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Corporate Fraud

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  • More Than 12 Parties Are Interested in Wendy's: WSJ Monday, 17 Sep 2007 | 7:09 PM ET

    More than a dozen parties have expressed interest in Wendy's International sale process, the Wall Street Journal reported on Monday, citing a person familiar with the the situation.

  • Pimco Plans $2 Billion Distressed-Debt Fund: WSJ Thursday, 13 Sep 2007 | 3:42 AM ET

    Pacific Investment Management Co. (Pimco) is planning to take advantage of relatively cheap mortgage securities in the wake of the recent credit crisis by launching a $2 billion distressed-debt fund to buy the beaten-down assets, the Wall Street Journal reported Thursday.

  • GM Option in UAW Talks Excludes Health Trust: WSJ Tuesday, 11 Sep 2007 | 12:37 AM ET

    General Motors in its contract negotiations with the United Auto Workers union has proposed one option that excludes establishing a union-run healthcare trust but calls for deeper cuts in several areas, the Wall Street Journal reported in its online edition.

  • Weyerhaeuser Says Market Weak, May Close Plants Monday, 10 Sep 2007 | 7:55 AM ET

    Weyerhaeuser, one of the world's largest paper and lumber companies, said Monday that it would probably have to close plants and restrict operations because of weak market conditions.

  • FDA Warns on Boston Scientific Aortic Stent Trial Monday, 10 Sep 2007 | 6:40 AM ET

    U.S. health regulators charged Boston Scientific with inadequate record-keeping and reporting following the deaths of five patients implanted with an experimental device to treat a dangerous ballooning of the body's main artery.

  • SEC Subpoenas Greenberg In AIG Accounting Probe Thursday, 6 Sep 2007 | 3:39 PM ET
    Maurice "Hank" Greenberg

    CNBC has learned that Maurice "Hank" Greenberg has received a subpoena from the SEC and will be giving his first deposition as part of the SEC’s continuing investigation into what role, if any, he played in alleged accounting improprieties at American International Group.

  • Ace Hardware Finds $154 Million Accounting Shortfall Thursday, 6 Sep 2007 | 6:55 AM ET

    Ace Hardware discovered an approximately $154 million shortfall on its books while preparing to convert from retailer-owned cooperative to for-profit corporation and likely will have to restate its financial results for the last five years, President and CEO Ray Griffith said Wednesday.

  • Hyundai Motor Chief Handed 3-Yr Suspended Sentence Thursday, 6 Sep 2007 | 2:52 AM ET

    Hyundai Motor Group chief Chung Mong-koo was on Thursday handed a 3-year sentence suspended for 5 years by a South Korean appeals court, which upheld a fraud conviction by a lower court earlier this year.

  • Saks Settles SEC Charges of Misstated Results Wednesday, 5 Sep 2007 | 1:17 PM ET

    The Securities and Exchange Commission said Wednesday that Saks Inc. has agreed to settle a lawsuit that Saks Fifth Avenue understated sales to some vendors and didn't record markdowns properly, inflating its earnings.

  • Regulators Probe Mattel Safety Disclosures: WSJ Tuesday, 4 Sep 2007 | 6:59 AM ET
    Mattel

    The U.S. Consumer Product Safety  Commission is investigating the timeliness of toy company  Mattel's disclosures before its most recent recall,  the Wall Street Journal reported in its online edition on Tuesday.

  • Ohio Sues Marsh & McLennan, AIG, Other Insurers Tuesday, 28 Aug 2007 | 6:16 AM ET

    The state of Ohio has filed an anti-trust lawsuit accusing Marsh & McLennan, AIG and three other insurers and their subsidiaries of price fixing and other anti-competitive behavior, Attorney General Marc Dann said on Monday.

  • Home Depot Cuts Price of Supply Unit; Shares Up Monday, 27 Aug 2007 | 4:35 PM ET
    Home Depot

    Shares of Home Depot rose as much as 2 percent Monday after sources said the home improvement retailer agreed to cut the price in the sale of its supply unit by $1.8 billion to $8.5 billion.

  • Crocs Shares Rise on Clothing Plan Monday, 27 Aug 2007 | 10:16 AM ET

    Crocs  said Monday it will launch a line of clothing using a form of the resin material it uses in its brightly colored clogs, sending the shoe company's shares up 3 percent.

  • Home Depot to Cut Unit Sale Price by $1.8 Billion Monday, 27 Aug 2007 | 7:50 AM ET
    Home Depot

    Home Depot agreed to cut the price in its supply division sale to buyout firms by $1.8 billion, sources said on Sunday, as a housing market drop and a credit crunch forced all sides to renegotiate.

  • Home Depot Shares Up on Hopes of Supply Unit Sale Friday, 24 Aug 2007 | 2:35 PM ET
    Home Depot

    Shares of Home Depot were up 1.3 percent Friday as investors waited for word about whether a sale was on or off for the home improvement retailer's contractor business.

  • BHP Billiton Seeks to Grow Aggressively in India Friday, 24 Aug 2007 | 4:20 AM ET

    BHP Billiton, the world's biggest mining company, said it would seek to grow aggressively in India where volume growth is outstripping China, its other boom market.

  • Mortgage Stocks Rally on News of Countrywide Investment Thursday, 23 Aug 2007 | 11:32 AM ET

    Shares of Thornburg Mortgage, Accredited Home Lenders Holding and other mortgage stocks were trading higher before the opening bell Thursday after Bank of America made a $2 billion investment in Countrywide Financial.

  • Facebook Devising New Advertising System: WSJ Thursday, 23 Aug 2007 | 5:53 AM ET

    Social networking Website Facebook is working on an advertising system to allow marketers to target users with ads based on the information people reveal about themselves on the site, the Wall Street Journal reported in its online edition early on Thursday.

  • Fired Wal-Mart Exec's Lawsuit Dismissed Thursday, 23 Aug 2007 | 4:39 AM ET

    A state judge in Michigan has sided with Wal-Mart Stores and dismissed a lawsuit by former marketing executive Julie Roehm over her firing, saying the case should be filed in Arkansas.

  • Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time.  Blakely stepped down as its chief financial officer last Friday but remains an executive vice president.