Inspectors Warned Food Plants After Being Linked To A Listeria Outbreak. Inspectors had warned a food plant of numerous sanitation violations months before a deadly listeria outbreak was linked to the facility, but little was done to fix the problems, a newspaper said Sunday. Moldy pipes, food particles left on conveyor belts, … [Read more...]
Ford Motor Has Recalled The 2000 And 2001 Ford Focus
Ford Motor Announced The Recall Of Its Ford Focus. Ford Motor Co. is reported to have recalled the Ford Focus for 2000 and 2001 model years, covering more than 572,000 vehicles. One recall involves a bolt in the front suspension assembly that may be loose and cause noise, vibration or, in a small number of cases, separation of the … [Read more...]
Owner of Keystone Heights Nursing Home Charged In Patient’s Death
Nursing Home Charged With Abuse And Neglect. The owner and administrator of an assisted living facility in Keystone Heights has been charged with aggravated abuse or neglect in the death of an 88-year-old resident. Kathleen O. Wells was arrested Friday and charged in the death of Jessie Pauline Lockerman. Authorities … [Read more...]
Locustwood Home To Shut Down
Locustwood Home Plans To Shut Down. A Rockford nursing home, recently fined by the state for not properly reporting sexual abuse, plans to close its doors because its parent company filed for bankruptcy in a federal court in Texas. Locustwood Health Care Center, 3520 School St., filed documents with the Illinois Department of … [Read more...]
Accutane Changes Label To Warn About Violence
Accutane Can Cause Violent Behavior. Hoffmann-La Roche Inc. again has changed the label for its popular and controversial acne drug Accutane, this time to warn of violent behavior and other Accutane emotional side effects by patients taking the pill. Allegedly, the labeling has been changednot only to warn patients about … [Read more...]
Company Recalls Throat Swabs
Oral Swabs Are Being Recalled Due To A Choking Hazard. An oral swab that may represent a choking hazard has been recalled by the Tri-State Hospital Supply Corp., the company announced Friday. The swab is part of a product called the Centurion Mouth Care Kit, distributed nationwide to hospitals after April 1. Some of the swabs … [Read more...]
Probe Of Lucent Is Broader
Lucent Accounting Investigation. The Securities and Exchange Commission's formal investigation into Lucent Technologies Inc.'s accounting and financial-reporting practices is far broader than the company has disclosed, according to people familiar with the probe, covering possible earnings manipulations dating as far back … [Read more...]
Eleven Sue Bayer Over Cold Drug, Joining Hundreds Nationwide
Bayer Cold Drug Are Being Recalled. Eleven people in seven states, including North Carolina, have sued Bayer Corp., saying they suffered strokes caused by a drug in an Alka-Seltzer product they used, joining nearly 700 people who are suing the Pittsburgh-based company in federal courts across the country. The plaintiffs say Bayer … [Read more...]
Anthrax Drugs Side Effects
Anthrax Drugs Side Effects. Less than half of the people who were prescribed a 60-day course of antibiotics for anthrax during last year's attacks completed the treatment, and a majority complained of side effects, federal officials reported Tuesday. Many postal workers, Senate office workers and media employees possibly exposed … [Read more...]
API Outdoors Has Recalled Hunting Treestands
API Has Recalled Hunters Treestands. API Outdoors a division of Outland Sports Inc. has recalled about 9,000 treestands used by hunters. A cable that secures the treestand to the tree can break, posing the risk of falls and serious injuries to hunters. API Outdoors has received two reports of the treestand's cable breaking, … [Read more...]
Problems In Nursing Homes Eyed
Problems In Nursing Homes Cited. More than 90 percent of Texas nursing homes don't have enough nursing staff, and 39 percent were cited for violations that could have caused serious harm or even death to their patients, according to a congressional report released Monday by U.S. Rep Ciro Rodriguez. The report said 86 percent of … [Read more...]
Metropolitan Life To Settle Bias Claim
Metropolitan Life Will Pay To Ohio Customers. Metropolitan Life Insurance Co. will pay $8.6 million to nearly 98,000 Ohio customers who were discriminated against because of their race, under an agreement signed Friday by the director of the Ohio Department of Insurance. The agreement settles a five-state class-action lawsuit that … [Read more...]
WorldCom Director Kellett Resigns
Ebbers Deals Controversy. One of WorldCom Inc.'s longest-standing directors resigned Sunday night after the company's board pressured him to step down for his involvement in controversial arrangements with ousted Chief Executive Bernard Ebbers. Stiles A. Kellett Jr.'s resignation comes after WorldCom imposed a 5 p.m. deadline for … [Read more...]
