A new administration and Congress are expected to start working toward a revamp of financial regulations in the U.S. as soon as they take office in January in an effort to safeguard taxpayer funds recently put at risk by rescue initiatives. The "blueprint" for reform led by Treasury Secretary Henry Paulson and conceived under the Bush administration is not expected to be followed, although some of its ideas have broad appeal.
Simon Property Group acquired a 3.5% stake in Liberty International for $222 million. The move sparked rumors that Simon may make a bid for its U.K. shopping center rival. Donald Gordon, Liberty founder and life president, holds a 21% stake in Liberty and could be a potential kingmaker in such a deal.