March 15 at 12:23 p.m.
Filed under:
Economy,
Government
By CNN
Former Federal Reserve Bank Chairman Alan Greenspan, right, takes a question Tuesday morning about his recent publication, "Activism." (Chip Somodevilla/Getty)
Massive government intervention to save the economy is to blame for the lagging recovery, Former Federal Reserve Chairman Alan Greenspan said Tuesday..
“What we need to do now is to calm down; let things move by themselves,“ he said at a forum at the Council of Foreign Relations. “And indeed of rate of activism has decreased significantly and the ratio of capital flow has inched back up.” Get the full story »
By Wailin Wong
Schaumburg-based Motorola Solutions Inc. is holding its annual stockholders’ meeting in Washington, D.C. this year, going out of town for its first shareholders gathering as an independent company.
This year also marks the first time Motorola has held its stockholders meeting outside of the Chicago area. Get the full story »
March 15 at 10:59 a.m.
Filed under:
Banking,
Bankruptcy,
Government
By Reuters
Creditors who help authorities liquidate a troubled financial firm would be among those paid off first among unsecured creditors, according to a proposal issued by the Federal Deposit Insurance Corp.
Bank and financial services groups have complained that more clarity is needed about how unsecured creditors will be treated under the U.S. government’s new authority to seize large, failing companies. Get the full story »
March 14 at 12:29 p.m.
Filed under:
Government,
Pharmaceuticals,
Regulations
Bloomberg News | A U.S. audit shows that Medicare spent some $3 million on Viagra and other erectile dysfunction drugs in 2007 and 2008. The purchases violate a 2005 ban on covering some drugs for the elderly.
March 11 at 12:56 p.m.
Filed under:
Economy,
Government
By Dow Jones Newswires
A top Federal Reserve official reiterated Friday that improving economic growth will not deter the central bank from following through to its end a $600 billion bond buying program, as he faced an audience skeptical the Fed has a handle on the economy’s true inflation dynamics.
“We provided additional monetary policy stimulus via the asset purchase program to help ensure that the recovery regained momentum,” Federal Reserve Bank of New York President William Dudley said. “A stronger recovery with more rapid progress toward our dual mandate objectives is what we have been seeking. This is welcome and not a reason to reverse course” on policy, he said. Get the full story »
By Reuters
Johnson & Johnson’s McNeil division, beset by an unstemmed tide of consumer product recalls, said Thursday that it had finalized a consent decree that would put three of its manufacturing facilities under supervision of U.S. health authorities.
McNeil said in a statement it had finalized the terms of a consent decree with the Food and Drug Administration for its facilities in Las Piedras, Puerto Rico, and Fort Washington and Lancaster, Pa. Get the full story »
March 9 at 5:53 a.m.
Filed under:
Government
By Associated Press
The U.S. Securities and Exchange Commission has counseled or disciplined 24 employees who accessed pornographic sites on government computers between 2005 and 2010 as the financial system teetered and almost collapsed.
In a letter dated March 3, the SEC responded to a Freedom of Information Act request by Denver attorney Kevin D. Evans listing the offices of the employees. They were in Chicago, Atlanta, Denver, Boston, Los Angeles, Washington, D.C., and Fort Worth, Texas. Get the full story »
March 8 at 2:55 p.m.
Filed under:
Energy,
Government,
Regulations,
Updated
By Julie Wernau
Springfield – Consumer advocates, environmental groups, utilities, government officials and business leaders laid out their wish lists Tuesday for legislation aimed at modernizing the electrical grid, signaling that a version of the bill with added protections for consumers and businesses could have a future in Springfield.
The testimony at a joint hearing of the House Public Utilities and the Senate Energy committees will ultimately be used to hash out the details of Commonwealth Edison-backed legislation that calls for an overhaul of the regulatory process used to set utility rates. Get the full story »
March 8 at 5:44 a.m.
Filed under:
Government
By CNN
A Bureau of Printing and Engraving employee holds sheets of one dollar bills prior to cutting. (AP/Hillery Smith Garrison)
Sure, packs of T-shirts and socks are getting expensive because of skyrocketing cotton prices. Guess what else is made of cotton? The dollar bill in your wallet. In 2010, the cost of making one note jumped 50 percent from what it cost the government in 2008. Get the full story »
March 7 at 1:48 p.m.
Filed under:
Government,
Investing,
Regulations
By Reuters
Municipal bond underwriters are under investigation by the Financial Industry Regulatory Authority to see whether firms are funding lavish entertainment for rating agency executives as well as public officials from towns and cities, FINRA Chief Executive Richard Ketchum said Monday.
“We have seen examples of excessive expenses for the entertainment of issuer officials and rating agency officials, which are then charged to the municipalities’ cost of issuance, thereby reimbursing the firm out of bond proceeds,” he said at FINRA’s annual fixed-income conference in New York. Get the full story »
March 7 at 12:38 p.m.
Filed under:
Airplanes,
Government
By Reuters
Boeing Co. said Monday that it has begun incorporating required changes to its long-delayed 787 Dreamliner to move the program toward certification this year by aviation authorities.
The work, to be done in San Antonio, includes installing electronic and mechanical equipment, software upgrades and testing systems. Get the full story »
March 7 at 5:38 a.m.
Filed under:
Consumer news,
Energy,
Government
By Reuters
The U.S. government reiterated that it could tap its strategic oil reserves in order to safeguard economic growth as surging gasoline prices increase pressure for action. Get the full story »
March 4 at 4:52 p.m.
Filed under:
Airplanes,
Defense,
Government
By Julie Johnsson
One of the longest and strangest contests in Pentagon history ended Friday when EADS said it would not contest the $30 billion contract Boeing Co. won last month to supply the Pentagon with aerial tankers.
Chicago-based Boeing won in a price shoot-out, underbidding the European defense contractor by $2 billion, EADS North America Chairman Ralph Crosby said Friday. Now comes the hard part: developing and building the aerial gas stations on a fixed-price contract with little leeway for cost overruns, analysts said. Get the full story »
March 4 at 11:51 a.m.
Filed under:
Government,
Health care,
Pharmaceuticals
By Dow Jones Newswires
The U.S. Food and Drug Administration said it will strengthen warnings on the anti-migraine and anti-seizure treatment Topamax and its generic equivalents after new data suggested a higher risk for cleft palates in babies born to women taking the drug.
The move represents a setback for health-care products giant Johnson & Johnson, which owns Topamax maker Ortho-McNeil Pharmaceutical LLC. The subsidiary last May pleaded guilty to promoting the drug for off-label uses and had to pay an $81.5 million fine. Get the full story »
March 3 at 1:29 p.m.
Filed under:
Government,
Regulations,
Transportation
By Reuters
The U.S. Senate Judiciary Committee approved legislation Thursday that would strip freight railroads of their antitrust exemptions.
The measure in the Democratic-led Senate was approved 14 to 1, but its future was uncertain in the Republican-led House of Representatives. Get the full story »
