UNITED STATES

Fifteen of 20 American International Group leading bonus recipients have agreed to give them back in full, said New York's top legal officer who is probing into $165 million in executive pay at the troubled company bailed out by the U.S. government.

U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session's sharp rally fueled by better than expected housing data and by Washington's plan to help banks get rid of troubled assets.

Sprint Nextel Corp is looking to rent the excess capacity on its network to makers of consumer gadgets, the Wall Street Journal said.

The U.S. Internal Revenue Service is challenging some of the tax deals structured by AIG Financial Products Corp, the unit of the giant insurer that has caused political outrage over $165 million in employee bonuses, the Wall Street Journal said.

The chief financial officer of Stanford Financial Group, James Davis, is cooperating in fraud investigations of the group, the Wall Street Journal reported on Monday, citing Davis' lawyer.

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Warner Bros on Monday became the first studio to open its film vault to made-to-order DVDs, as it sought new revenues in a slumping DVD market by making it possible for fans to buy decades-old films.

Fifteen of 20 American International Group leading bonus recipients have agreed to give them back in full, said New York's top legal officer who is probing into $165 million in executive pay at the troubled company bailed out by the U.S. government.

It has been nearly six months. Under the Bush administration in October of 2008, the Federal government approved $700 billion that gave the U.S. Treasury the leeway to buy toxic assets directly from financial companies.

Despite the recent wave of unconventional moves to help stabilize the U.S. economy, the Federal Reserve must maintain its independence and focus on the stability of the economy as a whole, rather than specific sectors or types of institutions, the Fed and the U.S. Treasury said in an unusual joint statement on Monday.

Longtime Bank of America Corp shareholder Jerry Finger launched on Monday his formal campaign to strip Chief Executive Kenneth Lewis of his job as chairman, saying the bank took too much risk by acquiring Merrill Lynch & Co.

Nine of the 10 executives who received top bonuses from American International Group have agreed to return them, New York's top legal officer said on Monday.

Former Time Warner Inc chairman and chief Executive Richard Parsons will step down from the board by its next annual general meeting, according to a regulatory filing on Monday.

China on Monday proposed a sweeping overhaul of the global monetary system, outlining how the dollar could eventually be replaced as the world's main reserve currency by the International Monetary Fund's Special Drawing Right.

Goldman Sachs Group may sell part of its 4.9 percent stake in Industrial and Commercial Bank of China , the Wall Street Journal reported on Monday, citing people familiar with the matter.

Stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.

Sony Ericsson's struggling handset company is undergoing an executive shake up in its U.S. branch.

Despite the recent wave of unconventional moves to help stabilize the U.S. economy, the Federal Reserve must not get sidetracked from its primary focus on monetary policy and should avoid actions that help specific economic sectors, the Fed and the Treasury said in an unusual joint statement on Monday.

Stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.

Pimco will participate in the U.S. government’s newly unveiled public-private plan to remove toxic assets from bank balance sheets.

Moody's Investor Service cut General Electric Co's top-tier credit rating by two notches -- deeper than rival Standard & Poor's downgrade -- and said its outlook on the biggest U.S. conglomerate is now stable.