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APPOINTMENTS
Treasury Nominee Withdraws
T. Timothy Ryan Jr., a vice chairman at J.P. Morgan Chase, asked that his nomination as undersecretary of the Treasury for international affairs be withdrawn for personal reasons, the White House said.
Ryan, a former head of the Office of Thrift Supervision, was to replace Timothy D. Adams, who plans to leave April 27.
LEGAL
Justice Dept. Joins Lawsuits
The Justice Department joined lawsuits against Hewlett-Packard, Accenture and Sun Microsystems, claiming that they made improper payments to alliance partners on government contracts. The lawsuits, originally filed in U.S. District Court in Little Rock, allege that the three companies submitted false claims to the government for technology contracts from the late 1990s to the present, the Justice Department said. The lawsuits were first filed by two individuals in September 2004 under the whistle-blower provisions of the False Claims Act.
EXECUTIVES
Wal-Mart CEO Paid $29.7 Million
Wal-Mart Stores paid chief executive H. Lee Scott $29.7 million last year, when the company's U.S. sales grew at the slowest pace in more than two decades. Scott, 58, received a salary of $1.3 million and stock valued at $15.3 million, Wal-Mart said in a regulatory filing. The company also awarded him bonuses of $4.29 million and $8.08 million in stock options.
CONSUMER SAFETY
Magnetix Toy Recall Expanded
Four million additional Magnetix building sets were recalled after more children swallowed the magnets in them and were seriously injured, the Consumer Product Safety Commission said. The expanded recall includes all sets except those sold since March 31, 2006, that are labeled "6+" and "CAUTION: Do not ingest or inhale magnets. Attraction of magnets in the body may cause serious injury and require immediate medical care."
Mega Brands can be reached at 800-779-7122.
MORTGAGE FINANCE
GMAC, GE to Cut Jobs
GMAC's Residential Capital home-lending unit and General Electric's WMC Mortgage announced job reductions as losses mount in the U.S. subprime loan industry.