Subaru Has Recalled the 2003 Subaru Legacy, Outback and Baja
Subaru With NHTSA Announced The Recall Of Its Vehicles. Subaru Recalled the 2003 Subaru Legacy, Outback and Baja because in some models the water pump pulley center hole was improperly machined. Number Potentially Involved: 555 Dates of Manufacture: August 2002 Water Pump Pulley Was Improperly Machined In The … [Read more...]
State Fines Qwest
Qwest Misbilling And Switching The Long-Distance Service. State regulators fined Qwest Communications $20.3 million on Thursday for misbilling and switching the long-distance service of thousands of California customers without their permission. The fine, the latest effort by California regulators to crack down on … [Read more...]
Class-Action Suit Dogs Credit Suisse First Boston
Galvin Charging Credit Suisse First Boston. Credit Suisse First Boston Corp., the focus of a complaint by Massachusetts Secretary of State William Galvin charging the firm with analyst misconduct, is now the target of a civil class-action suit in Boston. The lawsuit alleges that analysts with Credit Suisse First Boston known as … [Read more...]
Bristol-Myers To Restate Earnings
Bristol-Myers Inventory Backlog. Bristol-Myers Squibb Co. said Thursday it will restate earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations. Analysts had been expecting the move since last April when … [Read more...]
Calif. High Court Upholds Ford Case
California Supreme Court Let Stand A Verdict Against Ford. The California Supreme Court on Wednesday let stand a $290 million verdict against the Ford Motor Co. over a deadly 1993 rollover accident involving a Ford Bronco. The justices decided without comment not to review an appeal from the automaker, which in court papers called … [Read more...]
Insurance Firms Sue Over Enron Losses
Lawsuit Against Insurance Firms. Several Cedar Rapids-based insurance companies are among the AEGON N.V. subsidiaries taking the nation's largest investment banks to court in Cedar Rapids. They are seeking the return of an undisclosed amount that AEGON companies invested in financial products exposed to Enron's collapse. The … [Read more...]
Former Tyco CEO Invested $5 Million In Fund Run By Director of Firm
Former Tyco CEO Invested In a Private Fund. Former Tyco International Ltd. Chief Executive L. Dennis Kozlowski invested $5 million in a private stock fund managed by a Tyco outside director, raising more questions about the independence of the troubled conglomerate's board, Wednesday's Wall Street Journal reported. Richard S. … [Read more...]
Tyco Settles New Hampshire Securities Allegations For $5M
Tyco Settlement Over Securities Allegations. State securities regulators said Wednesday they have reached a $5 million settlement with Tyco International over allegations of misconduct by several former top Tyco executives. Tyco signed the agreement without admitting the allegations. The state alleged that former employees of … [Read more...]
Citigroup CEO To Meet With Probers
Citigroup CEO Will Meet Investigators. Citigroup Inc. chairman and chief executive Sanford I. Weill will meet with investigators from New York Attorney General Eliot Spitzer's office as part of the investigation into Citigroup research practices, a Spitzer aide said Wednesday. "Sandy Weill has offered to meet with our office and … [Read more...]
Tyco Agrees To Pay $5 Million In N.H. Settlement
Tyco Settle Over Corporate Fraud. New Hampshire state securities regulators said Wednesday they have reached a $5 million settlement with Tyco International Inc. (TYC) over allegations of corporate fraud. The state alleged that former employees of Tyco including former Chief Executive Dennis Kozlowski, former Chief Financial … [Read more...]
No One Has To Tell You If Your Pacemaker’s Recalled
Recalled Pacemakers Injuries. Not until Cynthia Herrmann went to an oral surgeon this year after suffering what she thought was an infected tooth did she learn that jaw implants she had for nearly two decades were recalled in early 1991. ''I would have had them taken out sooner if I had known,'' says Herrmann, 51, a loan … [Read more...]
Accounting Woes Loom Over AOL
AOL Internal Investigation. AOL Time Warner will update analysts on an internal investigation of accounting practices at its troubled America Online unit when it reports earnings Wednesday. AOL Time Warner said it will update Wall Street analysts on an internal investigation of accounting practices at its troubled America Online … [Read more...]
SEC Orders Global To Restate ‘Swaps’
Global Financial Statements. The Securities and Exchange Commission has ordered Global Crossing Ltd. to subtract the revenue from a series of controversial deals from its financial statements, a change that is expected to reduce its earnings for the first nine months of 2001 by $13 million. Global Crossing, which filed for … [Read more...]
