First-time jobless claims drop by 23,000
WASHINGTON, Dec. 8 (UPI) -- First-time jobless benefit claims fell by 23,000 in the week ended Saturday with 381,000 claims filed, the U.S. Labor Department said.
It was eighth weekly decline in the past nine weeks. The four-week rolling average for first-time claims filed as of Saturday was 393,250, down 3,000 from the previous revised average, the department said.
The Labor Department said November's unemployment rate was 8.6 percent, down from 9 percent in October.
For the week ending Nov. 26, Wisconsin posted the largest increase in first-time claims with 8,172 additional claims filed. California posted the largest decrease in first-time claims with 27,440 fewer claims filed.
Corzine testifies about MF Global collapse
WASHINGTON, Dec. 8 (UPI) -- Former New Jersey Gov. Jon Corzine says he doesn't know what happened to hundreds of millions of dollars that disappeared from MF Global.
Corzine, who resigned as CEO of the commodities brokerage Nov. 3., said he was stunned to learn shortly before the firm filed for bankruptcy at the end of October that it could not account for "many hundreds of millions of dollars of client money."
The one-time U.S. senator said he did not generally involve himself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine said in testimony prepared for delivery Thursday to Congress. "I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules."
The firm, which is now in liquidation, was required to keep clients' money separated from its own, the Washington Post said.
More than $1.2 billion may be missing, the newspaper said.
"I sincerely apologize, both personally and on behalf of the company, to our customers, our employees and our investors, who are bearing the brunt of the impact of the firm's bankruptcy," Corzine said.
Holder: Operation effects seen for years
WASHINGTON, Dec. 8 (UPI) -- Guns lost in the Operation Fast and Furious anti-firearms trafficking operation will show up at crime scenes for years, U.S. Attorney General Eric Holder said.
"Although the [Justice] Department has taken steps to ensure that such tactics are never used again, it is an unfortunate reality that we will continue to feel the effects of this flawed operation for years to come," Holder said in opening remarks to the House Judiciary Committee Thursday. "Guns lost during this operation will continue to show up at crime scenes on both sides of the border."
In providing background, Holder told the committee that the department has devoted "significant resources" to battling gun violence along the U.S.-Mexico border, specifically addressing the "unacceptable rate" of illegal firearms being moved from the United States to Mexico.
Operation Fast and Furious allowed U.S. guns to be purchased by Mexican gun cartels. The plan was to track guns to bring down smuggling networks. One of the guns was used to kill U.S. Border Patrol agent Brian Terry. Congress has been investigating the Fast and Furious operation for about a year, but the patrol agent's death prompted greater scrutiny and some calls for Holder and other top Justice Department officials to resign.
U.S. withdrawal from Iraq proceeding well
BAGHDAD, Dec. 8 (UPI) -- The withdrawal of U.S. troops from Iraq is proceeding well, commanders said, and all troops will be gone well before the Dec. 31 deadline.
Camp Adder, one of just five U.S. bases now occupied by the 8,000 troops still in Iraq, will be the last to close, the Los Angeles Times reported Wednesday.
"We're quickly, quietly and professionally moving out," Army Lt. Col. Charles Krumwiede said.
Krumwiede said no U.S. troops will remain in Iraq secretly, despite suspicions voiced by some Iraqis.
"We're honoring the security agreement" reached in 2008 between the George W. Bush administration and the Iraqi government, he said.
A senior Pentagon official said 200 to 300 military trainers will remain on 10 Iraqi bases.
Fewer than 4,000 troops remain in Iraq and officials say they will likely be out in the next few days, Voice of America said.
Geithner endorses Sarkozy-Merkel debt plan
BRUSSELS, Dec. 8 (UPI) -- U.S. Treasury Secretary Timothy Geithner endorsed a plan offered by France and Germany to resolve the eurozone debt crisis Thursday.
The plan, offered by French President Nicolas Sarkozy and German Chancellor Angela Merkel, would reshape the eurozone through tough budget discipline, the British newspaper The Guardian reported.
"We are very encouraged with the progress that is being made," Geithner said after meeting with French Finance Minister Francois Baroin.
Ahead of a crucial European Union summit Thursday and Friday in Brussels, Geithner said eurozone governments were capable of putting in place the economic reforms needed to restore growth.
Ahead of the summit, German and French officials said they doubt the meeting would create a comprehensive EU-wide accord.
"I am more pessimistic than I was last week that there will be an overall agreement," a senior German official told reporters, speaking on condition of anonymity. "A lot of the protagonists still have not understood how serious the situation is."
