Nov. 9, 2010 at 1:42 p.m.
Filed under:
Criminal charges,
Government,
Pharmaceuticals
By Reuters
A former lawyer for pharmaceutical giant GlaxoSmithKline Plc has been indicted on charges of lying and obstructing an investigation into the company’s promotion of an anti-depressant drug, the U.S. Justice Department said Tuesday.
The lawyer, Lauren Stevens, was indicted on four counts of making false statements, one count of obstruction of justice and one count of falsifying and concealing documents related to Glaxo’s promotion of the drug for weight loss, which had not been approved by the Food and Drug Administration. Get the full story »
Nov. 9, 2010 at 1:10 p.m.
Filed under:
Government,
Taxes
By Associated Press
Bipartisan leaders in Congress are vowing to spare more than 21 million taxpayers from significant tax increases when they file their returns next spring by adjusting the alternative minimum tax before the end of the year. Get the full story »
Nov. 9, 2010 at 12:58 p.m.
Filed under:
Banking,
Government,
Investigations,
Mortgages
By Associated Press
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
The Financial Industry Regulatory Authority announced the fine Tuesday, saying Goldman lacked adequate procedures to ensure that the required disclosure was made for Fabrice Tourre, a Goldman vice president. Goldman made that report in May, more than seven months after Tourre received a notice from the Securities and Exchange Commission that it was considering filing charges against him, FINRA said. Get the full story »
Nov. 9, 2010 at 12:38 p.m.
Filed under:
Government,
Hotels,
Regulations
By Reuters
Hilton Worldwide Inc. agreed to settle charges that it violated requirements that its hotels be accessible to people with disabilities and agreed to bring them into compliance, the Department of Justice said Tuesday.
The settlement covers about 900 hotels in the United States built after Jan. 26, 1993, including those owned as part of franchises, and Hilton will also pay a $50,000 civil penalty, the department said. Get the full story »
Nov. 8, 2010 at 1:42 p.m.
Filed under:
Banking,
Economy,
Government,
Politics
By Dow Jones Newswires
Former Alaska Gov. Sarah Palin is deeply concerned about the Federal Reserve’s plan to buy $600 billion worth of U.S. bonds to boost the economy, placing the former vice presidential candidate in line with Germany in questioning U.S. monetary policy.
Palin is expected to demand that Federal Reserve Chairman Ben Bernanke “cease and desist” the stimulus injection, according to National Review Online, which said it obtained snippets of Palin’s prepared remarks scheduled for Monday before a trade association in Phoenix. Get the full story »
Nov. 8, 2010 at 12:57 p.m.
Filed under:
Associations/Clubs,
Government,
Health care
By Associated Press
The president of the nation’s largest doctors’ group says upcoming cuts in Medicare physician payments will be catastrophic for seniors. Dr. Cecil Wilson, president of the American Medical Association, says Medicare payments will drop by more than 20 percent by January unless Congress takes quick action. Get the full story »
Nov. 5, 2010 at 12:49 p.m.
Filed under:
Economy,
Government
By Reuters
The Federal Reserve’s latest move to help the U.S. economy recover could punish pensioners and other long-term savers at the expense of helping large borrowers such as major corporations.
There’s also scant evidence to suggest that the move will help reduce unemployment, since U.S. companies are benefiting from record-low borrowing rates while the jobless rate remains stuck near 10 percent. Get the full story »
Nov. 5, 2010 at 8:22 a.m.
Filed under:
Economy,
Government,
Jobs/employment,
Layoffs
By Tribune newspapers
The nation’s sluggish job market showed signs of life in October: Employers added a net 151,000 jobs over the month, and private-sector job creation was the strongest since April, the Labor Department said Friday.
However, the better-than-expected job gains weren’t large enough to bring down the unemployment rate, which remained stuck at 9.6 percent for the third month in a row. A broader measure of unemployment and underemployment, which includes part-time workers who can’t find full-time jobs, dropped a notch to 17 percent last month. Get the full story »
Nov. 4, 2010 at 12:41 p.m.
Filed under:
Economy,
Energy,
Government
By Associated Press
There’s one place holiday shoppers probably won’t find a bargain this year: At the gas pump.
There is plenty of oil and gasoline on hand, and pump prices usually fall this time of year. So what’s causing the run-up? Most analysts point to the Federal Reserve’s $600 billion economic stimulus effort. Get the full story »
Nov. 4, 2010 at 12:33 p.m.
Filed under:
Bank failures,
Banking,
Government
By Becky Yerak
Broadway Bank, the lender once owned by the family of losing U.S. Senate candidate Alexi Giannoulias, attracted only one bidder when it failed in April, newly released records from the Federal Deposit Insurance Corp. show. Get the full story »
Nov. 3, 2010 at 3:56 p.m.
Filed under:
Government,
Law firms,
Taxes,
Updated
By Ameet Sachdev
The U.S. government has sued a Chicago lawyer, who was a partner at Seyfarth Shaw, to stop him from peddling allegedly sham tax shelters involving Brazilian consumer debt.
The Justice Department said Wednesday that since at least 2003 John E. Rogers has devised illegal tax schemes for more than 100 customers who have claimed more than $370 million in improper tax deductions. Get the full story »
Nov. 3, 2010 at 2:30 p.m.
Filed under:
Economy,
Government
By Gail MarksJarvis
MarksJarvis on Money | The Federal Reserve, as expected, announced Wednesday that it would continue to buy bonds and the government would print money to make this possible. It’s called “quantitative easing.” But the Fed did not go as far as was widely expected. Some had anticipated the Fed purchasing as much as $1 trillion. Here are some reactions:
– No change in assessment of current environment, dimensions of QE2 slightly light of expectations; with additional easing course in place, policy bias returns to balance.
Nov. 3, 2010 at 1:23 p.m.
Filed under:
Economy,
Government
By Reuters
Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year to breathe new life into a struggling U.S. economy.
The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression. Get the full story »
Nov. 3, 2010 at 12:37 p.m.
Filed under:
Government,
Health care,
Pharmaceuticals
By Dow Jones Newswires
The chief of drugmaker Eli Lilly & Co. said Wednesday that he expects the bulk of this year’s U.S. health care overhaul to remain intact despite Tuesday’s election victories by anti-overhaul Republicans.
But with Republicans taking control of the House of Representatives from the Democrats, Chief Executive John Lechleiter said he will lobby to overturn at least one provision of the overhaul: the creation of an independent payment advisory board tasked with controlling growth in spending by Medicare. Get the full story »
By Reuters
U.S. investigators filed criminal and civil fraud charges against a French doctor they say leaked negative inside information about a Human Genome Sciences Inc. hepatitis drug trial, enabling six hedge funds to avoid $30 million of losses.
Yves Benhamou was accused by the Department of Justice and Securities and Exchange Commission of tipping a portfolio manager about Human Genome’s experimental hepatitis C treatment Albuferon in late 2007 and early 2008. Get the full story »
