Financial
Audit: Michigan's one-stop state business licensing system little used PDF  | Print |  E-mail
Written by Associated Press   
Sunday, 08 December 2013 07:19

LANSING, Mich. (AP) — Michigan's auditor general says state departments mostly aren't using a one-stop online permitting system designed to help people who want to start, operate or expand a business.

An audit released last week found that Michigan spent $20 million developing and maintaining the Michigan Business One Stop System, but it gets little use. The system was created from 2007-09 to give entities doing business with the state a single entry point and to streamline licensing.

Auditors say state agencies have no strategic plan for the continued development and use of the one-stop system.

A lead agency told other departments to integrate with the new system. But agencies said their permitting processes were complex and it was easier for businesses to use existing procedures.


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N.Y. judge: Goldman Sachs silent about rogue trader PDF  | Print |  E-mail
Written by TOM HAYS, Associated Press   
Saturday, 07 December 2013 07:29

NEW YORK (AP) — A former Goldman Sachs trader was sentenced on Friday to nine months in prison for wire fraud by a judge who took sharp aim at both Goldman and the government, questioning why it took them so long to bring the misconduct to light.

Matthew Taylor had admitted in a guilty plea this year that he concealed an unauthorized $8.3 billion trading position in 2007. He told Goldman within 36 hours but escaped criminal charges until this year.

"Goldman was silent about Taylor's lies," U.S. District Judge William Pauley said in federal court in Manhattan.

The investment banking firm fired Taylor but didn't disclose the full extent of his misconduct, clearing the way for him to continue as a trader for Morgan Stanley for another four years, the judge said.

"So much for Goldman's concerns about the credibility of the financial markets," he said.

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Judge approves $153M settlement with Fannie, KPMG PDF  | Print |  E-mail
Written by Associated Press   
Saturday, 07 December 2013 07:38

WASHINGTON (AP) — A federal judge has approved a $153 million settlement of a securities fraud lawsuit against Fannie Mae and KPMG brought by shareholders of the mortgage giant.

The approval Thursday by U.S. District Judge Richard Leon came after nearly a decade of litigation. The shareholders, led by two Ohio public-employee pension funds, accused Fannie and its former accountant KPMG of causing them losses by intentionally manipulating earnings.

Fannie had an accounting scandal in 2004 that forced it to restate earnings by $6.3 billion. In 2006, federal regulators found risky practices and accounting manipulation at the company, which was fined $400 million.

A Fannie official said the settlement is "positive" for taxpayers and the company. Fannie and sibling Freddie Mac were rescued by the government in 2008. KPMG said it was pleased.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Judge suspends BP spill payments to businesses PDF  | Print |  E-mail
Written by Associated Press   
Saturday, 07 December 2013 07:28

NEW ORLEANS (AP) — A federal judge has temporarily suspended BP oil spill settlement payments to businesses while he reconsiders the company's arguments against compensating those that cannot trace losses directly to the nation's worst offshore oil spill.

Judge Carl Barbier (BARB-yay) issued an order Thursday noting the claims office will continue taking and processing business claims but won't make final decisions or payments until the matter is settled.

BP is trying to block what could be hundreds of millions of dollars in payments to Gulf Coast businesses.

A three-judge panel of the 5th U.S. Circuit Court of Appeals ruled Monday that Barbier must reconsider BP PLC's arguments.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
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