrees in engineering, thanks in part to several inspiring teachers. Thank you for all your hard work and dedication. And thank you for standing up for students and teachers."

Some said the schools are poorly managed, and parents need to step up and do their jobs.

Barbra & Jack Donachy: "By and large, Chicago's public schools have been a mess for a very long time as one reform after another has ultimately gone nowhere. Like his friend President Obama, Chicago Mayor Rahm Emanuel seems to be taking a tack that puts too much emphasis on standardized test scores and places too much blame on teachers for the failure many of Chicago's schools. It is frustrating that, like Mr. Obama, the mayor has given up attempts to get to the root of the problems in our education system (horrible leadership from school and district administrators and the school boards that supposedly oversee that leadership) and is instead desperately hacking at the leaves around the fringes of meaningful school reform while pointing a wrongly accusatorial finger at teachers. No company, no team, no military unit, no group of teachers can rise above the level of their leadership for any length of time, and until we make positive changes in terms of getting better superintendents, better principals, and better school boards our public schools will continue to founder.

J: " 'The real problem' are parents, not district administrators, not school boards, and not teachers, when it comes to test scores. Parents are a child's real teacher and most are no where involved in their children's academic life. Stop making excuses that other people are responsible for educating our children. PARENTS PARENTS PARENTS. I am so tired of people making excuses on this subject ‚Äď get involved with your children's education and recognize that you, the parent, are ultimately responsible and you only have yourself to blame."

The main story about the strike got thousands of comments from readers angry about the news. FULL POST

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Filed under: Comments • Economy • Education • Illinois • Taxes • U.S.
August 15th, 2012
12:42 AM ET

CNN Prime Time: Paul Ryan's first interview; police show how man shot himself

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VP Pick Paul Ryan gives first TV interview

Republican vice presidential candidate Paul Ryan gives his first one-on-one interview since becoming the nominee.

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Police reenact mysterious death

Police say Chavis Carter shot himself in the head when he was handcuffed in the back of a police car. They demonstrate how it may have happened.

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Hope Solo: I have a bad rep

Olympian and U.S. soccer champ Hope Solo talks to Piers Morgan about her reputation in the media.

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Filed under: 2012 Election • Arkansas • Budget • CNN Prime Time • Crime • Drugs • Economy • Finance • Justice • Marijuana • Mitt Romney • Olympics • Politics • Soccer • Sports • TV-Anderson Cooper 360 • TV-Piers Morgan • Uncategorized
Comments: Are Reid's tax allegations smart move or abuse of congressional power?
Senate Majority Leader Harry Reid says Mitt Romney went 10 years without paying taxes, and readers are talking about him.
August 7th, 2012
10:10 PM ET

Comments: Are Reid's tax allegations smart move or abuse of congressional power?

Editor's note: We're listening to you. Every day, we spot thought-provoking comments from readers. What follows is a look at some of the most talked-about stories of the day.

Politics took the reigns of Tuesday's fiery commenting discussions, followed by further debate over Mars exploration and a hard look at the influence of white supremacy groups in the United States. Here's the rundown.

1. Harry Reid vs. Mitt Romney 
2. The big Mars rover question: Is it all necessary? 
3. White supremacy groups 
4. Lupe Fiasco gets heated response 
5. Olympics update: Golden girls, dubious excuses

1. Harry Reid vs. Mitt Romney

This story generated more than 10,000 comments today, dominating conversation on the site. Republican sources say they're in a Catch-22 situation on how to reply to Senate Majority Leader Harry Reid's claims that GOP presidential candidate Mitt Romney went 10 years without paying taxes. They either play along with Reid and keep the conversation going, or they refuse to participate and risk rousing suspicions. Some of our readers say this situation is justified, especially after all the requests for President Barack Obama's birth certificate, while some other readers say they think Reid is playing dirty with Romney to harm his candidacy.

Reid puts GOP in a bind over Romney's taxes

What's Reid really thinking?

