Business


SATURDAY, AUG. 10, 2013

Report says JPMorgan workers to be arrested

NEW YORK – A published report says federal authorities plan to arrest two former JPMorgan Chase & Co. employees on suspicion that they tried to conceal the size of the investment bank’s $6 billion trading loss last year.

The New York Times reported Friday that the arrests of Javier Martin-Artajo and Julien Grout are expected to occur in London in coming days, citing unnamed persons briefed on the matter.

Martin-Artajo oversaw JPMorgan’s trading strategy in London, while Grout recorded the value of the investments, the Times reported.

A federal grand jury voted to indict both on criminal fraud charges, according to the report.

The U.S. attorney’s office in New York declined to comment late Friday.

HUD says it won’t need last two furlough days

WASHINGTON – Department of Housing and Urban Development employees won’t need to take their final two unpaid furlough days after all.

The agency said Friday it is making enough progress finding the $69.6 million spending reductions mandated by the government’s automatic budget cuts without needing the additional days planned for later this month.

HUD’s more than 8,400 workers have had five furlough days since May, closing the agency’s headquarters in Washington and shutting down about 80 field offices.

HUD is the latest agency to reduce furlough days. The Pentagon recently reduced its furloughs for civilian employees, cutting the unpaid days off from 11 to six.

FCC to cap charge for inmate phone calls

WASHINGTON – A decade after families of prison inmates asked for action, the Federal Communications Commission agreed on Friday to limit how much companies can charge for phone calls made from behind bars.

The FCC voted 2-1 during an emotional meeting to cap interstate phone rates at 21 cents a minute for debit or prepaid calls and 25 cents a minute for collect calls. Companies wanting to set higher rates would have to file a request for a waiver and could not charge more until that waiver is granted.

“For 10 years, the families and friends of inmates have been asking the FCC to ease the burden of an inmate calling rate structure. Their wait is finally over,” said FCC interim Chairwoman Mignon Clyburn, who took over in May.

The commission’s action ends fluctuating phone rates for inmates that vary depending on the provider, the type of call and size of prison facility. The fees range from 50 cents to $3.95 to place calls, plus additional per-minute rates of anywhere from 5 cents to 89 cents. In some cases, a 15-minute call has cost $17, and numerous fees have been tacked on to call charges. Inmates’ families, many of them poor, usually are stuck with the bills. For security, inmates are not allowed to have cellphones.

American Greetings taken private, delisted

NEW YORK – The card company American Greetings is no longer trading on the New York Stock Exchange after being taken private by the family that has run the company for more than a century.

The Weiss family said it would acquire the Cleveland company in April, along with a group of investors.

The deal, which closed Friday, values the company at about $580 million, or $878 million including assumed debt and the settlement of stock options.

Chief Operating Officer Jeff Weiss said the family is excited to return the company to its roots as a family-owned business.


 

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