When Lehman Brothers collapsed in 2008, it was the largest bankruptcy in U.S. history. More than three years later, Lehman is emerging from Chapter 11. The firm is really just back in business to liquidate itself. Lehman has about $65 billion in assets that it intends to distribute among its many creditors starting next month.
In Houston Tuesday, a federal jury convicted Texas financier R. Allen Stanford of running a massive Ponzi scheme. Jurors agreed with prosecutors, who claimed he ran a global scheme that lasted more than 20 years and involved more than $7 billion in investments.
President Obama held a wide-ranging news conference Tuesday. He bluntly challenged Republican critics of his Iran policy — saying the stakes are too high to let politics intrude. The news conference was designed to steal some of the spotlight from GOP presidential hopefuls on Super Tuesday.
It's MORNING EDITION from NPR News. I'm Steve Inskeep.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne.
It was the biggest day yet in the Republican presidential race. Mitt Romney hoped that Super Tuesday would reinforce his frontrunner status. And to some degree it did. He won six of the 10 states, including the most populous and hotly contested state, Ohio.
Let's devote the next few minutes to the subject that President Obama began his press conference on, the U.S. housing market. The president pointed out that in many ways the U.S. economy is looking up. But...
PRESIDENT BARACK OBAMA: There are still millions of Americans who can't find a job. There are millions more who are having a tough time making the rent or the mortgage, paying for gas or groceries. So our job in Washington isn't to sit back and do nothing. And it's certainly not to stand in the way of the recovery.