Citigroup faces $7 billion mortgage reckoning

CNNMoney: Published reports say Citigroup is close to a $7 billion deal to settle charges that it packaged bad mortgages during the run-up to the financial crisis. The amount is far more than the $4 billion Citi was reported offering to pay as recently as June. But the Justice Department is said to have threatened to sue the bank if it did not reach a larger settlement.

 

American Apparel is said to strike rescue deal with investor

Bloomberg: American Apparel Inc. will get $25 million from investor Standard General LP in an agreement that shakes up the board and lets the struggling retailer pay off a $10 million loan, a person familiar with the matter said. The financing deal gives a lifeline to the unprofitable retailer after the ouster of founder Dov Charney, who had served as American Apparel's chairman and chief executive officer, and a demand by creditor Lion Capital LLP to pay back $10 million in debt.

 

Potato salad Kickstarter campaign raises nearly $60,000

NBC4 Washington: The world's most expensive potato salad is taking over Kickstarter. Zack Brown of Columbus, Ohio, has raised nearly $60,000 on the popular fund-raising site to make his first potato salad. With 24 days to do, donations are still pouring in. Brown was originally asking for just $10.