Former Fed chair says he was reluctant on AIG bailout

Former Federal Reserve Chairman Ben Bernanke etched a portrait Friday of his initial reluctance to have the central bank rescue American International Group Inc. in 2008. But he ultimately came to believe the bailout loan to the company was needed to avert a shock to the financial system.

At the same time, Bernanke insisted he didn’t agree with other government officials that AIG’s dire financial state largely resulted from excessive risk-taking by management – a view that led them to punish the insurance giant with harsh loan terms.

Tesla Motors unveils luxury model with all-wheel drive

Tesla Motors CEO Elon Musk unveiled a new version of the luxury electric car maker’s Model S sedan that includes all-wheel drive and self-driving “auto pilot” features.

The open-to-the-public event Thursday night included free alcohol and test rides on an airport tarmac.

With more than 1,000 Tesla fans in the audience, Musk explained that the current Model S is a rear-wheel-drive car with one motor, but a new version will have two motors – one powering the front wheels and one powering the rear wheels.

All-wheel drive helps grip slippery roads and is standard on many luxury sedans. Analysts have said Tesla needed it to boost sales in the Northeast and Midwest, as well as Europe.

Record harvests of soybeans, corn will exceed estimates

The U.S. Department of Agriculture says the expected record corn and soybean harvests will be slightly bigger than previously estimated.

Farmers are expected to bring in 14.5 billion bushels of corn, up from 14.4 billion last month, and 3.93 billion bushels of soybeans, up 14 million bushels.

The October estimate released Friday boosted the per-acre yield for both major crops because of an extended period of late summer warmth in the Midwest.

– From news service reports