NoGasBags: "Harry's a genius. The only way for this issue to die down is for Romney to release the returns and disprove him. There's obviously something in there. Romney's too smart to evade taxes, but by some form of manipulation he may have avoided paying them for several years. I'd say keep the issue going. It's one more issue of secrecy in regards Romney, his ideas, plans and faith. Go too it Harry!"

oddjob3422: "A genius indeed. The move might be politically effective, but it's just another example showing how Harry Reid is the biggest embarrassment in our entire government. The man is absolutely reprehensible to abuse his power as Senate majority leader to hawk his unsubstantiated claims. Doubtless there is someone else pulling the strings, though, because Reid can hardly put together a sentence on his own. To watch the man talk on the Sunday morning political shows is to cringe in embarrassment. I didn't see the footage of his asinine Senate floor screed, but I have little doubt that he was, as usual, looking down at a cue card, slowly and haltingly sounding out words written by others. This is what we are down to – outright slander being tolerated, and the U.S. Senate floor being used as the vehicle to spread it."

Who's hunting who? FULL POST

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Filed under: Comments • Crime • Harry Reid • Mitt Romney • Politics • Race • Taxes • Wisconsin
July 26th, 2012
07:47 AM ET

Thursday's live events

The race to the presidency now turns toward the general election in November.  CNN.com Live is your home for all the latest news and views from the campaign trail.

Today's programming highlights...

10:00 am ET - Geithner on Capitol Hill hot seat - Treasury Secretary Timothy Geithner will be asked about the LIBOR scandal, "fiscal cliff" fears and more when he testifies before the Senate Banking Committee.

FULL POST


Filed under: Budget • Economy • Elections • Finance • On CNN.com today • Politics
July 9th, 2012
07:40 AM ET

Monday's live events

The race to the presidency now turns toward the general election in November.  CNN.com Live is your home for all the latest news and views from the campaign trail.

Today's programming highlights...

11:50 am ET - Obama tax cut announcement - President Obama is expected to ask Congress to pass a one-year extension on Bush-era tax cuts for people earning less than $250,000 a year.

FULL POST


Filed under: Barack Obama • Economy • Elections • Finance • On CNN.com today • Politics • Taxes
July 4th, 2012
07:41 AM ET

Wednesday's live events

Happy 236th birthday, America!  CNN.com Live wishes all of our viewers and fans a happy Fourth of July!

Today's programming highlights...

9:00 am ET - Ex-Barclays CEO on Parliament hot seat - Just one day after resigning as Barclays CEO, Bob Diamond will testify before British lawmakers about the rate-fixing scandal that cost him his job.

FULL POST


Filed under: Economy • Finance • On CNN.com today • Politics
June 13th, 2012
11:07 AM ET

Who is JPMorgan CEO Jamie Dimon?

The CEO of JP Morgan Chase & Co., James Dimon, is testifying before the Senate Banking, Housing and Urban Affairs Committee on Wednesday after a $2 billion trading loss in early May.

He told Congress that the massive loss can be blamed on traders misunderstanding the bets they placed and insufficient risk controls, according to CNN Money.

Dimon, who is also chairman of the nation's largest bank, was invited to speak before the committee in May. The hearings are investigating the loss from a regulatory angle. JP Morgan made its multibillion-dollar blunder due to "negative carry trades," according to CNN Money. FULL POST

Overheard on CNN.com: 'I saw this one coming a mile away,' reader says of Facebook
This thumb points upward at Facebook's headquarters in Menlo Park, California, but many readers see things differently.
May 23rd, 2012
07:11 PM ET

Overheard on CNN.com: 'I saw this one coming a mile away,' reader says of Facebook

Editor's note: This post is part of the Overheard on CNN.com series, a regular feature that examines interesting comments and thought-provoking conversations posted by the community.

We've seen a lot of talk about the Facebook IPO's less-than-stellar debut. Some are surprised; some aren't. We decided to look back at the comments from our readers and see how views have changed or indeed whether they have changed. Here's some comments from before and after the IPO; looks like many are saying "I told you so."

BEFORE

Back at the end of January, we were seeing a lot of cynicism about the IPO. Much of it was centered around the idea that going public might affect the course of a business' mission. We also heard from a lot of readers who said they didn't like Facebook in general. To be fair, there were also plenty of folks who said they thought it was a good move for CEO Mark Zuckerberg and Co.

Facebook IPO's meaning: Zuckerberg faces reality

People at that time were talking about increased focus on profit after an IPO.

