Wall Street Roundup: Bad news in good numbers. Betting on Madoff

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Bad news in good numbers. Although the unemployment rate dropped to 9.7% in May, the fall was largely a result of temporary census jobs, and new long-term jobs rose less than expected, the Labor Department reported.

Madoff money. Some financial companies have taken to betting on future payments from Bernard Madoff’s estate by offering structured lump-sum payments to Madoff’s victims, the Wall Street Journal reports.

A bank for the rich. Among the very few new banks started in recent years is one for the super-rich that was founded by a who’s who of former Wall Street executives, Fortune reports.

-- Nathaniel Popper in New York