Recent Updates
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Ex-Qwest exec asks high court to delay prison term
Business Law 04/14/2009Former Qwest CEO Joseph Nacchio asked the Supreme Court on Monday to put off the start of his prison term for his conviction on insider-trading charges. His lawyers filed an emergency appeal with Justice Stephen Breyer after the federal appeals court...
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US stocks surge on bank plan, rise in home sales
Business Law 03/23/2009Wall Street got the news it wanted and responded with a tremendous rally that propelled the Dow Jones industrials up nearly 500 points. Investors reignited the market's two-week rally, cheering the government's plan to help banks remove bad assets fr...
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Hawaii Superferry ceases operations after ruling
Business Law 03/17/2009Hawaii's new inter-island ferry service has ceased operations in the wake of a state Supreme Court ruling. Hawaii Superferry, which operates an Oahu-Maui catamaran that can accommodate 836 passengers and about 200 vehicles, was forced into the move M...
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Obama says US economy sound, reassures investors
Business Law 03/16/2009President Barack Obama on Saturday downplayed divisions between the U.S. and Europe over how to tackle the world's financial crisis and said China should have "absolute confidence" that its sizable investments in the United States are safe. In a conv...
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Toxic-asset plan details coming, Geithner says
Business Law 03/11/2009The Obama administration will unveil within the next couple of weeks details of its plan for dealing with the toxic assets that lie at the heart of the financial crisis, Treasury Secretary Timothy F. Geithner said Tuesday. He predicted the plan, call...
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Nacchio ordered to report to prison March 23
Business Law 03/05/2009A judge ordered former Qwest CEO Joe Nacchio to report to a federal prison in Pennsylvania on March 23 to begin serving a six-year term for insider trading. U.S. District Judge Marcia S. Krieger on Wednesday told Nacchio to report to the minimum-secu...
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Circuit City seeks incentives for wind-down
Business Law 02/10/2009Circuit City Stores Inc. is asking a U.S. Bankruptcy Court judge to allow it to give incentives to executives and other workers to stay with the company during the wind-down process, according to court filings. The company said the bonuses are needed...
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Exxon Mobil sets record with $45.2 billion profit
Business Law 01/30/2009Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.The previous record for annual profit was $40.6 billion, which th...
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Fallout begins after dismal holiday season
Business Law 12/30/2008The fallout from the horrific holiday season for retailers has begun, with the operator of an online toy seller filing for bankruptcy protection and more stores are expected to do the same — meaning more empty storefronts and fewer brands on store sh...
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Fed designates CIT Group as bank holding company
Business Law 12/23/2008The Federal Reserve on Monday said it has approved CIT Group Inc. as a bank holding company, clearing a key hurdle for the firm to bolster its resources with loans and support from the government's financial rescue fund.The Fed's decision means the N...
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Lehman broker charged in insider trading case
Business Law 12/19/2008A former Lehman Brothers broker who gleaned tips about pending mergers from his wife, a partner at a high-powered public relations firm, has been charged in a wide-ranging insider trading scheme that earned $4.8 million in profits for several people ...
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Madoff scandal could lead to tax losses nationwide
Business Law 12/19/2008Even Uncle Sam may get burned by Bernard Madoff.Investors who lost their fortunes in Madoff's alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts.By some estimates, the Inter...