Regulators shut small Wyoming bank

NEW YORK (AP) _ Regulators on Friday shut Bank of Wyoming, marking the 53rd failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of the failed bank, based in Thermopolis, Wyo. It had $70 million in assets and $67 million in deposits as of June 30.

CEO vows better performance as GM exits bankruptcy

DETROIT (AP) _ General Motors completed an unusually quick exit from bankruptcy protection on Friday with ambitions of making money and building cars people are eager to buy. Once the world's largest and most powerful automaker, new GM is now leaner, cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. But GM, whose 40 days under court supervision was far shorter than anyone predicted, faces the worst auto sales slump in a quarter-century.

Paris Hilton insists she plugged sorority movie

MIAMI (AP) _ Paris Hilton repeatedly fussed with her hair and makeup in a federal courtroom Friday, sported six-inch stiletto heels and a black dress and amused the judge with a little wave on the way to the witness stand. Once on the stand, though, Hilton was businesslike when it came to defending herself against an $8 million lawsuit's claim that she didn't do her part to promote the 2006 box-office bomb "Pledge This!" She acknowledged in court the movie didn't turn out very well but insisted she plugged it for everything she was worth.

Stocks post 4th straight week of losses

NEW YORK (AP) _ Investors seem to be running short on hope. With little upbeat news ahead of a crush of corporate earnings reports next week, stocks on Friday hit their longest losing streak since the market's spring rally began in early March.

Geithner: Stimulus is working and on right path

WASHINGTON (AP) _ Despite persistently high unemployment, Treasury Secretary Timothy Geithner said Friday the Obama administration's economic stimulus plan is on the "expected path." "There's been substantial improvements in arresting what was the worst recession globally we've seen in generations," Geithner told lawmakers Friday.

May trade deficit unexpectedly drops to $26B

WASHINGTON (AP) _ The U.S. trade deficit fell to the lowest level in more than nine years in May as exports posted a small gain while the weak American economy pushed imports down for a 10th straight month. The slight rebound in exports, combined with a slower pace of decline in imports, showed that the nosedive in global activity may be starting to ebb. Delayed revivals overseas likely will hinder a rebound in the U.S., but most analysts still expect the American economy to grow a bit later this year.

Death and taxes: Big IRS bill looms for MJ estate

NEW YORK (AP) _ The Tax Man is in the mirror for the estate of the late King of Pop. Creditors and heirs of Michael Jackson hoping for a cut of his musical empire will have to line up with the Internal Revenue Service, which could lay claim to $80 million or more in federal estate taxes.

Oil below $60 as earnings season opens

NEW YORK (AP) _ Oil prices sank below $60 a barrel Friday, ending a week in which crude has fallen more than 10 percent on growing pessimism about the economy and also the well-being of companies about to report second-quarter earnings. Benchmark crude for August delivery fell 52 cents to settle at $59.89 a barrel on the New York Mercantile Exchange, but at one pointed traded as low as $58.72.

Panel: Banks underpaying gov't to exit bailout

WASHINGTON (AP) _ The Treasury Department is selling its financial stakes in bailed-out banks for one-third less than they're worth, potentially shorting taxpayers up to $2.7 billion, a bipartisan congressional watchdog said Friday. Treasury countered by noting that banks, including JPMorgan Chase & Co., think the department's asking prices are too high. Unable to agree on a price, some institutions are letting the department sell the warrants in public auctions.

AP Source: AIG consults administration on bonuses

NEW YORK (AP) _ American International Group Inc. is consulting with the federal government about its plans to pay millions of dollars in retention incentives and bonuses, a person familiar with the situation said. AIG is working with the Obama administration's compensation czar, Kenneth R. Feinberg, to ensure the government and the insurer are on the same page before it pays out remaining bonuses due to employees tied to 2008 contracts, according to the person, who requested anonymity because of the sensitive nature of the talks.