Massachusetts Goes After CSFB Over Stock Reports
CSFB Massive Accounting Fraud. Some Credit Suisse First Boston stock-research analysts had an internal code to describe which stocks to avoid, but there was one problem: They didn't let all investors in on the secret, Tuesday's Wall Street Journal reported. That is one of the allegations made Monday by Massachusetts … [Read more...]
Couple Wins $230,000 In Salomon Options Advice Dispute
Salomon Options Advice Dispute. An Illinois couple who accused Salomon Smith Barney of giving them inept tax advice on stock option exercises has won $230,000 in arbitration. The couple, Daniel R. and Vicki Taylor, claimed that their broker was unaware of the tax consequences of exercising options on Cisco Systems Inc. stock, and … [Read more...]
SEC Investigates Gemstar-TV Guide
Formal Investigation Of Gemstar - TV Guide. The federal Securities and Exchange Commission has opened a formal investigation of Gemstar-TV Guide International Inc., the company announced Monday. The order was issued last Thursday to investigate whether there have been violations of federal securities laws. "The company … [Read more...]
CSFB E-Mails Link IPO Shares, Banking Business
CSFB E-Mails Investigations. The chief financial officer of a California technology company was very specific in a February 2000 e-mail when he described to Credit Suisse First Boston Corp. what it needed to do to get his company's investment banking business. ECompanies CFO Andrew Greenebaum requested, among other things, a … [Read more...]
Minnesota Nails Qwest
Qwest Secret Agreement Favoring Some Competitors. Minnesota utility regulators ruled Monday that Qwest Communications violated state and federal law by making secret agreements favoring some local telephone competitors over others. The decision by the Minnesota Public Utilities Commission upheld recent findings by an … [Read more...]
Qwest Collapse Hurts Employees
Qwest Collapse Investigation. Two years ago, retirement and full-time grandmotherhood were in Suzie Miller's sights. She planned to enjoy the fruits of her 30 years of labor, traveling the country in an RV and puttering in the garden of the home she shares with her self-employed second husband. Then her nest egg began to shrink … [Read more...]
Reports: Martha May Face Charges
Fraud Charges Against Martha Stewart. Federal regulators reportedly are set to recommend filing fraud charges against Martha Stewart, the home decorating entrepreneur who has been under scrutiny for possible insider-trading violations related to her sale of ImClone Systems stock. The Wall Street Journal and the Financial … [Read more...]
Toshiba Recalls Some PDAs
Toshiba Recall Pocket PC E740 PDA. Toshiba is recalling some of its Pocket PC E740 personal digital assistants to correct a manufacturing flaw that could, in some cases, result in lost data. The recall, announced Monday, is limited to units with serial numbers between 7201461L and 92041620L. The company won't say how many units … [Read more...]
Bayer Faces 3,500 Drug Lawsuits
Bayer Anti-Cholesterol Drug Lawsuits. German drug maker Bayer said Monday it faces 3,500 lawsuits, many more than previously announced, over an anti-cholesterol drug withdrawn last year after it was linked to dozens of patient deaths worldwide. In August, the company had said it faced 2,000 claims regarding its once-lucrative … [Read more...]
Massachusetts May File Fraud Charges Against Credit Suisse First Boston
Charges Against Credit Suisse First Boston. Massachusetts state securities regulators plan to file civil fraud charges against Credit Suisse First Boston, intensifying the scrutiny of alleged conflicts that may have tainted the firm’s technology research under investment- banking star Frank Quattrone, Monday’s Wall Street … [Read more...]
Anthrax Drug Blamed For Lingering Ailments
Anthrax Drug Can Cause Lingering Ailments. For some American Media employees, veterans of last year's agonizing anthrax scare, it isn't over yet. A very small number of people say they continue to suffer physical problems that are both persistent and perplexing. They attribute those discomforts to the drug they were … [Read more...]
Elder Care Industry Problems Remain
Elder Care Problems Still Remains. The details were grisly. A health aide who allegedly kicked an 83-year-old Alzheimer's patient at the Alterra Clare Bridge assisted-living facility in Lower Makefield, Pa., breaking five ribs and puncturing a lung, was charged with murder. Four co-workers, accused by prosecutors of covering up … [Read more...]
