Econ 101: December 8, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • European central banks “have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely.” [Wall Street Journal]
  • The rating agency Standard & Poor’s put the entire European Union on negative watch yesterday. [Business Insider]
  • The Senate is scheduled to vote today on the nomination of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. [New York Times]
  • Jon Corzine will testify on Capitol Hill today about what happened at his failed brokerage firm, MF Global, that caused them to lose more than $1 billion in customers’ money. [CNN Money]
  • Speaker of the House John Boehner (R-OH) plans to unveil the latest plan for extending the soon-to-expire payroll tax cut. [The Hill]
  • Attorney General Martha Coakley (D-MA) is pushing federal regulators to investigate Ally Financial “for allegedly carrying out illegal foreclosures and submitting false documents related to property seizures.” [Boston Globe]
  • The brokerage firm Merrill Lynch was fined yesterday by federal regulators for violating limits on cotton speculation. [McClatchy]
  • Boeing workers yesterday voted to endorse a new four year contract, effectively ending the dispute over a facility in South Carolina that had become a political football for Republicans [CNBC]