BossMoney: "Facebook is now 100% profit-driven ... expect it to turn into an advertising billboard and your personal info to be sold to commercialists as shareholders demand mega-profits from this ... Facebook and Zuckerberg are on the way out ..."

zeitsev: "This will be the end of Facebook. Just like all other companies that thought this was a good idea, a business-minded (not consumer-minded) Board of Directors will oust the CEO, and install another businessman who will ruin everything that Zuckerberg built. Like him or not, Zuckerberg has largely been consumer-oriented and won't allow ads to impede usability. That won't be the case when an MBA gets a hold of it."

Fr33Th1nk3r: "I miss the old, non-corporate capitalism. Where small business thrived, and big business didn't sell your privacy to the highest bidder."

Others were feeling cynical about Zuckerberg.

URKiddinMe: "Now he's going to have to answer to shareholders. I hope they beat him down to a pulp. Can't stand the guy or FB."

whatfor2name: "You cannot compare Zuckerberg to Gates and Jobs. The first one is manipulative and sick, the other two are creative and mature."

BanHammer: "Jealous much?"

This reader was more optimistic. FULL POST

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Filed under: Business • Facebook • Finance • Overheard on CNN.com • Social media • Technology
May 16th, 2012
11:58 AM ET

FBI opens investigation into JPMorgan trade loss

FBI Director Robert Muller said the bureau has opened a preliminary investigation into a major JPMorgan Chase trading loss.

"All I can say is that we have opened a preliminary investigation," Robert Mueller said in response to questions at an FBI oversight hearing on Capitol Hill.

The company had made a surprise announce that it has suffered trading losses of $2 billion since the start of April.

The loss, while massive on the face of it, is expected to be easily absorbed by JPMorgan, which is the nation's largest bank by assets. Even this quarter, the bank is expected to turn a multi-billion dollar profit.

The group that suffered the losses is part of the bank's so-called corporate unit, and had been making trades designed to hedge against risk, which is a fancy way of saying it operates as a kind of insurance agency, CNNMoney.com reported. When a big bet is made, the office tries to find ways to mitigate the risk to the bank should the bet go south.

Over the past few months, the unit has staked out a very large position in insurance-like bets called credit default swaps, the same type of instrument that caused so much havoc in 2008.

CEO Jamie Dimon, who on Monday a $23 million compensation package approved, told analysts and reporters the losses were caused by "errors," "sloppiness" and "bad judgment."

In the wake of the financial crisis, critics have made the case that the biggest banks are still so large, so complex, and their desire for profits so great that they remain a systemic risk to the global financial system.

Dimon, in full damage control mode, was forced to hold a hastily-arranged conference call to announce the loss, and followed that with an appearance on Meet the Press, where he admitted the company had made a mistake.

"This is a terrible mistake," Dimon said. "In this job, you hope they're small and few and far between. This one is far too big."

Read more on JPMorgan:

CNNMoney.com: How JPMorgan made its $2B blunder

CNNMoney.com: Betting against JPMorgan

Fortune: The hedge funds that are profiting off JPMorgan's bad trade

READ FULL CNNMONEY.COM STORY
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Filed under: Business • Economy • Finance
Open Thread: Does JPMorgan CEO Dimon deserve $23 million?
Jamie Dimon is the chief executive officer of JPMorgan Chase.
May 15th, 2012
10:03 AM ET

Open Thread: Does JPMorgan CEO Dimon deserve $23 million?

Jamie Dimon, the CEO of the nation's largest bank, JPMorgan, went before before shareholders at the company's annual meeting Tuesday and had his $23 million pay package approved, CNNMoney.com reports.

The meeting came  just days after the bank disclosed a $2 billion trading loss, an event that led to the departure of its chief investment officer and forced its CEO to apologize for what he called "a terrible mistake."

Dimon, who also serves as the bank's chairman, faced shareholders who have seen the company's stock decline by more than 14% over the previous five trading sessions.

In the wake of the 2008 financial crisis, shareholders have looked upon the nation's largest banks with increased scrutiny, and have often used shareholder meetings to push an agenda of reform.