Drug Firm Pfizer Suspected of Illegal Marketing
Pfizer Illegally Marketed An Epilepsy Medication. The Washington state Attorney General's Office is leading a national investigation into whether a drug company illegally marketed an epilepsy medication called Neurontin. Assistant Attorney General David Waterbury, based in Tacoma, is leading the investigation on behalf of 47 … [Read more...]
Enron Energy Trader Pleads Guilty
Enron Energy Trader Executive Pleaded Guilty. In the first charges involving Enron's suspected rigging of the California energy market, a former Enron executive pleaded guilty Thursday to scheming with others to jack up electricity prices during the state's power crisis. Timothy Belden, former director of Enron's California and … [Read more...]
Sobering State Calls Autism An Epidemic
Autism An Epidemic That Is Sweeping The State. An explosion in autism cases in California over the past 15 years is not the result of changes in diagnostic criteria or an improvement in diagnosis, but represents a real epidemic that is sweeping the state, according to a major new study sent to the state Legislature on … [Read more...]
Alarming Rise In Autism In State Is Genuine
Number Of Children With Autism Increased. A nearly 300 percent increase in the number of California children with autism is a real phenomenon that cannot be explained away by improved diagnosis, greater awareness of the disease or families moving to the state in search of treatment, University of California researchers said … [Read more...]
Andersen Hit With Maximum Penalty
Andersen Obstructed A Federal Inquiry. A federal judge Wednesday imposed the maximum punishment on Arthur Andersen LLP for its part in obstructing a federal inquiry into the collapse of former client Enron Corp., saddling the onetime accounting giant with a $500,000 fine and five years of probation. As part of the probation, U.S. … [Read more...]
Arthur Andersen Fined, Gets 5 Years Probation
Arthur Andersen Fined For Obstruction Of Justice. The Arthur Andersen accounting firm was sentenced yesterday to five years' probation and fined $500,000 US for obstruction of justice for its handling of documents related to the collapse of energy trader Enron Corp. last year. The punishment is the maximum allowed under … [Read more...]
Andersen Gets $500,000 Fine, 5 Years Probation
Andersen Was Fined And Sentenced. Arthur Andersen, the accounting firm that once represented the gold standard in auditing, was fined $500,000 and sentenced to five years probation Wednesday for obstructing a federal investigation of Enron last year. Andersen's indictment and conviction in the Enron scandal has already cost the … [Read more...]
Arthur Andersen Is Put On Probation
Arthur Andersen Is Fines And 5 Years Of Probation. The rubble of once-proud Arthur Andersen LLP endured one last parting shot from the Justice Department. The Chicago-based firm, accused earlier this year of destroying and doctoring records of its dealings with scandal-plagued Enron, was sentenced Wednesday to five years of … [Read more...]
Peregrine’s Pre-Filing Actions Questioned
Peregrine Filed For Bankruptcy Protection. In the weeks before Peregrine Systems Inc. filed for Chapter 11 bankruptcy protection, the company's executives focused their time and tens of millions of dollars on deals with banks and lawyers that were aimed at protecting themselves rather than fixing the San Diego software firm, … [Read more...]
Swingline Has Recalled Rechargeable Staplers
Swingline Recall Rechargeable Staplers Due To A Risk Of Injuries. Swingline, a division of Acco Brands Inc. has recalled about 11,100 cordless, rechargeable staplers. If a consumer inadvertently releases the spring- loaded staple magazine while holding the stapler close to his/her face, there is a risk of injury from a fully loaded … [Read more...]
Lida Bicycle Has Recalled Men’s Bicycles
Lida Bicycle Are Being Recalled Due To A Risk Of Injuries. Lida Bicycle Co. Ltd. has recalled 2,400 men's bicycles. The frames of these bicycles can break apart, causing the rider to fall and suffer injuries. Lida Bicycle and the bicycle distributor, Kent International Inc., of Parsippany, N.J., have received four reports of the … [Read more...]
Andersen Fined, Receives Probation For Enron Obstruction
Andersen Role in Obstructing The Investigation Into Enron. A federal judge sentenced Arthur Andersen LLP on Wednesday to five years probation and fined the firm $500,000 for its role in obstructing the investigation into failed energy giant Enron Corp. ‘Andersen’ was convicted in June for its role in shredding and altering Enron … [Read more...]
Arthur Andersen To Be Sentenced Today
Arthur Andersen Corporate Probation. It's all over but the sentencing. When officials of Arthur Andersen LLP walk into a Houston courtroom today, they will learn what punishment U.S. District Judge Melinda Harmon will dole out to the once-proud accounting giant. A jury convicted Andersen in June of one count of obstructing … [Read more...]
