Wall Street Roundup: Madoff talks. Banks sell cities loans.

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Gold: Trading now at $1,371 per ounce, down 0.2% from Tuesday. Dow Jones industrial average: Trading now at 12,284.62, up 0.5% from Tuesday.

Madoff talks. Bernie Madoff gave his first interview from prison and said that the banks he dealt with ‘had to know’ about his fraud.

Banks sell cities loans. As municipalities have a more difficult time in the bond market, banks are proposing that cities take out big loans.

Poison pen dissent. Michael Lewis has penned a devastatingly ironic ‘third dissent’ to the financial crisis commission’s report, explaining what really caused the crisis.

-- Nathaniel Popper

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