Read about how JPMorgan made its multi-billion dollar blunder, and how Dimon gets $23 million for 2011 and bragging rights and then let us know in the comments section how you feel about the CEO's $23 million compensation package.

Do you think Dimon should get that kind of compensation? Does he deserve the pay considering how much his company profits or does a message need to be sent to major bank executives? Let us know below and we may feature your comments on CNN.com

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Filed under: Business • Economy • Finance
May 14th, 2012
08:02 PM ET

Overheard on CNN.com: Wild times on Wall Street, busy day for business news

Editor's note: This post is part of the Overheard on CNN.com series, a regular feature that examines interesting comments and thought-provoking conversations posted by the community.

Things have been eventful in the business world. Readers are certainly talking about these recent developments.

JPMorgan investment chief out

Ina Drew, JPMorgan Chase's chief investment officer, has left the bank after revelations of a $2 billion loss sustained over the past six weeks. Readers talked about the fact that she is retiring.

Cliff Eden Gardner: "Wow, wish I could still be set for life after costing my company billions."

dcjohnny: "Go to school, then work 80 hours a week, then go back to school, then work even harder. Ascend to the respect level she commanded via an extraordinary career, and then Рif you find yourself at the tail end of a bad decision gone haywire Рyou will most likely be able to retire with more money than any of your friends. You know how not to reach that potential? Complain about others and elect people who will throw you the occasional scraps from their table every election cycle."

Melissa Walker: "Someone costs your company $2 BILLION and you're allowed to retire? With a golden parachute and pension and everything? Sheesh, even after the financial collapse, it's clear the Fat Cats don't get it - FIRE THE WITCH-RHYMES-WITH and let her enjoy the wide world of unemployment and looking for a job at her age with her 30 years of experience."

mwilder: "Until we have regulations in place this will continue to happen. Plain and simple."

Similar conversation, with a dash of wisecracks, followed this story. FULL POST

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Filed under: Business • Economy • Facebook • Finance • Overheard on CNN.com
May 3rd, 2012
07:47 AM ET

Thursday's live events

The race to the presidency now turns toward the general election in November.  CNN.com Live is your home for all the latest news and views from the campaign trail.

Today's programming highlights...

12:00 pm ET - Ali Velshi and Christine Romans chat - CNN's Ali Velshi and Christine Romans join us to talk money, the economy, stocks and real estate.  Send questions via Twitter to @AliVelshi and @ChristineRomans and they may answer them on air!

FULL POST


Filed under: Budget • Economy • Elections • Finance • On CNN.com today • Politics
Adviser to lottery winners: Take the money and hush
Neysa Thomas, the Kansas Lottery deputy executive director, presents a Mega Milions jackpot check to 'Anonymous.'
April 18th, 2012
05:03 PM ET

Adviser to lottery winners: Take the money and hush

The Butlers kept their secret for more than two weeks, but like most lottery winners they eventually had to let the world know of their millions.

It was revealed Wednesday that Merle and Pat Butler, a 60-something couple from the tiny St. Louis suburb of Red Bud, Illinois, had the third and final winning ticket in the $656 million Mega Millions jackpot from March 30.

Their take was $217 million, which comes to $158 million after taxes, and the couple had good reason for waiting so long to come forward.

‚ÄúI figured the quieter I keep it, the better we are to get it set up and get it going before we did the claim,‚ÄĚ Merle Butler said.

Michael Boone, a Bellevue, Washington-based wealth manager, said he often encourages clients with ‚Äúfound money‚ÄĚ ‚Äď that is, inheritance, lottery winnings or high-dollar sports contracts ‚Äď to keep a low profile.

It seems at least a few lucky souls got similar advice. Of 10 past lottery winners CNN tried to reach, seven had changed their numbers. Of the three who answered their phones, two politely declined to discuss their experiences.

‚ÄúI still prefer to remain anonymous,‚ÄĚ said a past District of Columbia Lotto winner.