Arthur Andersen To Be Sentenced Today For Shredding Enron Documents
Arthur Andersen Sentenced For Shredding Enron Documents. Former Enron Corp. auditor Arthur Andersen LLP shut its audit practice and closed offices across the country after it became a convicted felon in June. Four months later, the shriveled accounting firm will be sentenced Wednesday for its role in shredding and … [Read more...]
Suit Links Loans, WorldCom Stock
WorldCom Stock Allegations. Citigroup business units lent $134 million to a company owned by former WorldCom CEO Bernie Ebbers, but the financial-services giant on Monday denied allegations that its relationship with Ebbers motivated it to publicly tout WorldCom stock. The allegations were made in a lawsuit filed by New York state … [Read more...]
Ex-Global CEO Wants More
Ex-Global CEO Is Pressing The Company. A former chief executive officer who served just seven months at the helm of Global Crossing Ltd. is pressing the company to cough up back rent on a Park Avenue apartment and salary payments he says are owed to him. The $822,000 request from Leo J. Hindery Jr., who served as Global Crossing's … [Read more...]
Big Punitive-Damage Award Is Levied Against Prudential
Punitive-Damage Award Against Prudential Securities. A $250 million punitive-damage award levied Friday against Prudential Securities Inc. by a state-court jury is a vivid example of why the securities industry long has pushed to get most investor disputes into private arbitration. The Ohio jury handed out the large … [Read more...]
Drugmakers’ Gifts To Doctors Finally Get Needed Scrutiny
Gifts From Drugmakers To Give Their Products An Edge. Christmas trees. Free tickets to a Washington Redskins game, with a champagne reception thrown in. A family vacation in Hawaii. And wads of cash. Such gifts would trigger a big red ''bribery'' alert in the mind of just about any public official or government contractor. … [Read more...]
CSFB, In Talks To Settle
CSFB Settlement Over Allegations. Massachusetts regulators have told other state authorities they are attempting to reach a $100 million settlement with Credit Suisse First Boston over allegations that its investment researchers some in the firm's Bay Area offices misled investors, according to two state regulatory … [Read more...]
MORE TROUBLE IN THE CITI
CITI CEO False Research. The waters are rising around embattled Citigroup's savvy CEO, Sandy Weill. Weill's former star telecom analyst, Jack Grubman, has turned on his former boss, and the song he's singing to prosecutors seems to suggest that Weill was behind some of the allegedly false research at the center of regulators' … [Read more...]
Pros And Cons Of Acne Drug
Acne Drug Increased The Risk Of Suicide. For teens with severe, disfiguring acne, sometimes there's only one answer: Accutane, a popular drug that can dramatically reduce scarring and boost self-esteem. Yet the suicide Monday of a 14-year-old Palo Alto boy who jumped in front of a train has many parents and kids wondering if the … [Read more...]
WorldCom Managers Guilty Pleas
WorldCom Securities Fraud. Two former WorldCom accounting managers pleaded guilty yesterday in U.S. District Court in Manhattan to conspiracy and securities fraud stemming from the telecommunication giant's staggering multi-billion-dollar accounting scandal. Betty Vinson, 47, who worked in the Clinton, Miss., firm's General … [Read more...]
Ex-Official Bought Home As He Was Getting Tyco Loans To Build Another
Former Executive Neil R. Garvey Tyco Loans. About the same time he obtained $5 million in relocation loans from Tyco to build the largest single-family home in Portsmouth, former Tyco executive Neil R. Garvey bought a 3,800-square-foot oceanfront beach house here for $2 million. Less than a year after returning to New Hampshire … [Read more...]
PHARMACIA CORPORATION ANNOUNCES RECALL OF LUNELLE
Voluntary recall of Lunelle Monthly Contraceptive Injection. Pharmacia Corporation announced today that the company is initiating a voluntary recall of Lunelle Monthly Contraceptive Injection (medroxyprogesterone acetate and estradiol cypionate injectable suspension) in prefilled syringes due to a lack of assurance of full potency … [Read more...]
Lariam Drugmaker Hid Side Effects
Lariam Can Cause Mental Problems. A San Antonio couple has filed suit in New Jersey state court charging drug giant Hoffmann-La Roche with "knowingly withholding or misrepresenting information" about side effects of its anti-malaria drug called Lariam. The suit Wednesday by Jane L. Daehler and her husband, Dr. Robert … [Read more...]
