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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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Mark H. Swartz , Tyco's former finance chief, testified that $12.5 million in loan forgiveness he got in 1999 was the result of an amendment to a 1995 relocation program, not theft as the government charges. Swartz and former Tyco chief executive L. Dennis Kozlowski are on trial for fraud and larceny for awarding themselves bonuses. Swartz said he never reported his share of the 1999 forgiveness in company filings because he believed relocation loans do not have to be disclosed to shareholders.
Mortgage rates rose after falling for five consecutive weeks. Rates for 30-year, fixed-rate mortgages averaged 5.77 percent this week, up from 5.75 percent last week, Freddie Mac reported. Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, rose to 5.33 percent from 5.31 percent, while one-year, adjustable-rate mortgages edged up to 4.23 percent from 4.22 percent.
First Data of Denver, owner of Western Union Financial Services, agreed to buy the nation's largest privately held money-transfer company for an undisclosed amount. Vigo Remittance of Sunrise, Fla., will become a part of the world's largest money-transfer company if the acquisition is approved by regulators. Vigo is popular among immigrants who send money to Latin America and the Caribbean and has 3,700 agent locations in the United States, including outlets in the Washington area.
UPS pilots gave their union authority to call a strike as mediated contract talks continue between the world's largest shipping carrier and the Independent Pilots Association. The vote does not mean a walkout is imminent, and pilots would get another chance to vote before actually striking. The two sides meet again Monday.
Sabre Holdings , the owner of online travel group Travelocity, said it has agreed to buy British rival Lastminute.com in a deal that values the company at $1.1 billion. Lastminute.com sells flights and vacations in 13 European countries.
The Securities and Exchange Commission renewed legal action against a former MFS Investment Management executive, accusing him of enabling his firm to profit from an illegal tip when the government terminated its 30-year bond in 2001. It alleges that Steven E. Nothern, who was an MFS senior vice president, received a tip from Peter Davis Jr., who pleaded guilty in 2003 to providing the information before its public release.
