Fraudster Madoff is denied early release
Bernard Madoff, who defrauded investors of more than $19 billion in history's biggest Ponzi scheme, won't be released early from his 150-year prison sentence because he is terminally ill.
U.S. Circuit Judge Denny Chin in Manhattan rejected Madoff's request Thursday. After Madoff's plea for his freedom in February, 520 of his victims wrote to the court, with 96% of them arguing against his early release.
"When I sentenced Mr. Madoff in 2009, it was fully my intent that he live out the rest of his life in prison," Chin said in his ruling. "Nothing has happened in the 11 years since to change my thinking."
Madoff, 82, had asked the judge for early release after serving just 10 years, saying he suffers from terminal kidney failure and other ailments and likely had 18 months to live.
-- Bloomberg News
Mortgage rates rise as economy perks up
Encouraging economic news pushed mortgage rates higher this week.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ticked up to 3.18% with an average 0.7 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was a record-low 3.15% a week ago and 3.82% a year ago.
Freddie Mac, the federally chartered mortgage investor, aggregates rates from 125 lenders across the country to come up with national average rates. It uses rates for borrowers with flawless credit scores. These rates are not available to every borrower.
The 15-year fixed-rate average was unchanged at 2.62% with an average 0.7 point. It was 3.28% a year ago. The five-year adjustable-rate average slipped to 3.1% with an average 0.4 point. It was 3.13% a week ago and 3.52% a year ago.
"Mortgage rates rose just slightly on the week, noticeably in the last couple days as key economic reports exceeded consensus expectations," said Matthew Speakman, a Zillow economist. "As reports continue to emerge that show the economy may be beginning a modest recovery, suddenly there appears to be upward pressure on bond yields, and thus mortgage rates."
-- The Washington Post
Arkansas Index adds 2.34, ends at 392.37
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 392.37, up 2.34
"Interest-rate sensitive sectors, including real estate and utilities, led stocks lower following the market's recent rally ahead of the May payroll report due for release this morning," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 06/05/2020