More Trouble For Lariam
Lariam Psychiatric Side Effects. For animal lovers Jane and Bob Daehler, an African safari was a lifelong dream. But, as CBS News Correspondent Cynthia Bowers reports, a year later, the couple is still living a nightmare. It's something she lives with everyday, "every minute, every second," says Bob Daehler. "It's just devastated … [Read more...]
Contraceptive Being Recalled
Contraceptive Are Being Recalled. A type of contraceptive injected once a month is being recalled because some doses may not be potent enough, the manufacturer announced Thursday. A subpotent dose may not be effective in preventing pregnancy. Pharmacia Corporation of Peapack, N.J., said the recall covers Lunelle monthly … [Read more...]
Hepatitis Patients File Suit
Hepatitis Patients File Lawsuit Against Organ Banks. Two people who contracted hepatitis C after they received tissue transplants from an infected donor filed separate multimillion dollar lawsuits against the tissue and organ banks that screened and supplied the tissue. The two lawsuits, which were filed separately Thursday, ask … [Read more...]
46 Insiders Sold ImClone Stock Before FDA Decision
46 ImClone Insiders Sold ImClone Stock Shares. Martha Stewart was not the only ImClone shareholder to get out before the stock tanked last winter. According to the House Energy and Commerce Committee, 46 ImClone directors, officers and employees sold $244 million worth of shares in the two months before the Food and Drug … [Read more...]
Tyco Deal Under Scrutiny
Tyco Deal that Cemented A Corporate Takeover. Prosecutors are exploring whether two of the highest-paid CEOs of the 1990s secretly struck a multimillion-dollar employment deal that cemented a 1998 corporate takeover, according to people close to the review. Manhattan District Attorney Robert Morgenthau's office is examining … [Read more...]
Boynton Investor Sues Merrill After Tech Fund Loses 90% Of Value
Merrill Lynch Is Being Sued. A Boynton Beach man is suing Merrill Lynch & Co. to recover lost investment money, but the investment bank said the suit is "baseless." The suit, filed this week in Broward County Circuit Court, seeks class-action status. Thomas Strano, 54, said in the complaint that the investment firm misled … [Read more...]
Enron Bondholders To Get $8 Million
Enron Bondholders Turned Over To SEC. Enron Corp. bondholders will receive $8 million that was turned over to the Securities and Exchange Commission by former company executive Michael Kopper under an agreement between the agency and company's creditors. The compromise, which awaits approval next week by U.S. Bankruptcy Judge … [Read more...]
Bristol-Myers Squibb Faces Criminal Probe
Bristol-Myers Squibb Under Investigation. Bristol-Myers Squibb on Wednesday disclosed it was the target of a US federal criminal investigation over drug sales to wholesalers. The US pharmaceuticals company is already under investigation by the Securities and Exchange Commission. On Wednesday the company said it would … [Read more...]
Ephedrine, Caffeine Spark Energy Controversy
Ephedrine Supplement Controversy. With college students on the constant move, the need for extended energy is practically required. Many are finding energy replacing beverages and vitamins containing ephedrine or caffeine as an easy fix for fatigue. Fast-paced college lives do not tend to allow much time for proper daily exercise. … [Read more...]
Ex-WorldCom Executive Pleads Guilty
Ex-WorldCom Executive Buford Yates Pleads Guilty. Former WorldCom executive Buford Yates became the second company official in two weeks to plead guilty in the bankrupt company’s multibillion-dollar accounting scandal, insisting that he also was following orders from top-level management. Yates, the ex-director of general … [Read more...]
Mass. Regulators Cite ‘Smoking Gun’ In CSFB Investigation
CSFB Investigation Shows A Smoking Gun. Credit Suisse First Boston e-mails and documents show a “smoking gun” on conflicts between technology banking chief Frank Quattrone and the firm’s stock analysts, Massachusetts’ top securities regulator said. Massachusetts regulators uncovered e-mails to Quattrone in March 2001 concerning a … [Read more...]
Senators Chide The SEC On Enron
Enron Corp. Collapse. Bipartisan congressional investigators have blamed the Securities and Exchange Commission, stock analysts and credit rating agencies for "a systemic and arguably catastrophic failure" that contributed to the collapse of the Enron Corp. The top Democratic and Republican members of the Senate Governmental … [Read more...]
Tyco Seeks Damages From Former CFO
Tyco Former CFO Misappropriated Millions Of Dollars. Tyco International Ltd. is seeking to force former chief financial officer Mark Swartz to return millions of dollars he allegedly misappropriated from the company. ‘Tyco’ filed an arbitration demand with the American Arbitration Association on Monday, the company disclosed in a … [Read more...]
