November 12, 2011 in Business

Briefcase

 

Avista CEO tapped for economic panel

Washington Gov. Chris Gregoire has appointed Scott Morris, Avista Corp.’s chairman and CEO, as board chairman for a new state agency called Innovate Washington.

Innovate Washington will focus on economic development through public-private alliances, starting with clean energy. Avista touts its record as a green utility, with one of the lowest carbon footprints among the nation’s top energy producers.

Morris serves as a board member of several other organizations, either related to the utility industry or economic development, including: the Seattle branch of the Federal Reserve Bank of San Francisco; Edison Electric Institute; Washington Roundtable; and American Gas Association.

Becky Kramer

SEC disciplines eight over Madoff

WASHINGTON – The Securities and Exchange Commission says it has disciplined eight employees for failing to uncover Bernard Madoff’s Ponzi scheme over a 16-year period. None of the employees was fired.

Three employees had their pay reduced. Two received 30-day suspensions without pay, one of whom also received a pay cut. The others received shorter suspension or counseling memos.

Two years ago, the SEC inspector general questioned the conduct of 21 employees in a report on the Madoff affair. Ten of those employees have since left the agency.

Associated Press

‘Call of Duty’ breaks own sales record

NEW YORK – The latest “Call of Duty” video game set a first-day sales record this week, generating $400 million in sales in its first 24 hours in stores. That breaks the record its predecessor set this time last year.

“Call of Duty: Modern Warfare 3” is the third game in the military shooter series to set such a record. Last year, “Call of Duty: Black Ops” raked in $360 million in its first 24 hours on sale. “Call of Duty, Modern Warfare 2” sold 4.7 million copies in its first 24 hours to reap $310 million.

The latest installment of the game from Activision Blizzard went on sale at midnight Tuesday in North America and the U.K.

Activision said Friday the game sold 6.4 million units in its first 24 hours.

Shares of Activision Blizzard slipped 16 cents to $12.82 in morning trading Friday.

Associated Press

More stress tests planned for banks

WASHINGTON – The second-ranking member of the Federal Reserve said the central bank will conduct a fourth round of stress tests in the coming weeks to determine if U.S. banks can withstand a recession.

Vice Chairman Janet Yellen said Friday that the tests are necessary to ensure a stable U.S. economy.

The Fed oversees Wall Street’s biggest banks, including Citigroup, Bank of America, JPMorgan Chase & Co., and Wells Fargo. The Fed has performed periodic stress tests on the 19 banks it watches since 2009.

Associated Press


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