New York (CNNMoney) - Gun enthusiasts are buying firearms with unparalleled zeal. As a result, ammunition is in short supply nationwide.
"We can't get any inventory within a 100-mile radius," said Mark Campbell, owner of Mid America Arms in St. Louis. He's having a hard time keeping ammo in stock. "It started right around the election, as soon as President Obama mentioned gun control. But right after the school shooting in [Newtown] Connecticut, that's when it went crazy."FULL STORY
NEW YORK (CNNMoney) – The Hill, a political news site, unveiled its annual list of the 50 richest lawmakers on Tuesday. Rep. Michael McCaul, a Republican from Texas, held on to the top slot with a cool $290.5 million.
"McCaul remains in the stratosphere of the very richest members of Congress," said The Hill, noting that his wealth "stems from several family trusts," and that his father Lowry Mays founded Clear Channel Communications. His value actually rose by $3 million in 2011, the time period covered in the list.FULL STORY
Davos, Switzerland (CNNMoney) – Cisco Systems CEO John Chambers said Thursday that doing business in Russia is easier than in the United States.
Chambers also told CNNMoney's Poppy Harlow that he endorses businessman and former Massachusetts Gov. Mitt Romney for president.FULL STORY
NEW YORK (CNNMoney) - Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm's failure Thursday and told a House committee that he doesn't know where the missing money went.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," said Corzine, the former Democratic senator and governor of New Jersey, in prepared testimony to the House Agriculture Committee on Thursday.FULL STORY
NEW YORK (CNNMoney) - Republican leaders in Congress have asked Federal Reserve Chairman Ben Bernanke to refrain from any further monetary stimulus during policy makers' two-day meeting ending Wednesday.
"Respectfully, we submit that the board should resist further extraordinary interventions in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people," read a letter from Republican leaders and addressed to Bernanke.FULL STORY
New York (CNNMoney) - Gov. Rick Perry of Texas, a Republican candidate for the presidency, dropped into New York City on Monday to court the support of Hispanic business owners.
Perry met with dozens of supporters at Papasito Mexican Grill and Agave Bar in the heavily Hispanic neighborhood of Inwood in the northern part of Manhattan. He came at the request of Fernando Mateo, a stockbroker who owns several taxi companies and a construction company, and whose wife is an investor in Papasito.FULL STORY
New York (CNNMoney) - New York City Mayor Michael Bloomberg is worried that high U.S. unemployment could lead to the same kind of riots here that have swept through Europe and North Africa.
"You have a lot of kids graduating college, [who] can't find jobs," said Bloomberg, during his weekly radio show on Friday. "That's what happened in Cairo. That's what happened in Madrid. You don't want those kinds of riots here."FULL STORY
NEW YORK (CNNMoney) - Ratings agency Standard & Poor's is being investigated by the U.S. Justice Department for allegedly overrating mortgage-backed securities, whose meltdown led to the 2008 financial crisis, according to two sources with knowledge of the investigation.
The sources confirmed to CNN that Justice Department attorneys interviewed current and former S&P credit analysts earlier this year.FULL STORY
(CNNMoney) - It would be "treasonous" if Chairman Ben Bernanke tried to use Federal Reserve policy to stimulate the economy before the election, Texas Governor Rick Perry said at a campaign stop in Iowa.
During an appearance in Cedar Rapids, in what appeared to be a backyard with a child's slide, Perry invoked folksy language to explain what he'd like to do to Bernanke if the chairman decides to engage in more quantitative easing.FULL STORY