WorldCom Officer Pleads Guilty To Fraud
WorldCom Officer Massive Accounting Fraud. Former WorldCom Inc. accounting director Buford "Buddy" Yates Jr. pleaded guilty today to assisting in a massive accounting fraud that helped drive the nation's second-largest long-distance carrier into the biggest bankruptcy filing in U.S. history. Legal experts said Yates's cooperation … [Read more...]
E-mails Implicate Credit Suisse Banking Chief
Credit Suisse E-Mails And documents. Credit Suisse First Boston E-mails and documents show a "smoking gun" on conflicts between technology banking chief Frank Quattrone and the firm's stock analysts, Massachusetts' top securities regulator said. Massachusetts regulators uncovered E-mails to Quattrone in March 2001 concerning a … [Read more...]
Commentary: How Bankers And Brokers Could Get Bruised
Punishments For Bankers And Brokers. Regulators slap a $5 million fine on Salomon Smith Barney, charging that its star analyst privately questioned a telecom stock he publicly boosted. Lawmakers grill J.P. Morgan Chase & Co. (JPM ) execs as to whether they helped Enron Corp. deceive investors. The Securities & Exchange Commission … [Read more...]
Blame It On The Street
Wall Street Firms Conflict Of Interest. I am changing my mind about the stock market bubble. Until recently I was in the camp that said we were all to blame for the market's remarkable rise and fall. We all bought the Internet story; we were all going to be rich; we all lost sight of reality. I still say we all have to accept … [Read more...]
Cargill Expands Beef Recall, Shuts Plant Amid E. Coli Fears
Cargill Expand The Recall Of Ground Beef Due To A Contamination. Cargill Inc., joining the list of meatpackers battered by food-safety mistakes, sharply expanded its Beef Recall of ground beef potentially tainted with E. coli bacteria to 2.8 million pounds, Friday's Wall Street Journal reported. … [Read more...]
Martha Stewart Quits New York Stock Exchange Board
Martha Stewart Resigned From The Board. Plagued by insider-trading allegations and a blazing media spotlight, style guru Martha Stewart resigned Thursday from the board of the New York Stock Exchange. Stewart's resignation came a day after federal prosecutors first outlined a potential insider-trading case against her as part of … [Read more...]
Martha Stewart Leaves NYSE Post
Martha Stewart Resigned From The NYSE Board. New York Stock Exchange CEO Richard Grasso took the phone call Thursday morning and minutes later accepted Martha Stewart's resignation from the NYSE board, less than four months after she was elected. According to people familiar with the discussion, Grasso stressed that he personally … [Read more...]
Report: Tyco Donated $25,000 To Support Sales Tax
Tyco Donated To Pass A Sales Tax. Tyco International donated $25,000 to Gov. Shaheen's failed effort to pass a sales tax, a published report said Friday. Documents made public for the first time Thursday show the company was the largest New Hampshire contributor to the $200,000 Shaheen spent promoting her ''Excel'' plan … [Read more...]
Former Tyco CFO Proposes Funds From Deferred Compensation Plan
Former Tyco CFO Compensation Plan. Lawyers for Mark Swartz, Tyco International Ltd.'s former chief financial officer who has been charged with swindling hundreds of millions of dollars from the company, Friday proposed using $5 million he received from a deferred compensation plan to secure his $50 million bail bond. That … [Read more...]
Marine Fights For Answers
Marines Living On Camp Lejeune With Other Families. From 1982 to 1985, Jeff Byron served his country as a Marine air traffic controller, living on Camp Lejeune with thousands of other Marine families. His small daughter, Andrea, was often sick, and Rachel, born at Camp Lejeune in North Carolina, suffered from a number of birth … [Read more...]
Enron Finance Wiz Fastow Charged
Enron Finance Wizard Was Charged. Andrew Fastow, the financial wizard dubbed "Fast Andy" for his off-the-books finagling that led Enron Corp. into bankruptcy and disgrace, was charged Wednesday with fraud, money laundering and conspiracy. The highest-ranking former Enron executive to be charged in the collapse of the … [Read more...]
Regulators Pledge For Quick End To Inquiries
Wall Street Conflicts Of Interest. US securities regulators pledged on Thursday to quickly resolve their investigations into Wall Street conflicts of interest in ways that 'help enhance investor confidence.' The united front of regulators was forged after months of confusion in the markets over the growing number of Wall Street … [Read more...]
