BofA board forms CEO search committee

CHARLOTTE, N.C. -- Bank of America Corp. said Friday it created a six-member committee of directors to find a successor for CEO Ken Lewis.

The move comes two days after the bank said Lewis plans to retire at the end of the year.

The committee is being led by Bank of America Chairman Walter Massey, spokesman Bob Stickler confirmed. Massey took over as chairman earlier this year after shareholders voted at the bank's annual meeting to split the chairman and CEO positions at the bank. Lewis served as chairman and CEO since 2001.

Other members include Charles Gifford, Thomas May, Thomas Ryan, Donald Powell, and Charles Holliday. The committee briefly met after a regular bank board meeting Friday.

Comcast looks to future in bid for NBC Universal

PHILADELPHIA -- Years ago, Comcast Corp. CEO Brian Roberts was asked at a conference what kept him awake at night. His answer: A new technology that would severely hurt the cable TV business.

His fears haven't come to fruition yet. But the growing popularity of watching shows, movies and other content streamed over the Internet or over cell phone networks make the cable pipe less important for video than it ever has been in the history of the business.

Now Comcast is in talks with General Electric Co. to take a 51 percent stake in NBC Universal. The nation's largest cable operator is expected to pay $4 billion to $6 billion in cash, merge its cable networks into a spun-off NBC Universal and help shoulder $10 billion to $12 billion of debt at the new company.

Stocks fall following disappointing jobs report

NEW YORK -- Stocks posted modest losses Friday after a disappointing monthly jobs report brought fresh concerns that a recovery in the troubled labor market may be a long way off.

The Dow Jones industrial average fell for a fourth straight day, losing 22 points a day after tumbling 203 points following weak reports on manufacturing and weekly claims for jobless benefits. On Friday, the Dow fell 21.61, or 0.2 percent, to 9,487.67, after falling as much as 79 points.

The market's optimism has been tested this week by a number of economic indicators that have either weakened or fallen short of expectations, a disappointment after several months of hopeful signs on key industries like housing and manufacturing. That has led investors to question whether the 50 percent surge in stocks over the past six months can be sustained.

Madoff trustee sues Madoff family

NEW YORK -- Bernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee charged Friday as he demanded in a lawsuit that they return almost $200 million in money to be distributed to cheated investors.

The trustee, Irving Picard, sought $198.7 million from Madoff's brother, Peter, who had worked at Madoff's Manhattan investment company since 1965, and sons, Mark and Andrew.

Also sued was Shana D. Madoff, Bernard Madoff's niece and Peter Madoff's daughter.