Business News Headline - 27 August, 2008

Reuters - Fannie Mae , the biggest U.S. mortgage finance company, on Wednesday announced a shake-up of top executives, including the exit of its chief financial officer, in an effort to better implement a plan to preserve capital and cut losses.

Reuters - The Federal Reserve must be "very vigilant" amid strained financial markets while exercising patience over interest rates as it waits for inflation to ease, a top Fed policy-maker said on Wednesday.

Reuters - A man accused of trying to extort millions of dollars from his son-in-law, an executive of the Blackstone Group LP , on Wednesday blamed the private equity firm for his "malicious" arrest and charges.

The number of shaky U.S. banks is at the highest level in about five years and bank profits plunged by 86 percent in the second quarter according to the Federal Deposit Insurance Corporation. Madeleine Brand talks to Marketplace's Bob Moon about how to keep your money safe.

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For decades, University of Michigan's football stadium, known as "The Big House," has had the largest capacity of any venue in the country. An accessibility lawsuit is reducing its capacity, leaving the title to Penn State's Beaver Stadium. So Michigan is spending $226 million on improvements to include more seats.

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