Selloff Resumes on Wall Street

Word on the Street

• Apple (AAPL) CEO Steve Jobs unveiled the new iPhone Monday afternoon at the company’s annual Worldwide Developers Conference in San Francisco. The iPhone 4G has 100 new features, including a new design, which makes the phone 24 percent thinner than previous models.
• Video – Apple Unveils New iPhone
• Coca-Cola Agrees To Distribute Dr Pepper Drinks – Coca-Cola (KO) said it has reached a 20-year agreement to distribute some of Dr Pepper Snapple Group Inc. (DPS) products, with the latter getting $715 million.
• Countrywide Financial Corp., the mortgage company purchased by Bank of America Corp. (BAC), agreed to pay $108 million to settle Federal Trade Commission charges related to the lender charging excessive fees to borrowers that were behind on their mortgage payments. The government said the money will be used to reimburse borrowers.
• Goldman Sachs Group Inc. (GS) was subpoenaed by a US panel investigating the financial crisis for “failing to comply with a request for documents and interviews in a timely manner.” The press release did not specify which documents or interviews Goldman has failed to comply with.
• Chrysler Recalls 600K Vehicles – Chrysler Group LLC is recalling nearly 600,000 minivans and Jeep Wranglers because of brake or wiring problems that could become safety issues. Chrysler did not report any incidents or injuries associated with the recall.
• Bernard Madoff, who is serving 150 years for running a multi-billion-dollar Ponzi operation, apparently could care less about the lives he ruined. New York magazine reported that Madoff said to another prisoner, “F–k my victims. I carried them for 20 years, and now I’m doing 150 years.”
• Marsh & McLennan sells Kroll – Professional services firm Marsh & McLennan Companies (MMC) is selling its risk consulting subsidiary Kroll Inc. to Altegrity, Inc. for $1.13 billion in cash. The deal is expected to close in September, pending regulatory approvals and other standard conditions.

Other Interesting Tidbits

• How to Survive the Return of Volatility
• Obama’s Depression-Era Politics – Like Roosevelt, Obama inherited an economic mess. But the president is making a bad situation worse.
• America’s Best Places to Raise a Family – These 10 cities are safe, affordable and offer good educational prospects.
• Do credit cards hurt the economy? – Credit cards could be costing you money even if you don’t have one. And here’s why many retailers may wish shoppers would leave their cards at home.