FULL POST

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Filed under: Finance • Illinois • Kansas • Lotto • Maryland • U.S.
5 options for down-to-the-wire tax filers
April 17th, 2012
12:48 PM ET

5 options for down-to-the-wire tax filers

Still haven't filed your tax returns? Americans have until midnight Tuesday to send them in, and even the worst of procrastinators still have time and opportunities to meet the deadline. Here are five ways to do it:

1) Did you make under $57,000? File electronically, with software assistance, free:

Electronically filing federal and state returns with tax software isn't just swift Рit can be free for people whose adjusted gross income is $57,000 or less. Fifteen companies are offering their tax software for federal returns through the IRS’s website. Some other restrictions Рsuch as age, state and military status Рmay apply, depending on the company. Some of these companies support free filing for state tax returns; some offer state service for a fee.

FULL POST

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Filed under: Taxes
Overheard on CNN.com: Death, taxes may be certain, but procrastination is another story
Tax deadlines have stirred up a lot of conversation, both personal and political, in our comments sections.
April 13th, 2012
05:08 PM ET

Overheard on CNN.com: Death, taxes may be certain, but procrastination is another story

Editor's note: This post is part of the Overheard on CNN.com series, a regular feature that examines interesting comments and thought-provoking conversations posted by the community.

Commenter Leecherius quoted that old saying about death and taxes. Most of us certainly tend to procrastinate about the former, and a sizeable portion prefer to put off the latter. You can always celebrate with wine at the end. So, why do we do wait?

There's still time left to file your taxes

For some, the answer lies in whether or not they owe money. Readers discussed online tax preparation and deadlines.

Sacto06917: "If your return is relatively simple and you earn under circa $65,000 per year, I'd recommend using the online tax filing services like TaxACT or TurboTax Online. That way, you just enter your entity information (name, address and Social Security number), your W-2 information, estimate payment information, and 1099-MISC, 1099-DIV and/or 1099-INT data and let the online system create the return."

jujutsuka: "I guess I don't understand why people wait until the last minute. Unless you've got all kinds of crazy investments or business dealings, it's not really a pain. For the average person who doesn't itemize, doesn't own a business, etc., there's really no excuse to wait ... you just up your stress level by putting it off. I've been using TurboTax for the last few years. I've never had trouble with it."

Pinky: "It's called "Procrastination". or laziness ;)"

ChrisInMN: "This year I owe $750. Why would I or should I pay it early?"

wfrobinette: "I had over $200,000 in income and used Turbo Tax online. Why pay someone to find deductions when they just aren't there.

Some people are feeling a little grouchy about the whole thing. FULL POST

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Filed under: Economy • Finance • Overheard on CNN.com • Politics • Taxes
March 22nd, 2012
07:42 AM ET

Thursday's live events

The race to the Republican presidential nomination heads to Louisiana.  Watch CNN.com Live Saturday for results and reactions from the Louisiana primary.

Today's programming highlights...

9:30 am ET - IRS tax fraud hearing - IRS Commissioner Douglas Shulman testifies before the House Ways and Means Committee on what the agency is doing to fight tax fraud.

FULL POST


Filed under: Economy • Elections • Finance • Politics • Republican Party • Taxes
This Week's Top Videos
February 24th, 2012
02:38 PM ET

This Week's Top Videos

Editor's Note: This post is a recap of the top five videos on CNN.com from the past week. So in case you didn't catch our best videos during the week, here is your chance to see what you missed.

This week's top videos ranged from bizarre, to humorous to just plain tragic. From crazy sea creatures to ogling royals to a heart-wrenching rescue, here are this week's five most popular videos.

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1

Caught ogling her royal assets

Was the royal bosom ogled? CNN's Jeanne Moos reports on men caught up to their eyeballs in cleavage.

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2

Woman shot with Taser now brain dead

A woman shot with a Taser by a trooper in Florida, falls into a coma. Jane Velez-Mitchell speaks with her parents.

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3

Strange fish with 'wings' and 'legs'

Check out this strange fish found in a Chinese market, which one man thought had wings and legs.

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4

Gov. Christie's harsh words for Buffett

New Jersey Gov. Chris Christie says if Warren Buffett wants to pay more taxes, he can just write a check

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5

Passerby finds starved teen on roadside

The stranger who rescued a malnourished teen lying on the side of the road speaks with CNN's Brooke Baldwin.

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Filed under: Animals • Child safety • Crime • Economy • Fish • Justice • Missing Children • Most Popular • Politics • Taxes • Uncategorized
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