The pharmaceutical company Merck has agreed to pay nearly a billion dollars to settle charges that it illegally marketed its painkiller, Vioxx. The drug was taken off the market in 2004 after questions were raised about its safety. NPR's Jim Zarroli reports.
Our last word in business is: Don't jack up the Jack. The makers of Jack Daniels are raising their glasses after a tax proposal was voted down this week in Lynchburg, Tennessee.
STEVE INSKEEP, HOST:
The proposal called for a referendum on a plan to tax Jack Daniels whiskey by the barrel to bring it up to $5 million annually. The drive by some residents was killed after a 10 to five vote by the Moore County Council. The company that owns the distillery currently pays one-and-a-half million dollars in local property taxes.
On Long Island in New York, a high school cheating scandal is widening. The local district attorney says 13 additional people now face charges for trying to cheat on college entrance exams. More from NPR's Larry Abramson.
The Fed wants to ensure the country's largest banks are prepared to weather another recession. The move comes as the debt crisis in Europe threatens to destabilize global markets. Banks will be required to show they have enough capital to continue lending money under severe economic conditions.