J. C. Penney sharply cut its earnings forecast for the first three months of the year, blaming the tough economy, yet another sign of distress in American retailing.

Treasury Dept. Plan Would Give Fed Wide New Power
A plan that would give the Federal Reserve broad authority to oversee financial market stability could expose Wall Street to new scrutiny, but it avoids a call for tighter regulation.

Housing protests hit Bear
NACA, a housing advocacy group, sends 60 protestors into the lobby of Bear Stearns headquarters to demand help for homeowners facing foreclosure

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Tishman Speyer wins Hudson Yards bid
Tishman tops rivals with higher offer, says it will develop entire site without partners

3 Firms Are Asked for Data on Auction-Rate Shares
The three firms subpoenaed by the top securities regulator in Massachussets are Merrill Lynch, UBS Securities and Banc of America Investment Services.

Text: Treasury s Summary of Regulatory Proposal
Following is the executive summary of the Blueprint for Financial Regulatory Reform, a report from the Treasury Department on ways to improve oversight of the financial services sector.

Starrett City bidders grow to four
The National Housing Partnership Foundation and new york Housing Partnership have expressed interest in the 5,800-unit complex.

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