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Bank of America says it expects to eliminate up to 35,000 jobs over the next three years. It says it won't know the final number until early next year, but the cuts will affect workers from both Bank of America and Merrill Lynch. Bank of America agreed to buy the investment firm in September.

The deepening political scandal in Illinois continues to ignite strong debate among residents about the integrity of leadership in the state. Chicago Sun-Times columnist Mary Mitchell returns to the program, and joined by Chicago Tribune Reporter Mike Dorning to discuss their state's political crisis.

The auto bailout had the support of a majority in Congress, yet the deal fell apart. On Thursday, the measure to provide struggling automakers with a $14 billion emergency loan failed after opposition from Senate Republicans.

Illinois Attorney General Lisa Madigan has asked the state's Supreme Court to strip Gov. Rod Blagojevich of his powers. Blagojevich, who was arrested on corruption charges this week, has ignored calls for his resignation. But his chief of staff, John Harris, has resigned.

Bernard Madoff's scheme has left dozens of banking firms and private citizens out of billions of dollars. It turns out Madoff's hedge fund was really a pyramid scheme. Henry Blodget, editor of clusterstock.com, discusses who's affected and how much they lost.

Illinois Gov. Rod Blagojevich has been arrested on charges of plotting to sell an appointment to Barack Obama's vacant Senate seat. Prosecutors say Blagojevich, a Democrat, was heard telling associates the Senate appointment is "a valuable thing — you just don't give it away for nothing."

Sen. Ken Salazar (D-CO) is apparently President-elect Barack Obama's choice to be Interior secretary, a position usually reserved for Westerners. But Salazar is getting mixed reviews at best from environmentalists and public lands advocates, while agricultural and mining interests are relieved.

President-elect Barack Obama has named Mary Schapiro to head the Securities and Exchange Commission. In a news conference in Chicago, Obama said government regulators "had dropped the ball," leading to the financial meltdown.

Illinois Gov. Rod Blagojevich has insisted he was innocent and said he did not intend to resign despite mounting political pressure. Blagoveich was arrested last week on federal corruption charges.

Embattled Illinois Gov. Rod Blagojevich on Friday defiantly refused to heed a chorus of calls for his resignation, asserting that he will be cleared of charges that he conspired to sell President-elect Barack Obama's vacant U.S. Senate seat to the highest bidder.