Team Ready To Reform Wall St.
Reform On Wall Street. Securities and Exchange Commission Chairman Harvey Pitt and New York Attorney General Eliot Spitzer are expected to announce that they are teaming to force reform on Wall Street. A deal could be announced as early as this morning, people with knowledge of the situation say. The union would bring together … [Read more...]
Prosecutors Are Far From Finished
Many Players In Enron Case. The endgame may be near for former Enron executives and others who played a role in the energy-trading giant's spectacular flameout late last year. The charges filed Wednesday against former Enron chief financial officer Andrew Fastow by the Justice Department and the Securities and Exchange … [Read more...]
Enron’s Ex-CFO Charged With Fraud
Enron's Ex-CFO Masterminded Schemes. Enron Corp.'s former chief financial officer, Andrew Fastow, who allegedly masterminded schemes to hide $1 billion in debt while reaping $30 million in shadowy profits for himself, yesterday became the highest-ranking Enron executive to face charges in the collapse of the energy-trading … [Read more...]
Enron Ex-Chief Financial Officer Charged
Enron Ex-Chief Was Charged With Defrauding. Andrew S. Fastow, Enron's former chief financial officer, was charged yesterday with defrauding investors and employees through a scheme that enriched himself and led to the energy giant's devastating fall. In a criminal complaint, federal authorities accused Fastow of setting … [Read more...]
Merrill Assistant Broker Pleads Guilty
Merrill Assistant Broker Pleaded Guilty. A Merrill Lynch assistant broker on Wednesday pleaded guilty to a misdemeanor bribery charge in a move that increases pressure on Martha Stewart and Sam Waksal in the ImClone insider trading scandal. Douglas Faneuil reportedly admitted to receiving money or other valuables "as consideration … [Read more...]
Aide Pleads Guilty In Stewart Case
An Assistant Pleaded Guilty Over Stewart Case. An assistant to Martha Stewart's stockbroker pleaded guilty Wednesday to a misdemeanor charge that he was paid off to keep secret about an insider stock tip allegedly given to Stewart. Douglas Faneuil pleaded guilty as part of a deal to testify against Stewart and others who might be … [Read more...]
Spitzer Raises The Heat On Citigroup
Spitzer Civil Suit Over Citigroup. At first glance, New York Attorney General Eliot Spitzer's main target with his latest civil suit on Sept. 30 appears to be the five telecom executives named in the filing. After all, the defendants former WorldCom CEO Bernard J. Ebbers, ex-McLeod USA CEO Clark E. McLeod, former Quest Communications … [Read more...]
WorldCom Strips Executive Of Operational Duties
WorldCom Accounting Fraud. WorldCom demoted Ron Beaumont, its former chief operations officer, to president of strategy and business development on Tuesday, as questions continued to mount about what he might have known about the company's $7bn fraud. Mr Beaumont, who once had a prominent position in former chief … [Read more...]
Former Enron CFO Fastow Surrenders To FBI
Former Enron CFO Faces Charges. Former Enron Chief Financial Officer Andrew S. Fastow surrendered to the FBI this morning in Houston, walking voluntarily into the bureau's headquarters about 7 a.m. He faces charges of securities, wire and mail fraud, money laundering and conspiracy. The charge says the government will require … [Read more...]
Enron Creditors Get Approval To Sue Former Executives
Enron Creditors Criminal Complaint Against Former Execs. As prosecutors prepared to file a criminal complaint against Enron Corp.'s former chief financial officer, Andrew Fastow, today, the company's creditors secured permission to sue Mr. Fastow and a slew of other senior executives, including former Chairman Kenneth Lay and former … [Read more...]
N.Y. Suit Says Nacchio, Others Wrongly Profited From IPOs
Joe Nacchio Wrongly Profited From IPOs. New York’s attorney general filed a lawsuit Monday alleging that top executives at four companies, including Qwest, accepted stock in newly public companies in exchange for directing business to Salomon Smith Barney. Eliot Spitzer, who has investigated conflicts of interest at Merrill Lynch … [Read more...]
Global Crossing’s Winnick Knew About Swap Deals
Gary Winnick Knew About Swap Deals. Former Global Crossing Ltd. Chairman Gary Winnick knew about the capacity swaps that helped sink the company, and even volunteered to use his personal influence to help close the deals, Tuesday's Wall Street Journal reported, citing internal company documents. Mr. Winnick will appear today … [Read more...]
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