New York Times | An effort is under way to allow financially troubled states, such as Illinois, to file for bankruptcy and escape massive debt, including pensions for retired workers.
Filed under: Government
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Panel to put forth 3 financial meltdown scenarios
Bloomberg News | The federal commission that has been investigating the meltdown in the financial industry is set to release reports with three different conclusions next week.
FDA asks Vivus to study diet drug, birth defects
Vivus Inc. said Friday the Food and Drug Administration has asked the drug developer to assess the feasibility of a study on whether an ingredient in the weight-loss drug Qnexa causes birth defects.
The request represents another setback for the drug intended to treat obesity. Vivus and rival Arena Pharmaceuticals Inc. had their diet drugs rejected by the agency in October, as competitor Orexigen Therapeutics Inc.’s weight-loss drug Contrave continued to move through the approval process. Get the full story »
Love, and itemized tax returns, to be in air Feb. 14
The Internal Revenue Service announced Thursday that Feb. 14 — Valentine’s Day — will be the first day it will accept all itemized tax returns.
Late last year, the IRS said it would need extra time to reprogram its processing systems because Congress acted so late this year in cleaning up the tax code. Get the full story »
U.S. auditors: AIG could repay taxpayers in full
Government auditors say taxpayers might be repaid in full for the bailout of insurance giant American International Group Inc.
The Government Accountability Office said in a report Thursday that the final cost of the rescue depends increasingly on the strength of AIG’s business and its stock price. Get the full story »
Poll: Health care reform becoming more appealing
Americans may becoming more comfortable with the health care overhaul law.
An unofficial online poll of participants in a Tribune Web chat Thursday showed that two-thirds, or 66 percent, like the legislation better now than when it was first passed by Congress and signed into law last spring by President Barack Obama. Get the full story »
FDA probes seizures in kids after Sanofi flu shot
U.S. health officials are investigating an increase rise in reports of a type of seizure after vaccination with a Sanofi-Aventis SA flu vaccine, the Food and Drug Administration said on Thursday. Get the full story »
U.S. plans crackdown on employers of illegal workers
The Obama administration plans to intensify a crackdown on employers of illegal immigrants with the establishment of an audit office designed to bolster verification of company hiring records.
In an interview, John Morton, chief of U.S. Immigration and Customs Enforcement, a unit of the Department of Homeland Security, said the Employment Compliance Inspection Center would “address a need to conduct audits even of the largest employers with a very large number of employees.” The office would be announced Thursday, he said. Get the full story »
Metropolitan group banks warned about capital
Most local banks owned by $2.93 billion-asset Metropolitan Bank Group Inc., a Chicago-based lender owned by animal adoption advocates Peter and Paula Fasseas, have been ordered by state and federal banking regulators to shape up. Get the full story »
FDA proposes ways to streamline approval process
The Food and Drug Administration unveiled steps aimed at streamlining the approval process used for most medical devices and deferred decisions on the most contentious issues.
The FDA said Wednesday that it would ask the Institute of Medicine for input on seven proposals, including creation of a new class of devices that would require more data to win approval. Get the full story »
Chrysler vehicle to test EPA’s hybrid system
Chrysler Group LLC and the U.S. Environmental Protection Agency said Wednesday that they are working together to commercialize an unusual type of hybrid-vehicle technology aimed at reducing fuel consumption.
Under the partnership, Chrysler will work to produce vehicles using a hydraulic hybrid system developed by the EPA. The system recovers energy as a vehicle brakes and uses the resulting hydraulic pressure to help power the vehicle. Get the full story »
OSHA seeks to keep an eye on Gerardi work sites
The U.S. Labor Department said Tuesday that it is seeking authority to monitor a suburban sewer contractor the agency says has been cited multiple times for safety violations.
The contractor, Norridge-based Gerardi Sewer & Water Co., has had a “severe violator history” at work sites where it digs trenches, the agency said in a press release. Get the full story »
U.S. sued over elimination of Medicare benefits
Five New England residents and five national health care advocacy groups are suing the federal government, saying Medicare benefits are being cut improperly after their conditions are determined to be chronic. Get the full story »
United, American suing O’Hare expansion
A passenger plane takes off at O'Hare as work continues in foreground on the runway expansion project. (Chris Walker/Chicago Tribune)
United and American Airlines on Tuesday made good on their threat to sue Chicago to stop the city from issuing bonds to finance the remainder of the expansion project at O’Hare International Airport.
The airlines, which say they cannot afford to help pay for new runways that will not be needed for years, filed the lawsuit in Cook County Circuit Court just days after sending a letter on Friday to Mayor Richard Daley, asking for negotiations on the future of the O’Hare Modernization Program. The letter said the expansion must proceed based on future increases in flights. Get the full story »
