Financial
DHL breaks ground on new O'Hare cargo facility PDF  | Print |  E-mail
Written by Associated Press   
Sunday, 08 December 2013 07:25

CHICAGO (AP) — DHL has broken ground on a $35 million cargo facility at Chicago's O'Hare International Airport.

The DHL Global Forwarding Center will have offices and more than 420,000 square feet of warehouse space. It will be the largest facility of its type for the company inside the United States.

Mayor Rahm Emanuel took part in a groundbreaking ceremony for the facility on Friday.

The city says the project will create hundreds of construction jobs and bring 500 permanent jobs to Chicago.

Emanuel said the center will greatly expand cargo operations at O'Hare, one of the nation's most important air transport hubs.


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 This material may not be published, broadcast, rewritten or redistributed.

 
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 This material may not be published, broadcast, rewritten or redistributed.

 
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.


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 This material may not be published, broadcast, rewritten or redistributed.

 
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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