Week in Review
In an age where fallen executives frequently don’t give up their lavish lifestyles, C. Paul Sandifur Jr. is an anomaly.
Once the president and CEO of Metropolitan Mortgage & Securities Co., one of Spokane’s most prominent companies, Sandifur now lives in a modest home in El Centro, Calif., selling real estate and doing some work for the Small Business Development Center there.
People who know him in El Centro describe him as humble, quiet and kind — and were shocked to learn that he once ran a $2.7 billion conglomerate that recently was accused of financial fraud in a sweeping civil complaint filed by the U.S. Securities & Exchange Commission.
Tuesday
The digital music market has more than tripled in a year, which has helped offset a continuing decline in the sale of CDs and other physical music formats.
“ Insurance companies on Oct. 1 began advertising their services under the massive new Medicare prescription drug program. Enrollment in the program begins Nov. 15.
Wednesday
President Bush said the effort to find a replacement for Federal Reserve Chairman Alan Greenspan is “ongoing,” and that he’s looking for and “independent person from politics.” After 18 years at the helm of the Fed — during which time he often was referred to as the second-most powerful person in the United States for his ability to steer the world’s largest economy — Greenspan is expected to step down on Jan. 31.
“ Itron Inc., of Spokane Valley, said it landed a contract to supply software and consulting services to the U.S. Navy under a contract that’s expected to be worth $2 million to $3 million in its first year. The contract is Itron’s largest ever with the Department of Defense and one of its larger government contracts.
“ The International Selkirk Loop, a 280-mile scenic drive through North Idaho, northeast Washington and southern British Columbia, has been added to the National Scenic Byways Program as an “All America Road.”
Thursday
NightHawk Radiology, of Coeur d’Alene, said it expects to raise up to $86 million in an initial public offering of stock. The 4-year-old company uses doctors in Australia and Switzerland to provide nighttime evaluations of X-ray and CT scan images for emergency rooms in U.S. hospitals. No date has been set for the IPO.
Friday
Costco Wholesale Corp. reported higher fourth-quarter and fiscal 2005 income and sales, beating analysts’ expectations handily. The Issaquah, Wash., company also said its board has authorized the repurchase of an additional $1 billion of common shares.