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No Fannie Mae Findings Yet
HealthSouth founder Richard M. Scrushy had an obstruction-of-justice and a Sarbanes-Oxley Act charge dismissed. U.S. District Judge Karon O. Bowdre ruled that a charge he obstructed justice by telling his finance chief to lie was government "spin" and that another remark fell short of illegal encouragement to sign a false financial statement. The jury will begin deliberating on the remaining 50 charges on Tuesday.
(By Joe Songer -- Associated Press)
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The independent members of Walt Disney Co.'s board issued a strong rebuke to two former members who have challenged the process used to select Robert A. Iger as chief executive, rejecting what they call a challenge to "our good faith in the CEO selection." Former board members Roy E. Disney and Stanley P. Gold have sued some sitting board members over Iger's selection.
Maytag's chief executive defended a plan to move jobs overseas and possibly close the appliance maker's flagship plant in Newton, Iowa. Responding to criticism from shareholders at Maytag's annual meeting, chief executive Ralph F. Hake said he expects the Newton plant, which employs 1,200, to stay open at least until 2008. Separately, the company announced it would cut a quarterly dividend due June 15 by 50 percent, to 9 cents a share.
The New York Stock Exchange may increase its cash payment to members as part of its merger with Archipelago Holdings, chief executive John A. Thain said in a May 10 memo to members that Archipelago filed with the Securities and Exchange Commission. Under terms of the merger announced last month, each of the NYSE's 1,366 members will receive $300,000 in cash.
Massachusetts Secretary of State William F. Galvin issued subpoenas to four top Gillette executives after the personal care products company said e-mails about its pending $57 billion acquisition by Procter & Gamble may have been deleted. With the companies' shareholders scheduled to vote on the deal next month, Galvin has questioned whether P&G is paying too little for Gillette. The executives are Chief Financial Officer Charles W. Cramb; Vice Chairman Edward DeGraan; Peter Klein, manager of strategic and business development; and human resources manager Edward Guillet.
Krispy Kreme Doughnuts expects to release its overdue earnings report for the fourth quarter by the end of August, according to a terse statement posted on its Web site and then abruptly removed. Krispy Kreme's spokeswoman for investor relations, Robbin Moore, said she could not comment on why the statement was taken down or whether it was posted in error.
General Electric said subsidiary GE Consumer Finance would acquire a 49.99 percent stake in Panama's BAC International Bank to raise its presence in the Central American financial services market. The terms of the transaction were not disclosed.
