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Arthritis Foundation lays off workers |
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Written by By Associated Press
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Tuesday, 12 March 2013 06:29 |
ATLANTA (AP) — Several employees are being laid off at the Arthritis Foundation's national headquarters in Atlanta.
Officials say 26 administrative workers were laid off this week. That amounts to nearly 20 percent of its staff at the nonprofit's headquarters.
WSB-TV reports (http://bit.ly/ZwmlBP) that the foundation has struggled financially for years, but the foundation's tax returns show that CEO John Klippel got a $70,000 bonus in 2011 and has a salary and benefit package of more than $508,000.
Klippel says the layoffs were in the best interest of donors to the foundation, which is trying to better focus on its mission and position itself for growth.
Dorothy Glasser, who has served on its regional board, says the foundation doesn't want to jeopardize grant funding by what she described as operational blunders.
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Information from: WSB-TV, http://www.wsbtv.com/index.html
Copyright 2013 The Associated Press.
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Scandal costs for Penn State top $41 million |
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Written by GENARO C. ARMAS, Associated Press
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Tuesday, 12 March 2013 06:11 |
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STATE COLLEGE, Pa. (AP) — Penn State has released a document sought by some of its critics detailing the agreement with former FBI director Louis Freeh to investigate the Jerry Sandusky child sex abuse scandal, a review that cost the school about $8.1 million.
Including the bill to pay Freeh, Penn State's total costs associated with the scandal topped $41 million as of the end of December, the university disclosed Monday on a website.
The monthly financial update provided more itemization for certain costs, including the Freeh report. The update also counted the first of five annual $12 million installments — paid in December — that would ultimately cover the $60 million fine from the NCAA as part of landmark sanctions for the scandal.
Some vocal alumni had called on university leadership to release itemized costs, in part to promote transparency. Those critics had also asked the university to release the letter of agreement, or "engagement letter" with Freeh, that outlined the scope and responsibilities of the former FBI director in leading the internal investigation into the scandal.
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Government sold almost $490M of GM stock in Feb. |
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Written by By Associated Press
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Tuesday, 12 March 2013 06:15 |
DETROIT (AP) — The U.S. government has sold another chunk of its stake in General Motors Co.
The Treasury Department says in its February report to Congress that it sold $489.9 million worth of GM common stock last month.
The report dated Monday says the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means taxpayers are still $19.7 billion in the hole.
The Treasury says the price per share will be revealed later.
GM stock sold in a range of $26.19 to $29.36 in February. At the midpoint of the range, $27.78, the government would have sold roughly 17.6 million shares.
That means it still owns about 277 million shares. Those would have to sell for around $71 each for the government to break even, more than double the current trading price. GM shares closed Monday up 31 cents, or 1.1 percent, at $28.31.
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Drugmakers, Interpol ramp up fight against fakes |
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Written by LINDA A. JOHNSON, AP Business Writer
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Tuesday, 12 March 2013 06:04 |
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More than two dozen of the world's largest pharmaceutical companies have agreed to provide funding and other support to Interpol's battle against counterfeit prescription drugs, the international police agency said Tuesday.
Interpol's newly created Pharmaceutical Crime Program aims to help health agencies, police and customs bureaus in countries around the globe stem the supply of bogus brand-name and generic medicines, as well as identify and dismantle the organized crime rings distributing them.
Those rings, which operate across borders, are raking in billions of dollars every year, costing legitimate drugmakers a small fortune in lost sales. Meanwhile patients who unknowingly take counterfeit drugs often are poisoned or get sicker because they're not receiving what the doctor prescribed. Experts estimate hundreds of thousands of people around the world die because of counterfeit medicines each year.
The pharmaceutical companies have pledged a total of €4.5 million, or nearly $5.9 million, over three years to help Interpol with efforts including training local law enforcement officials on investigative procedures, evidence handling and how to better work with partners outside their countries.
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