The Treasury will borrow $34.5 billion from the public next week, a record for quarterly borrowing. The offerings will include $12.5 billion in three-year notes on Tuesday, $11 billion in 10-year notes on Wednesday and $11 billion in 30-year bonds on Thursday.
A federal judge refused to dismiss a $200 million lawsuit brought by the FDIC against Neil Bush and 10 other officers and directors of the defunct Silverado Banking, Savings and Loan. Bush and another former director tried to have the suit dismissed, saying the FDIC didn't have enough evidence to support the charges.
Sears had $10 billion worth of debt downgraded by Standard & Poor's, and the rating agency predicted the poor state of Sears's business may eventually force a change in the company's structure.
Continental Airlines is adding 14 flights out of Newark each day to fill the gap left by Eastern Air Lines. Continental, which is in bankruptcy proceedings, said 12 of the flights will be to Florida and two will go to Atlanta.
The Trump Shuttle was awarded the contract for U.S. government air travel between New York and Washington and New York and Boston in 1991. The shuttle said its government fare for official travel on those routes will be $59 one way.