Iraq Signs Oil Deal
Iraq has signed a final deal with U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC to develop a major oil field in the south. Under the 20-year deal, the consortium will develop the 8.6 billion barrel West Qurna Stage 1 field for $1.9 for every barrel produced. The deal could [...]
Halliburton Profits Down 48 Percent
Halliburton says its fourth-quarter profit tumbled 48 percent to end a volatile year and oilfield service company says it expects 2010 to be a transitional year for the industry. Oil prices have been falling recently though the amount of rigs in the U.S. are on the rise, which means potential business for companies like Halliburton. [...]
US Steel Reports Loss of $267M
United States Steel lost money for the fourth consecutive quarter as sales fell sharply. On Tuesday the Pittsburgh manufacturing giant reported a fourth-quarter loss of $267 million, or $1.86 per share, compared with earnings of $290 million, or $2.50 per share, during the same period last year. Revenue declined 26 percent. Steel manufacturers were battered [...]
GM Nearing Deal to Sell Saab
A person briefed on the matter says General Motors Co. is close to a deal to sell its Swedish Saab brand to Dutch luxury automaker Spyker Cars NV. The person does not want to be identified because the deal has yet to be signed. Trading of Spyker shares has been suspended in Amsterdam in anticipation [...]
Lawyer Charged in Fraud Gave $6M to Non-Profits
A defunct South Florida law firm run by an attorney now charged with operating a huge Ponzi scheme gave more than $6 million in the past year to charities and nonprofit groups. A federal bankruptcy court filing details contributions by the firm Rothstein Rosenfeldt Adler to more than 100 organizations. Former firm CEO Scott Rothstein [...]
Two Mi. Brothers Sentenced for Investment Scam
Two Lansing, Mich.-area brothers have been sentenced to 10 years in prison and ordered to pay $21.6 million in restitution as part of what authorities described as an oil and gas investment scheme. Fifty-five-year-old Eric Riley Merkle and 53-year-old Jay Vernon Merkle were sentenced Wednesday in U.S. District Court in Grand Rapids. The Williamston men [...]
Dismissal Sought in Stanford Document Shredding Case
Attorneys for two former employees of disgraced financier Allen Stanford are seeking the dismissal of charges that they illegally shredded thousands of documents in Florida. A hearing on the issue is scheduled to take place in a Fort Lauderdale court Tuesday. Lawyers for Thomas Raffanello and Bruce Perraud say prosecutors tried to intimidate a witness [...]
Astor’s Son Steals Millions, Gets up to Three Years
The son of Brooke Astor, eighty-five-year-old Anthony Marshall, was sentenced to up to three years in prison on Monday for stealing millions of his mother’s dollars. Marshall also is expected to continue his appeals and might be able to stay free on bail indefinitely. He tried, but failed, to get the judge to throw out [...]
Rajaratnam Pleads Not Guilty
Hedge fun operator Raj Rajaratnam, one of the wealthiest men in the United States, has pleaded not guilty to charges in an insider trading case. He entered the plea Monday to charges in an indictment returned last week. Prosecutors say Rajaratnam played a key role in a $52 million insider trading case that has resulted [...]
Two Convicted in Mortgage Fraud
A federal jury convicted two New Jersey men who were involved in a mortgage fraud scheme. The two were convicted following a six-week trial. Prosecutors say they conspired with others to obtain millions of dollars of mortgage loans for unqualified borrowers from 2002 to 2005. They were convicted on charges including wire fraud and money [...]