Fannie, Freddie Regulator Targets Indemnity
Fannie Mae and Freddie Mac, struggling to recover from more than $15 billion in accounting errors, may find it harder to indemnify executives for legal costs prompted by their mistakes, the companies' regulator said.
In a federal rule under consideration, the companies would have to tighten indemnification policies to discourage executives from engaging in bogus bookkeeping and other wrongdoing, the head of the Office of Federal Housing Enterprise Oversight said.
McCormick Plans to Cut Jobs
McCormick of Sparks, Md., plans to cut an unspecified number of jobs as the spicemaker consolidates manufacturing sites, reorganizes distribution and trims administrative staff. The restructuring is expected to cost $130 million to $150 million over three years.
General Dynamics Wins Canada Contract
General Dynamics Land Systems Canada, a unit of Falls Church-based General Dynamics, won a $51.3 million contract to provide the Canadian government with 50 RG-31 mine-protected vehicles. The company said the tactical vehicles, which provide protection from ballistic and mine blasts, will be used by forces in Afghanistan.
DiamondRock to Buy Florida Hotel
DiamondRock Hospitality said it agreed to buy the Orlando Airport Marriott Hotel for $70 million.
The Bethesda-based real estate investment trust, which focuses on high-end hotels, said it plans to spend $10 million to $12 million on capital improvements.
DiamondRock expects the transaction to close before year-end.
Compiled from staff and news service reports.