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The U.S. attorney's office for the Eastern District of New York filed criminal charges against four brokers: Ralph D. Casbarro, formerly of Citigroup; David G. Ghysels, formerly of Lehman Brothers; Kenneth E. Mahaffy, formerly of Merrill and Citigroup; and Timothy J. O'Connell, formerly of Merrill. The SEC sued the brokers and Amore.
AUTOMAKERS
GM Calls for Engine Tech Support
General Motors has turned to Stanford University and the world's largest maker of auto parts, German firm Robert Bosch, to help develop technology that it says could make gasoline engines 20 percent more efficient and diesel engines cleaner.
GM, which has been working on the technology for 25 years, and a unit of Bosch will together spend $2.5 million to develop, with Stanford's help, the sensors and other parts needed to make the technology work outside the laboratory, Paul Najt, a senior GM researcher said.
TREASURY BILLS
T-bill rates rose. The discount rate on three-month Treasury bills auctioned yesterday increased to 3.47 percent, from 3.46 percent last week. Rates on six-month bills rose to 3.705 percent from 3.68 percent. The actual return to investors is 3.549 percent for three-month bills, with a $10,000 bill selling for $9,912.29, and 3.828 percent for a six-month bill selling for $9,812.69. Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 3.9 percent last week from 3.84 percent the previous week.
International investors increased their holdings of U.S. assets in June by $71.2 billion, the most in four months, led by record purchases of corporate bonds. Investors' acquisitions of Treasury notes, corporate bonds, stocks and other financial assets compared with $55.8 billion in May, the Treasury Department said. Investors bought a net $7.9 billion of Treasuries, the least since September 2003, after a large sale by banking centers in the Caribbean, where many hedge funds are based. Falling yields on government debt may have prompted investors abroad to seek higher returns by purchasing riskier assets, such as U.S. corporate bonds.
Compiled from staff and news service reports.
