ABC News Update

Latest headlines from ABC News
6:15 | 12/08/11

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Transcript for ABC News Update
-- people have been shot and killed on the Virginia Tech campus. Now this video was recorded by -- Virginia Tech student and the schools says a police officer was shot during a routine traffic stop in the coliseum parking lot. Witnesses reported seeing the -- then leave this scene and -- to another lot that is where a second victim was found the gunman at this hour still at large. The school is urging everyone to remain indoors. For now. Former Jersey governor Jon Corzine says he simply doesn't know. Where the money is he's being grilled today about and that global missing more than a billion dollars of its customers' money. -- -- was head of the firm before it went bankrupt ABC's Karen Travers as more. Could one investment firms up to one point two billion dollars of its customers' money. It sounds like a simple question from a house committee today. But the firm's former CEO would have been no answer for New Jersey governor and senator Jon Corzine was headed and a -- from nearly 200 years. In a statement released before her testimony Corzine's set mind I simply do not know where the money is or why the -- have not been reconciled to date. The investment firm made big bets on European government debt. Debts that turned out to. Disastrous. Wall Street is operating as if 2008 never happen. On October 31 MF global collapse it was the eighth largest bankruptcy in US history. Corzine resigned just days later nearly 11100 employees were terminated with just one week's salary and no severance pay. Put us out of work. Worse economy -- times you know about this country has conditioned so -- Lawmakers that they'd heard from ranchers farmers and small business men who lost money they invested with MF global. As a -- use the futures market to hedge against risks. Now the FBI and federal regulators are investigating and that. Did the firm uses customers' money to -- itself up as its financial situation got worse a violation of securities rules. Anything Jon Corzine says today before congress could be used against him. If he's charged Karen Travers ABC news Washington. Republicans have blocked Richard Cordray president Obama's pick. To lead the new Consumer Financial Protection Bureau mr. Obama today blasted the GOP saying there's no reason why the former Ohio attorney general. Shouldn't be confirmed by the senate. I just want to send a message to the senate we are not giving up on this we're gonna keep on going -- it. We are not -- allow. Politics as usual on Capitol Hill to stand in the way of American consumers being protected by unscrupulous financial. Operators. That congress set up the agency to keep banks from engaging in some of the landing in the mortgage practices that led to the financial crisis. Republican lawmakers that they will block any nominee to lead the watchdog agency which they say has too much power and too little accountability. President Obama is defending -- secretary Kathleen Sebelius decision to stop the plan B morning after pill. From moving on to drugstore shelves next to condoms -- the decision to keep the pill available without a prescription only to those seventeen and older. With proof of age stunned major doctors' groups and women health advocates. As the father of two daughters. I think it is important for us. To make sure that. You know we apply some common sense. To. Various rules. When it comes to. Over the counter medicine. Mr. Obama said that Al secretary Sebelius wasn't confident that a ten or eleven year old could be trusted with taking a medication that could -- Adverse effect. President Obama's pushing to get more disabled people. Back to work he is proposing in -- some -- standards for the Labor Department and they include a requirement for government contractors to have disabled workers. Make up 7%. Of their employees. The president says it -- lower -- 13% unemployment rate for disabled workers it would also. -- and affirmative action program that is similar to those -- race and gender. Businesses that had mixed reaction to the plan. White House has a new plan to help to small businesses in fact the president. As announced new programs that'll set aside two billion dollars for small business owners. Half that money will go to -- fund overseen by the Small Business Administration. The other half will help -- 100000. Start -- companies. House Republicans are holding private meetings today on the extension of the payroll tax cut GOP leaders -- hope to win over enough party members in time for a vote next week. The 2% cut -- the payroll taxes set to expire January 1 senate leader Harry Reid says lawmakers won't go home for the holidays. Until an extension is passed. After being arrested again and former Penn State coach Jerry sandusky. Is out again on bail send -- posted 250000. Dollars today after spending the night behind bars. He was arrested yesterday afternoon child abuse charges were filed by two more alleged victims -- -- Is now confined to his home he's forbidden from making contact with any witnesses or alleged victims. New federal numbers show texting while striving sky -- last year despite a rush by states. To ban the practice altogether the National Highway Traffic Safety Administration says texting while driving. Increased by 50%. Last year. Meantime the number of drivers using hand held cell phones will driving that remained the same but more drivers are using headsets. High school student Washington State jumped into action -- saves a busload of students luckily Emanuel Williams. Noticed something was wrong when the bus driver was not off on the freeway. In the driver's head went down he got up he grabbed the wheel and after he woke him up he kept a close eye on that 65 year old driver. Into the -- was finally over.

This transcript has been automatically generated and may not be 100% accurate.

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